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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information 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, 2018 and December 31, 2017 and for the years ended December 31, 2018, 2017 and 2016 are shown on the following pages. Condensed Consolidating Balance Sheets As of December 31, 2018 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.8 |  |  | $ | 15.4 |  |  | $ | 29.1 |  |  | $ | — |  |  | $ | 46.3 |
Accounts and notes receivable, net | — |  |  | 44.3 |  |  | 428.4 |  |  | — |  |  | 472.7 |
Inventories, net | — |  |  | 411.4 |  |  | 103.9 |  |  | (5.5 | ) |  | 509.8 |
Other assets | 3.3 |  |  | 36.2 |  |  | 54.7 |  |  | (33.6 | ) |  | 60.6 |
Total current assets | 5.1 |  |  | 507.3 |  |  | 616.1 |  |  | (39.1 | ) |  | 1,089.4 |
Property, plant and equipment, net | — |  |  | 293.3 |  |  | 118.6 |  |  | (3.6 | ) |  | 408.3 |
Goodwill | — |  |  | 166.1 |  |  | 20.5 |  |  | — |  |  | 186.6 |
Investment in subsidiaries | 1,311.9 |  |  | 357.8 |  |  | (0.5 | ) |  | (1,669.2 | ) |  | — |
Deferred income taxes | 1.4 |  |  | 54.4 |  |  | 23.4 |  |  | (12.2 | ) |  | 67.0 |
Other assets, net | 1.5 |  |  | 48.1 |  |  | 17.8 |  |  | (1.5 | ) |  | 65.9 |
Intercompany (payables) receivables, net | (715.5 | ) |  | 675.8 |  |  | 142.6 |  |  | (102.9 | ) |  | — |
Total assets | $ | 604.4 |  |  | $ | 2,102.8 |  |  | $ | 938.5 |  |  | $ | (1,828.5 | ) |  | $ | 1,817.2 |
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current maturities of long-term debt | 29.4 |  |  | 2.8 |  |  | 268.6 |  |  | — |  |  | 300.8 |
Accounts payable | 25.5 |  |  | 295.7 |  |  | 112.1 |  |  | — |  |  | 433.3 |
Accrued expenses | 12.1 |  |  | 213.8 |  |  | 46.4 |  |  | — |  |  | 272.3 |
Income taxes payable | (38.5 | ) |  | 40.6 |  |  | 50.8 |  |  | (50.8 | ) |  | 2.1 |
Total current liabilities | 28.5 |  |  | 552.9 |  |  | 477.9 |  |  | (50.8 | ) |  | 1,008.5 |
Long-term debt | 724.9 |  |  | 15.0 |  |  | 0.6 |  |  | — |  |  | 740.5 |
Pensions | — |  |  | 75.1 |  |  | 7.7 |  |  | — |  |  | 82.8 |
Other liabilities | 0.6 |  |  | 126.4 |  |  | 8.0 |  |  | — |  |  | 135.0 |
Total liabilities | 754.0 |  |  | 769.4 |  |  | 494.2 |  |  | (50.8 | ) |  | 1,966.8 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders’ (deficit) equity | (149.6 | ) |  | 1,333.4 |  |  | 444.3 |  |  | (1,777.7 | ) |  | (149.6 | )
Total liabilities and stockholders’ (deficit) equity | $ | 604.4 |  |  | $ | 2,102.8 |  |  | $ | 938.5 |  |  | $ | (1,828.5 | ) |  | $ | 1,817.2 |
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 (payables) receivables, 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 (DEFICIT)
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 |
Pensions | — |  |  | 74.7 |  |  | 9.8 |  |  | — |  |  | 84.5 |
Other liabilities | — |  |  | 123.2 |  |  | 8.7 |  |  | — |  |  | 131.9 |
Total liabilities | 672.1 |  |  | 706.4 |  |  | 513.7 |  |  | (50.8 | ) |  | 1,841.4 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Total stockholders’ equity (deficit) | 50.1 |  |  | 1,159.1 |  |  | 565.5 |  |  | (1,724.6 | ) |  | 50.1 |
Total liabilities and stockholders’ equity (deficit) | $ | 722.2 |  |  | $ | 1,865.5 |  |  | $ | 1,079.2 |  |  | $ | (1,775.4 | ) |  | $ | 1,891.5 |
Condensed Consolidating Statements of Operations and Comprehensive Income For the Year Ended December 31, 2018 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net Sales | $ | — |  |  | $ | 3,473.2 |  |  | $ | 1,129.6 |  |  | $ | (718.9 | ) |  | $ | 3,883.9 |
Cost of goods sold | — |  |  | 2,500.6 |  |  | 988.7 |  |  | (716.6 | ) |  | 2,772.7 |
Gross profit | — |  |  | 972.6 |  |  | 140.9 |  |  | (2.3 | ) |  | 1,111.2 |
Operating expenses: |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | — |  |  | 555.3 |  |  | 53.6 |  |  | (0.7 | ) |  | 608.2 |
Losses (gains) and other expenses, net | 2.0 |  |  | 5.4 |  |  | 6.3 |  |  | (0.3 | ) |  | 13.4 |
Restructuring charges | — |  |  | 1.1 |  |  | 1.9 |  |  | — |  |  | 3.0 |
Pension settlement | — |  |  | — |  |  | 0.4 |  |  | — |  |  | 0.4 |
Loss (gain), net on sale of businesses and related property | — |  |  | 40.3 |  |  | (13.3 | ) |  | — |  |  | 27.0 |
Insurance proceeds for lost profits | — |  |  | (27.4 | ) |  | — |  |  | — |  |  | (27.4 | )
Gain from insurance recoveries, net of losses incurred | — |  |  | (10.9 | ) |  | — |  |  | — |  |  | (10.9 | )
Income from equity method investments | (367.4 | ) |  | (70.3 | ) |  | (9.9 | ) |  | 435.6 |  |  | (12.0 | )
Operating income | 365.4 |  |  | 479.1 |  |  | 101.9 |  |  | (436.9 | ) |  | 509.5 |
Interest expense, net | 9.0 |  |  | 18.5 |  |  | 10.8 |  |  | — |  |  | 38.3 |
Other expense (income), net | — |  |  | 1.5 |  |  | 1.8 |  |  | — |  |  | 3.3 |
Income from continuing operations before income taxes | 356.4 |  |  | 459.1 |  |  | 89.3 |  |  | (436.9 | ) |  | 467.9 |
Provision for income taxes | (2.6 | ) |  | 92.1 |  |  | 18.0 |  |  | 0.1 |  |  | 107.6 |
Income from continuing operations | 359.0 |  |  | 367.0 |  |  | 71.3 |  |  | (437.0 | ) |  | 360.3 |
Loss from discontinued operations | — |  |  | — |  |  | (1.3 | ) |  | — |  |  | (1.3 | )
Net income | $ | 359.0 |  |  | $ | 367.0 |  |  | $ | 70.0 |  |  | $ | (437.0 | ) |  | $ | 359.0 |
Other comprehensive (loss) income | $ | (15.4 | ) |  | $ | (15.3 | ) |  | $ | (0.7 | ) |  | $ | — |  |  | $ | (31.4 | )
Comprehensive Income | $ | 343.6 |  |  | $ | 351.7 |  |  | $ | 69.3 |  |  | $ | (437.0 | ) |  | $ | 327.6 |
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 |  |  | 3.3 |  |  | 1.9 |  |  | (0.1 | ) |  | 7.1 |
Restructuring charges | — |  |  | 2.1 |  |  | 1.1 |  |  | — |  |  | 3.2 |
Loss (gain), net on sale of businesses and related property | — |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
(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 | $ | 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 |
(Gains) losses and other expenses, net | (3.3 | ) |  | 9.7 |  |  | 5.1 |  |  | (0.2 | ) |  | 11.3 |
Restructuring charges | — |  |  | 1.9 |  |  | (0.1 | ) |  | — |  |  | 1.8 |
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 Cash Flows For the Year Ended December 31, 2018 (In millions)
(Amounts in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash flows from operating activities: | $ | 53.7 |  |  | $ | 477.9 |  |  | $ | (36.1 | ) |  | $ | — |  |  | $ | 495.5 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Proceeds from the disposal of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Purchases of property, plant and equipment | — |  |  | (76.0 | ) |  | (19.2 | ) |  | — |  |  | (95.2 | )
Net proceeds from sale of businesses and related property | — |  |  | 2.7 |  |  | 112.0 |  |  | — |  |  | 114.7 |
Insurance recoveries received for property damage incurred from natural disaster | — |  |  | 10.9 |  |  | — |  |  | — |  |  | 10.9 |
Net cash used in investing activities | — |  |  | (62.4 | ) |  | 92.9 |  |  | — |  |  | 30.5 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Short-term borrowings, net | — |  |  | — |  |  | — |  |  | — |  |  | — |
Asset securitization borrowings | — |  |  | — |  |  | 155.0 |  |  | — |  |  | 155.0 |
Asset securitization payments | — |  |  | — |  |  | (163.0 | ) |  | — |  |  | (163.0 | )
Long-term debt payments | (30.0 | ) |  | (2.9 | ) |  | (0.1 | ) |  | — |  |  | (33.0 | )
Borrowings from credit facility | 2,435.9 |  |  | — |  |  | — |  |  | — |  |  | 2,435.9 |
Payments on credit facility | (2,365.0 | ) |  | — |  |  | — |  |  | — |  |  | (2,365.0 | )
Proceeds from employee stock purchases | 3.3 |  |  | — |  |  | — |  |  | — |  |  | 3.3 |
Repurchases of common stock to satisfy employee withholding tax obligations | (26.9 | ) |  | — |  |  | — |  |  | — |  |  | (26.9 | )
Repurchases of common stock | (450.2 | ) |  | — |  |  | — |  |  | — |  |  | (450.2 | )
Intercompany debt | (14.5 | ) |  | 83.3 |  |  | (68.8 | ) |  | — |  |  | — |
Intercompany financing activity | 487.8 |  |  | (508.5 | ) |  | 20.7 |  |  | — |  |  | — |
Cash dividends paid | (93.9 | ) |  | — |  |  | — |  |  | — |  |  | (93.9 | )
Net cash provided by (used in) financing activities | (53.5 | ) |  | (428.1 | ) |  | (56.2 | ) |  | — |  |  | (537.8 | )
Increase (decrease) in cash and cash equivalents | 0.2 |  |  | (12.6 | ) |  | 0.6 |  |  | — |  |  | (11.8 | )
Effect of exchange rates on cash and cash equivalents | — |  |  | — |  |  | (10.1 | ) |  | — |  |  | (10.1 | )
Cash and cash equivalents, beginning of year | 1.6 |  |  | 28.0 |  |  | 38.6 |  |  | — |  |  | 68.2 |
Cash and cash equivalents, end of year | $ | 1.8 |  |  | $ | 15.4 |  |  | $ | 29.1 |  |  | $ | — |  |  | $ | 46.3 |
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 | )
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 | )
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 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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