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Condensed Consolidating Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed consolidating balance sheets | Condensed Consolidating Balance Sheets As of December 31, 2017 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.6 |  |  | $ | 28.0 |  |  | $ | 38.6 |  |  | $ | — |  |  | $ | 68.2 |
Accounts and notes receivable, net | — |  |  | 35.3 |  |  | 471.2 |  |  | — |  |  | 506.5 |
Inventories, net | — |  |  | 355.7 |  |  | 131.9 |  |  | (3.4 | ) |  | 484.2 |
Other assets | 16.2 |  |  | 23.1 |  |  | 67.5 |  |  | (28.4 | ) |  | 78.4 |
Total current assets | 17.8 |  |  | 442.1 |  |  | 709.2 |  |  | (31.8 | ) |  | 1,137.3 |
Property, plant and equipment, net | — |  |  | 257.6 |  |  | 144.4 |  |  | (4.2 | ) |  | 397.8 |
Goodwill | — |  |  | 134.9 |  |  | 65.6 |  |  | — |  |  | 200.5 |
Investment in subsidiaries | 1,257.7 |  |  | 365.8 |  |  | (0.6 | ) |  | (1,622.9 | ) |  | — |
Deferred income taxes | 3.9 |  |  | 69.1 |  |  | 33.6 |  |  | (12.2 | ) |  | 94.4 |
Other assets, net | 2.1 |  |  | 41.3 |  |  | 19.6 |  |  | (1.5 | ) |  | 61.5 |
Intercompany receivables (payables), net | (559.3 | ) |  | 554.7 |  |  | 107.4 |  |  | (102.8 | ) |  | — |
Total assets | $ | 722.2 |  |  | $ | 1,865.5 |  |  | $ | 1,079.2 |  |  | $ | (1,775.4 | ) |  | $ | 1,891.5 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | — |  |  | $ | 0.9 |
Current maturities of long-term debt | 29.4 |  |  | 2.9 |  |  | 0.3 |  |  | — |  |  | 32.6 |
Accounts payable | 21.3 |  |  | 228.0 |  |  | 99.3 |  |  | — |  |  | 348.6 |
Accrued expenses | 3.1 |  |  | 209.4 |  |  | 57.8 |  |  | — |  |  | 270.3 |
Income taxes payable | (64.5 | ) |  | 56.5 |  |  | 60.9 |  |  | (50.8 | ) |  | 2.1 |
Total current liabilities | (10.7 | ) |  | 496.8 |  |  | 219.2 |  |  | (50.8 | ) |  | 654.5 |
Long-term debt | 682.8 |  |  | 11.7 |  |  | 276.0 |  |  | — |  |  | 970.5 |
Post-retirement benefits, other than pensions | — |  |  | 2.6 |  |  | — |  |  | — |  |  | 2.6 |
Pensions | — |  |  | 74.7 |  |  | 9.8 |  |  | — |  |  | 84.5 |
Other liabilities | — |  |  | 120.6 |  |  | 8.7 |  |  | — |  |  | 129.3 |
Total liabilities | 672.1 |  |  | 706.4 |  |  | 513.7 |  |  | (50.8 | ) |  | 1,841.4 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders' equity | 50.1 |  |  | 1,159.1 |  |  | 565.5 |  |  | (1,724.6 | ) |  | 50.1 |
Total liabilities and stockholders' equity | $ | 722.2 |  |  | $ | 1,865.5 |  |  | $ | 1,079.2 |  |  | $ | (1,775.4 | ) |  | $ | 1,891.5 |
Condensed Consolidating Balance Sheets As of December 31, 2016 (In millions)
(Amounts 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 statements of operations and comprehensive income | Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2017 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 3,295.8 |  |  | $ | 1,144.2 |  |  | $ | (600.4 | ) |  | $ | 3,839.6 |
Cost of goods sold | — |  |  | 2,359.6 |  |  | 953.6 |  |  | (598.8 | ) |  | 2,714.4 |
Gross profit | — |  |  | 936.2 |  |  | 190.6 |  |  | (1.6 | ) |  | 1,125.2 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 553.6 |  |  | 85.0 |  |  | (0.9 | ) |  | 637.7 |
Losses (gains) and other expenses, net | 2.0 |  |  | 4.4 |  |  | 1.9 |  |  | (0.1 | ) |  | 8.2 |
Restructuring charges | — |  |  | 2.1 |  |  | 1.1 |  |  | — |  |  | 3.2 |
Goodwill impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension settlement | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Income) loss from equity method investments | (324.3 | ) |  | (74.9 | ) |  | (14.5 | ) |  | 395.3 |  |  | (18.4 | )
Operational income | 322.3 |  |  | 451.0 |  |  | 117.1 |  |  | (395.9 | ) |  | 494.5 |
Interest expense, net | 26.9 |  |  | (2.7 | ) |  | 6.4 |  |  | — |  |  | 30.6 |
Other income, net | — |  |  | — |  |  | (0.1 | ) |  | — |  |  | (0.1 | )
Income from continuing operations before income taxes | 295.4 |  |  | 453.7 |  |  | 110.8 |  |  | (395.9 | ) |  | 464.0 |
Provision for income taxes | (10.3 | ) |  | 136.2 |  |  | 31.2 |  |  | (0.2 | ) |  | 156.9 |
Income from continuing operations | 305.7 |  |  | 317.5 |  |  | 79.6 |  |  | (395.7 | ) |  | 307.1 |
Loss from discontinued operations | — |  |  | — |  |  | (1.4 | ) |  | — |  |  | (1.4 | )
Net income | $ | 305.7 |  |  | $ | 317.5 |  |  | $ | 78.2 |  |  | $ | (395.7 | ) |  | $ | 305.7 |
Other comprehensive income (loss) | $ | 1.7 |  |  | $ | 5.5 |  |  | $ | 30.5 |  |  | $ | — |  |  | $ | 37.7 |
Comprehensive Income | $ | 307.4 |  |  | $ | 323.0 |  |  | $ | 108.7 |  |  | $ | (395.7 | ) |  | $ | 343.4 |
Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2016 (In millions)
(Amounts 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 (gains) 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) loss 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 income, 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)
(Amounts 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 income, 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 cash flows | Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2017 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 467.4 |  |  | $ | 31.1 |  |  | $ | (173.4 | ) |  | $ | — |  |  | $ | 325.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.2 |
Purchases of property, plant and equipment | — |  |  | (70.7 | ) |  | (27.6 | ) |  | — |  |  | (98.3 | )
Net cash used in investing activities | — |  |  | (70.6 | ) |  | (27.5 | ) |  | — |  |  | (98.1 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | (1.5 | ) |  | — |  |  | (1.5 | )
Asset securitization borrowings | — |  |  | — |  |  | 315.0 |  |  | — |  |  | 315.0 |
Asset securitization payments | — |  |  | — |  |  | (89.0 | ) |  | — |  |  | (89.0 | )
Long-term debt borrowings | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings from credit facility | 2,376.5 |  |  | — |  |  | — |  |  | — |  |  | 2,376.5 |
Long-term debt payments | (200.0 | ) |  | (0.3 | ) |  | (0.6 | ) |  | — |  |  | (200.9 | )
Payments on credit facility | (2,265.5 | ) |  | — |  |  | — |  |  | — |  |  | (2,265.5 | )
Payments of deferred financing costs | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Proceeds from employee stock purchases | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |
Repurchases of common stock to satisfy employee withholding tax obligations | (26.1 | ) |  | — |  |  | — |  |  | — |  |  | (26.1 | )
Repurchases of common stock | (250.0 | ) |  | — |  |  | — |  |  | — |  |  | (250.0 | )
Excess tax benefits related to share-based payments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany debt | 56.4 |  |  | (34.9 | ) |  | (21.5 | ) |  | — |  |  | — |
Intercompany financing activity | (81.7 | ) |  | 85.6 |  |  | (3.9 | ) |  | — |  |  | — |
Cash dividends paid | (79.7 | ) |  | — |  |  | — |  |  | — |  |  | (79.7 | )
Net cash provided by (used in) financing activities | (467.0 | ) |  | 50.4 |  |  | 198.3 |  |  | — |  |  | (218.3 | )
Increase (decrease) in cash and cash equivalents | 0.4 |  |  | 10.9 |  |  | (2.6 | ) |  | — |  |  | 8.7 |
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |
Cash and cash equivalents, beginning of year | 1.2 |  |  | 17.1 |  |  | 31.9 |  |  | — |  |  | 50.2 |
Cash and cash equivalents, end of year | $ | 1.6 |  |  | $ | 28.0 |  |  | $ | 38.6 |  |  | $ | — |  |  | $ | 68.2 |
Condensed Consolidating Statements of Cash Flows For the Year Ended December 31, 2016 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 17.8 |  |  | $ | 218.5 |  |  | $ | 137.6 |  |  | $ | — |  |  | $ | 373.9 |
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 | )
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 | (17.1 | ) |  | (137.7 | ) |  | (119.8 | ) |  | — |  |  | (274.6 | )
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)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 249.3 |  |  | $ | 49.3 |  |  | $ | 55.0 |  |  | $ | — |  |  | $ | 353.6 |
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 revolving credit facility | 1,671.0 |  |  | — |  |  | — |  |  | — |  |  | 1,671.0 |
Long-term debt payments | (22.5 | ) |  | (1.2 | ) |  | (0.3 | ) |  | — |  |  | (24.0 | )
Payments on revolving 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 | — |  |  | — |  |  | — |  |  | — |  |  | — |
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 | (249.8 | ) |  | 7.1 |  |  | (28.4 | ) |  | — |  |  | (271.1 | )
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 |

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