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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements: The Company’s senior unsecured notes are unconditionally guaranteed by certain of the Company’s subsidiaries (the “Guarantor Subsidiaries”) and are not secured by our other subsidiaries (the “Non-Guarantor Subsidiaries”). The Guarantor Subsidiaries are 100% owned, all guarantees are full and unconditional, and all guarantees are joint and several. As a result of the guarantee arrangements, we are required to present condensed consolidating financial statements. The condensed consolidating financial statements reflect the investments in subsidiaries of the Company using the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Condensed consolidating financial statements of the Company, its Guarantor Subsidiaries and Non-Guarantor Subsidiaries as of December 31, 2016 and December 31, 2015 and for the years ended December 31, 2016, 2015 and 2014 are shown on the following pages. Condensed Consolidating Balance Sheets As of December 31, 2016 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.2 |  |  | $ | 17.1 |  |  | $ | 31.9 |  |  | $ | — |  |  | $ | 50.2 |
Accounts and notes receivable, net | — |  |  | 30.6 |  |  | 439.2 |  |  | — |  |  | 469.8 |
Inventories, net | — |  |  | 314.7 |  |  | 108.9 |  |  | (5.1 | ) |  | 418.5 |
Other assets | 12.8 |  |  | 48.8 |  |  | 67.5 |  |  | (61.7 | ) |  | 67.4 |
Total current assets | 14.0 |  |  | 411.2 |  |  | 647.5 |  |  | (66.8 | ) |  | 1,005.9 |
Property, plant and equipment, net | — |  |  | 237.6 |  |  | 123.8 |  |  | — |  |  | 361.4 |
Goodwill | — |  |  | 134.9 |  |  | 60.2 |  |  | — |  |  | 195.1 |
Investment in subsidiaries | 1,166.9 |  |  | 524.7 |  |  | (0.5 | ) |  | (1,691.1 | ) |  | — |
Deferred income taxes | 6.8 |  |  | 113.5 |  |  | 31.1 |  |  | (14.7 | ) |  | 136.7 |
Other assets, net | 3.6 |  |  | 40.0 |  |  | 19.0 |  |  | (1.4 | ) |  | 61.2 |
Intercompany receivables (payables), net | (382.4 | ) |  | 375.2 |  |  | 80.4 |  |  | (73.2 | ) |  | — |
Total assets | $ | 808.9 |  |  | $ | 1,837.1 |  |  | $ | 961.5 |  |  | $ | (1,847.2 | ) |  | $ | 1,760.3 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 52.4 |  |  | $ | — |  |  | $ | 52.4 |
Current maturities of long-term debt | 199.3 |  |  | 0.4 |  |  | 0.4 |  |  | — |  |  | 200.1 |
Accounts payable | 18.5 |  |  | 248.5 |  |  | 94.2 |  |  | — |  |  | 361.2 |
Accrued expenses | 6.3 |  |  | 206.3 |  |  | 53.3 |  |  | — |  |  | 265.9 |
Income taxes payable | (54.0 | ) |  | 89.8 |  |  | 52.5 |  |  | (79.3 | ) |  | 9.0 |
Total current liabilities | 170.1 |  |  | 545.0 |  |  | 252.8 |  |  | (79.3 | ) |  | 888.6 |
Long-term debt | 600.9 |  |  | 14.5 |  |  | 0.3 |  |  | — |  |  | 615.7 |
Post-retirement benefits, other than pensions | — |  |  | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Pensions | — |  |  | 75.5 |  |  | 12.0 |  |  | — |  |  | 87.5 |
Other liabilities | — |  |  | 119.1 |  |  | 11.1 |  |  | (2.5 | ) |  | 127.7 |
Total liabilities | 771.0 |  |  | 756.9 |  |  | 276.2 |  |  | (81.8 | ) |  | 1,722.3 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | 37.9 |  |  | 1,080.2 |  |  | 685.3 |  |  | (1,765.4 | ) |  | 38.0 |
Total liabilities and stockholders' equity | $ | 808.9 |  |  | $ | 1,837.1 |  |  | $ | 961.5 |  |  | $ | (1,847.2 | ) |  | $ | 1,760.3 |
Condensed Consolidating Balance Sheets As of December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 0.5 |  |  | $ | 7.8 |  |  | $ | 30.6 |  |  | $ | — |  |  | $ | 38.9 |
Accounts and notes receivable, net | — |  |  | 25.9 |  |  | 396.9 |  |  | — |  |  | 422.8 |
Inventories, net | — |  |  | 324.3 |  |  | 98.9 |  |  | (4.4 | ) |  | 418.8 |
Other assets | 3.3 |  |  | 46.9 |  |  | 67.4 |  |  | (59.9 | ) |  | 57.7 |
Total current assets | 3.8 |  |  | 404.9 |  |  | 593.8 |  |  | (64.3 | ) |  | 938.2 |
Property, plant and equipment, net | — |  |  | 261.8 |  |  | 77.8 |  |  | — |  |  | 339.6 |
Goodwill | — |  |  | 134.9 |  |  | 60.2 |  |  | — |  |  | 195.1 |
Investment in subsidiaries | 879.0 |  |  | 337.6 |  |  | (0.6 | ) |  | (1,216.0 | ) |  | — |
Deferred income taxes | 5.4 |  |  | 126.6 |  |  | 28.4 |  |  | (14.7 | ) |  | 145.7 |
Other assets, net | 1.5 |  |  | 38.2 |  |  | 20.6 |  |  | (1.5 | ) |  | 58.8 |
Intercompany receivables (payables), net | (278.6 | ) |  | 253.3 |  |  | 25.3 |  |  | — |  |  | — |
Total assets | $ | 611.1 |  |  | $ | 1,557.3 |  |  | $ | 805.5 |  |  | $ | (1,296.5 | ) |  | $ | 1,677.4 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 204.1 |  |  | $ | — |  |  | $ | 204.1 |
Current maturities of long-term debt | 29.8 |  |  | 0.8 |  |  | 0.4 |  |  | — |  |  | 31.0 |
Accounts payable | 16.1 |  |  | 237.9 |  |  | 66.1 |  |  | — |  |  | 320.1 |
Accrued expenses | 15.8 |  |  | 176.7 |  |  | 50.1 |  |  | — |  |  | 242.6 |
Income taxes payable | (43.0 | ) |  | 106.6 |  |  | 37.9 |  |  | (75.5 | ) |  | 26.0 |
Total current liabilities | 18.7 |  |  | 522.0 |  |  | 358.6 |  |  | (75.5 | ) |  | 823.8 |
Long-term debt | 490.4 |  |  | 15.1 |  |  | 0.5 |  |  | — |  |  | 506.0 |
Post-retirement benefits, other than pensions | — |  |  | 4.1 |  |  | — |  |  | — |  |  | 4.1 |
Pensions | — |  |  | 111.9 |  |  | 8.9 |  |  | — |  |  | 120.8 |
Other liabilities | 0.4 |  |  | 114.4 |  |  | 10.5 |  |  | (4.2 | ) |  | 121.1 |
Total liabilities | 509.5 |  |  | 767.5 |  |  | 378.5 |  |  | (79.7 | ) |  | 1,575.8 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | 101.6 |  |  | 789.8 |  |  | 427.0 |  |  | (1,216.8 | ) |  | 101.6 |
Total liabilities and stockholders' equity | $ | 611.1 |  |  | $ | 1,557.3 |  |  | $ | 805.5 |  |  | $ | (1,296.5 | ) |  | $ | 1,677.4 |
Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2016 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 3,117.6 |  |  | $ | 728.0 |  |  | $ | (204.0 | ) |  | $ | 3,641.6 |
Cost of goods sold | — |  |  | 2,203.8 |  |  | 564.5 |  |  | (203.2 | ) |  | 2,565.1 |
Gross profit | — |  |  | 913.8 |  |  | 163.5 |  |  | (0.8 | ) |  | 1,076.5 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 524.3 |  |  | 96.7 |  |  | — |  |  | 621.0 |
Losses and other expenses, net | (3.3 | ) |  | 9.7 |  |  | 5.1 |  |  | (0.2 | ) |  | 11.3 |
Restructuring charges | — |  |  | 1.9 |  |  | (0.1 | ) |  | — |  |  | 1.8 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension settlement | — |  |  | 30.5 |  |  | 0.9 |  |  | — |  |  | 31.4 |
Income from equity method investments | (292.4 | ) |  | (40.7 | ) |  | (14.4 | ) |  | 329.1 |  |  | (18.4 | )
Operational income | 295.7 |  |  | 388.1 |  |  | 75.3 |  |  | (329.7 | ) |  | 429.4 |
Interest expense, net | 24.4 |  |  | (2.2 | ) |  | 4.8 |  |  | — |  |  | 27.0 |
Other expense, net | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Income from continuing operations before income taxes | 271.3 |  |  | 390.3 |  |  | 70.8 |  |  | (329.7 | ) |  | 402.7 |
Provision for income taxes | (6.5 | ) |  | 108.2 |  |  | 22.6 |  |  | (0.2 | ) |  | 124.1 |
Income from continuing operations | 277.8 |  |  | 282.1 |  |  | 48.2 |  |  | (329.5 | ) |  | 278.6 |
Loss from discontinued operations | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Net income | $ | 277.8 |  |  | $ | 282.1 |  |  | $ | 47.4 |  |  | $ | (329.5 | ) |  | $ | 277.8 |
Other comprehensive income (loss) | $ | 14.0 |  |  | $ | 8.5 |  |  | $ | (14.2 | ) |  | $ | 1.3 |  |  | $ | 9.6 |
Comprehensive Income | $ | 291.8 |  |  | $ | 290.6 |  |  | $ | 33.2 |  |  | $ | (328.2 | ) |  | $ | 287.4 |
Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 2,950.6 |  |  | $ | 701.8 |  |  | $ | (185.0 | ) |  | $ | 3,467.4 |
Cost of goods sold | — |  |  | 2,150.9 |  |  | 556.4 |  |  | (187.3 | ) |  | 2,520.0 |
Gross profit | — |  |  | 799.7 |  |  | 145.4 |  |  | 2.3 |  |  | 947.4 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 485.6 |  |  | 94.9 |  |  | — |  |  | 580.5 |
Losses (gains) and other expenses, net | 0.7 |  |  | 13.7 |  |  | 7.5 |  |  | (0.2 | ) |  | 21.7 |
Restructuring charges | — |  |  | (0.5 | ) |  | 3.7 |  |  | — |  |  | 3.2 |
Goodwill Impairment | — |  |  | 5.5 |  |  | — |  |  | — |  |  | 5.5 |
Asset Impairment | — |  |  | 44.5 |  |  | — |  |  | — |  |  | 44.5 |
Pension settlement | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Income) loss from equity method investments | (201.8 | ) |  | (5.9 | ) |  | (10.5 | ) |  | 204.8 |  |  | (13.4 | )
Operational income | 201.1 |  |  | 256.8 |  |  | 49.8 |  |  | (202.3 | ) |  | 305.4 |
Interest expense, net | 22.4 |  |  | (2.0 | ) |  | 3.2 |  |  | — |  |  | 23.6 |
Other expense, net | — |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.8 | )
Income from continuing operations before income taxes | 178.7 |  |  | 258.8 |  |  | 47.4 |  |  | (202.3 | ) |  | 282.6 |
Provision for income taxes | (7.8 | ) |  | 87.9 |  |  | 14.3 |  |  | 1.0 |  |  | 95.4 |
Income from continuing operations | 186.5 |  |  | 170.9 |  |  | 33.1 |  |  | (203.3 | ) |  | 187.2 |
Loss from discontinued operations | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Net income | $ | 186.5 |  |  | $ | 170.9 |  |  | $ | 32.5 |  |  | $ | (203.3 | ) |  | $ | 186.6 |
Other comprehensive income (loss) | $ | (3.5 | ) |  | $ | (3.3 | ) |  | $ | (40.4 | ) |  | $ | (4.0 | ) |  | $ | (51.2 | )
Comprehensive income | $ | 183.0 |  |  | $ | 167.6 |  |  | $ | (7.9 | ) |  | $ | (207.3 | ) |  | $ | 135.4 |
Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 2,775.7 |  |  | $ | 818.0 |  |  | $ | (226.3 | ) |  | $ | 3,367.4 |
Cost of goods sold | — |  |  | 2,057.8 |  |  | 628.3 |  |  | (222.0 | ) |  | 2,464.1 |
Gross profit | — |  |  | 717.9 |  |  | 189.7 |  |  | (4.3 | ) |  | 903.3 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 454.5 |  |  | 119.2 |  |  | — |  |  | 573.7 |
Losses and other expenses, net | — |  |  | 3.2 |  |  | 3.6 |  |  | — |  |  | 6.8 |
Restructuring charges | — |  |  | 0.4 |  |  | 1.5 |  |  | — |  |  | 1.9 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension settlement | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income from equity method investments | (216.4 | ) |  | (25.4 | ) |  | (11.3 | ) |  | 239.3 |  |  | (13.8 | )
Operational income | 216.4 |  |  | 285.2 |  |  | 76.7 |  |  | (243.6 | ) |  | 334.7 |
Interest expense, net | 16.0 |  |  | (3.0 | ) |  | 4.2 |  |  | — |  |  | 17.2 |
Other expense, net | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Income from continuing operations before income taxes | 200.4 |  |  | 288.2 |  |  | 72.6 |  |  | (243.6 | ) |  | 317.6 |
Provision for income taxes | (5.6 | ) |  | 91.7 |  |  | 24.9 |  |  | (1.5 | ) |  | 109.5 |
Income from continuing operations | 206.0 |  |  | 196.5 |  |  | 47.7 |  |  | (242.1 | ) |  | 208.1 |
Loss from discontinued operations | — |  |  | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
Net income | $ | 206.0 |  |  | $ | 196.5 |  |  | $ | 45.4 |  |  | $ | (242.1 | ) |  | $ | 205.8 |
Other comprehensive income (loss) | $ | (4.1 | ) |  | $ | (51.2 | ) |  | $ | (34.8 | ) |  | $ | (2.3 | ) |  | $ | (92.4 | )
Comprehensive Income | $ | 201.9 |  |  | $ | 145.3 |  |  | $ | 10.6 |  |  | $ | (244.4 | ) |  | $ | 113.4 |
Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | (1.6 | ) |  | $ | 218.5 |  |  | $ | 137.6 |  |  | $ | — |  |  | $ | 354.5 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
Purchases of property, plant and equipment | — |  |  | (71.5 | ) |  | (12.8 | ) |  | — |  |  | (84.3 | )
Net cash used in investing activities | — |  |  | (71.5 | ) |  | (12.6 | ) |  | — |  |  | (84.1 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (2.4 | ) |  | — |  |  | (2.4 | )
Asset securitization borrowings | — |  |  | — |  |  | 145.0 |  |  | — |  |  | 145.0 |
Asset securitization payments | — |  |  | — |  |  | (295.0 | ) |  | — |  |  | (295.0 | )
Long-term debt borrowings | 350.0 |  |  | — |  |  | — |  |  | — |  |  | 350.0 |
Borrowings from credit facility | 2,336.5 |  |  | — |  |  | — |  |  | — |  |  | 2,336.5 |
Long-term debt payments | (57.5 | ) |  | (0.9 | ) |  | (0.4 | ) |  | — |  |  | (58.8 | )
Payments on credit facility | (2,346.0 | ) |  | — |  |  | — |  |  | — |  |  | (2,346.0 | )
Payments of deferred financing costs | (4.2 | ) |  | — |  |  | — |  |  | — |  |  | (4.2 | )
Proceeds from employee stock purchases | 2.6 |  |  | — |  |  | — |  |  | — |  |  | 2.6 |
Repurchases of common stock to satisfy employee withholding tax obligations | (33.3 | ) |  | — |  |  | — |  |  | — |  |  | (33.3 | )
Repurchases of common stock | (300.0 | ) |  | — |  |  | — |  |  | — |  |  | (300.0 | )
Excess tax benefits related to share-based payments | 19.4 |  |  | — |  |  | — |  |  | — |  |  | 19.4 |
Intercompany debt | 30.0 |  |  | (65.8 | ) |  | 35.8 |  |  | — |  |  | — |
Intercompany financing activity | 73.8 |  |  | (71.0 | ) |  | (2.8 | ) |  | — |  |  | — |
Cash dividends paid | (69.0 | ) |  | — |  |  | — |  |  | — |  |  | (69.0 | )
Net cash provided by (used in) financing activities | 2.3 |  |  | (137.7 | ) |  | (119.8 | ) |  | — |  |  | (255.2 | )
Increase (decrease) in cash and cash equivalents | 0.7 |  |  | 9.3 |  |  | 5.2 |  |  | — |  |  | 15.2 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (3.9 | ) |  | — |  |  | (3.9 | )
Cash and cash equivalents, beginning of year | 0.5 |  |  | 7.8 |  |  | 30.6 |  |  | — |  |  | 38.9 |
Cash and cash equivalents, end of year | $ | 1.2 |  |  | $ | 17.1 |  |  | $ | 31.9 |  |  | $ | — |  |  | $ | 50.2 |
Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 226.9 |  |  | $ | 49.3 |  |  | $ | 55.0 |  |  | $ | — |  |  | $ | 331.2 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (60.2 | ) |  | (9.7 | ) |  | — |  |  | (69.9 | )
Net cash used in investing activities | — |  |  | (60.1 | ) |  | (9.7 | ) |  | — |  |  | (69.8 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (1.7 | ) |  | — |  |  | (1.7 | )
Asset securitization borrowings | — |  |  | — |  |  | 40.0 |  |  | — |  |  | 40.0 |
Asset securitization payments | — |  |  | — |  |  | (60.0 | ) |  | — |  |  | (60.0 | )
Long-term debt borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 1,671.0 |  |  | — |  |  | — |  |  | — |  |  | 1,671.0 |
Long-term debt payments | (22.5 | ) |  | (1.2 | ) |  | (0.3 | ) |  | — |  |  | (24.0 | )
Payments on credit facility | (1,807.5 | ) |  | — |  |  | — |  |  | — |  |  | (1,807.5 | )
Payments of deferred financing costs | — |  |  | — |  |  | — |  |  | — |  |  | — |
Proceeds from employee stock purchases | 2.4 |  |  | — |  |  | — |  |  | — |  |  | 2.4 |
Repurchases of common stock to satisfy employee withholding tax obligations | (32.0 | ) |  | — |  |  | — |  |  | — |  |  | (32.0 | )
Repurchases of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits related to share-based payments | 22.4 |  |  | — |  |  | — |  |  | — |  |  | 22.4 |
Intercompany debt | (9.4 | ) |  | 7.1 |  |  | 2.3 |  |  | — |  |  | — |
Intercompany financing activity | 7.5 |  |  | 1.2 |  |  | (8.7 | ) |  | — |  |  | — |
Cash dividends paid | (59.3 | ) |  | — |  |  | — |  |  | — |  |  | (59.3 | )
Net cash provided by (used in) financing activities | (227.4 | ) |  | 7.1 |  |  | (28.4 | ) |  | — |  |  | (248.7 | )
Increase (decrease) in cash and cash equivalents | (0.5 | ) |  | (3.7 | ) |  | 16.9 |  |  | — |  |  | 12.7 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (11.3 | ) |  | — |  |  | (11.3 | )
Cash and cash equivalents, beginning of year | 1.0 |  |  | 11.5 |  |  | 25.0 |  |  | — |  |  | 37.5 |
Cash and cash equivalents, end of year | $ | 0.5 |  |  | $ | 7.8 |  |  | $ | 30.6 |  |  | $ | — |  |  | $ | 38.9 |
Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 328.8 |  |  | $ | (97.2 | ) |  | $ | (46.8 | ) |  | $ | — |  |  | $ | 184.8 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 1.0 |  |  | 0.1 |  |  | — |  |  | 1.1 |
Purchases of property, plant and equipment | — |  |  | (70.5 | ) |  | (17.9 | ) |  | — |  |  | (88.4 | )
Net cash used in investing activities | — |  |  | (69.5 | ) |  | (17.8 | ) |  | — |  |  | (87.3 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | 1.5 |  |  | — |  |  | 1.5 |
Asset securitization borrowings | — |  |  | — |  |  | 100.0 |  |  | — |  |  | 100.0 |
Asset securitization payments | — |  |  | — |  |  | (40.0 | ) |  | — |  |  | (40.0 | )
Long-term debt borrowings | 300.0 |  |  | — |  |  | — |  |  | — |  |  | 300.0 |
Borrowings from revolving credit facility | 2,073.5 |  |  | — |  |  | — |  |  | — |  |  | 2,073.5 |
Long-term debt payments | — |  |  | (1.9 | ) |  | (0.4 | ) |  | — |  |  | (2.3 | )
Payments on revolving credit facility | (1,908.5 | ) |  | — |  |  | — |  |  | — |  |  | (1,908.5 | )
Payments of deferred financing costs | (2.2 | ) |  | — |  |  | — |  |  | — |  |  | (2.2 | )
Proceeds from employee stock purchases | 2.0 |  |  | — |  |  | — |  |  | — |  |  | 2.0 |
Repurchases of common stock to satisfy employee withholding tax obligations | (22.4 | ) |  | — |  |  | — |  |  | — |  |  | (22.4 | )
Repurchases of common stock | (550.3 | ) |  | — |  |  | — |  |  | — |  |  | (550.3 | )
Excess tax benefits related to share-based payments | 11.8 |  |  | — |  |  | — |  |  | — |  |  | 11.8 |
Intercompany debt | (0.1 | ) |  | 4.7 |  |  | (4.6 | ) |  | — |  |  | — |
Intercompany financing activity | (180.1 | ) |  | 164.9 |  |  | 15.2 |  |  | — |  |  | — |
Cash dividends paid | (52.6 | ) |  | — |  |  | — |  |  | — |  |  | (52.6 | )
Net cash provided by (used in) financing activities | (328.9 | ) |  | 167.7 |  |  | 71.7 |  |  | — |  |  | (89.5 | )
Decrease in cash and cash equivalents | (0.1 | ) |  | 1.0 |  |  | 7.1 |  |  | — |  |  | 8.0 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (8.5 | ) |  | — |  |  | (8.5 | )
Cash and cash equivalents, beginning of year | 1.1 |  |  | 10.5 |  |  | 26.4 |  |  | — |  |  | 38.0 |
Cash and cash equivalents, end of year | $ | 1.0 |  |  | $ | 11.5 |  |  | $ | 25.0 |  |  | $ | — |  |  | $ | 37.5 |

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