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Condensed Consolidating Financial Information | 12 Months Ended
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Sep. 30, 2018
Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information | 22. Condensed Consolidating Financial Information In connection with the registration of the Company’s 2014 Senior Notes that were declared effective by the SEC on September 29, 2015, AECOM became subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities. Both the 2014 Senior Notes and the 2017 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by certain of AECOM’s directly and indirectly 100% owned subsidiaries (the Subsidiary Guarantors). Other than customary restrictions imposed by applicable statutes, there are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to AECOM in the form of cash dividends, loans or advances. The following condensed consolidating financial information, which is presented for AECOM, the Subsidiary Guarantors on a combined basis and AECOM’s non-guarantor subsidiaries on a combined basis, is provided to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. Condensed Consolidating Balance Sheets (in millions) September 30, 2018
|  |  |  |  |  | Non- |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents |  | $ | 22.0 |  | $ | 270.9 |  | $ | 593.8 |  | $ | — |  | $ | 886.7
Accounts receivable—net |  |  | — |  |  | 2,544.7 |  |  | 2,924.1 |  |  | — |  |  | 5,468.8
Intercompany receivable |  |  | 951.1 |  |  | 84.9 |  |  | 157.9 |  |  | (1,193.9) |  |  | —
Prepaid expenses and other current assets |  |  | 52.9 |  |  | 331.6 |  |  | 200.7 |  |  | — |  |  | 585.2
Current assets held for sale |  |  | — |  |  | — |  |  | 59.8 |  |  | — |  |  | 59.8
Income taxes receivable |  |  | 84.6 |  |  | — |  |  | 42.2 |  |  | — |  |  | 126.8
TOTAL CURRENT ASSETS |  |  | 1,110.6 |  |  | 3,232.1 |  |  | 3,978.5 |  |  | (1,193.9) |  |  | 7,127.3
PROPERTY AND EQUIPMENT—NET |  |  | 202.6 |  |  | 217.3 |  |  | 194.2 |  |  | — |  |  | 614.1
DEFERRED TAX ASSETS—NET |  |  | 134.0 |  |  | — |  |  | 150.0 |  |  | (124.6) |  |  | 159.4
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES |  |  | 6,364.1 |  |  | 1,912.0 |  |  | — |  |  | (8,276.1) |  |  | —
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES |  |  | 13.4 |  |  | 49.6 |  |  | 247.7 |  |  | — |  |  | 310.7
GOODWILL |  |  | — |  |  | 3,392.7 |  |  | 2,528.4 |  |  | — |  |  | 5,921.1
INTANGIBLE ASSETS—NET |  |  | — |  |  | 218.6 |  |  | 101.3 |  |  | — |  |  | 319.9
OTHER NON-CURRENT ASSETS |  |  | 49.9 |  |  | 45.6 |  |  | 133.1 |  |  | — |  |  | 228.6
TOTAL ASSETS |  | $ | 7,874.6 |  | $ | 9,067.9 |  | $ | 7,333.2 |  | $ | (9,594.6) |  | $ | 14,681.1
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  | $ | 8.4 |  | $ | — |  | $ | — |  | $ | — |  | $ | 8.4
Accounts payable |  |  | 53.6 |  |  | 1,616.7 |  |  | 1,055.7 |  |  | — |  |  | 2,726.0
Accrued expenses and other current liabilities |  |  | 58.8 |  |  | 1,035.6 |  |  | 1,172.7 |  |  | — |  |  | 2,267.1
Income taxes payable |  |  | 10.4 |  |  | — |  |  | 29.4 |  |  | — |  |  | 39.8
Intercompany payable |  |  | 105.5 |  |  | 830.8 |  |  | 416.9 |  |  | (1,353.2) |  |  | —
Billings in excess of costs on uncompleted contracts |  |  | 1.5 |  |  | 316.1 |  |  | 613.8 |  |  | — |  |  | 931.4
Current liabilities held for sale |  |  | — |  |  | — |  |  | 22.3 |  |  | — |  |  | 22.3
Current portion of long-term debt |  |  | 43.3 |  |  | 27.0 |  |  | 64.4 |  |  | — |  |  | 134.7
TOTAL CURRENT LIABILITIES |  |  | 281.5 |  |  | 3,826.2 |  |  | 3,375.2 |  |  | (1,353.2) |  |  | 6,129.7
OTHER LONG-TERM LIABILITIES |  |  | 131.6 |  |  | 249.0 |  |  | 361.5 |  |  | — |  |  | 742.1
DEFERRED TAX LIABILITY—NET |  |  | — |  |  | 63.1 |  |  | 108.9 |  |  | (124.7) |  |  | 47.3
NOTE PAYABLE INTERCOMPANY—NON CURRENT |  |  | 800.9 |  |  | — |  |  | 487.5 |  |  | (1,288.4) |  |  | —
LONG‑TERM DEBT |  |  | 2,627.8 |  |  | 291.4 |  |  | 564.5 |  |  | — |  |  | 3,483.7
TOTAL LIABILITIES |  |  | 3,841.8 |  |  | 4,429.7 |  |  | 4,897.6 |  |  | (2,766.3) |  |  | 10,402.8
TOTAL AECOM STOCKHOLDERS’ EQUITY |  |  | 4,032.8 |  |  | 4,638.2 |  |  | 2,250.1 |  |  | (6,828.3) |  |  | 4,092.8
Noncontrolling interests |  |  | — |  |  | — |  |  | 185.5 |  |  | — |  |  | 185.5
TOTAL STOCKHOLDERS’ EQUITY |  |  | 4,032.8 |  |  | 4,638.2 |  |  | 2,435.6 |  |  | (6,828.3) |  |  | 4,278.3
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 7,874.6 |  | $ | 9,067.9 |  | $ | 7,333.2 |  | $ | (9,594.6) |  | $ | 14,681.1
Condensed Consolidating Balance Sheets (in millions) September 30, 2017
|  |  |  |  |  | Non- |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total cash and cash equivalents |  | $ | 32.6 |  | $ | 254.9 |  | $ | 514.9 |  | $ | — |  | $ | 802.4
Accounts receivable—net |  |  | — |  |  | 2,426.4 |  |  | 2,701.3 |  |  | — |  |  | 5,127.7
Intercompany receivable |  |  | 723.6 |  |  | 89.0 |  |  | 183.4 |  |  | (996.0) |  |  | —
Prepaid expenses and other current assets |  |  | 67.5 |  |  | 366.5 |  |  | 262.7 |  |  | — |  |  | 696.7
Income taxes receivable |  |  | 4.3 |  |  | — |  |  | 51.1 |  |  | — |  |  | 55.4
TOTAL CURRENT ASSETS |  |  | 828.0 |  |  | 3,136.8 |  |  | 3,713.4 |  |  | (996.0) |  |  | 6,682.2
PROPERTY AND EQUIPMENT—NET |  |  | 160.2 |  |  | 215.0 |  |  | 246.2 |  |  | — |  |  | 621.4
DEFERRED TAX ASSETS—NET |  |  | 239.7 |  |  | 61.7 |  |  | 164.5 |  |  | (294.6) |  |  | 171.3
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES |  |  | 6,606.2 |  |  | 2,812.8 |  |  | — |  |  | (9,419.0) |  |  | —
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES |  |  | 7.2 |  |  | 69.7 |  |  | 287.3 |  |  | — |  |  | 364.2
GOODWILL |  |  | — |  |  | 3,392.7 |  |  | 2,600.2 |  |  | — |  |  | 5,992.9
INTANGIBLE ASSETS—NET |  |  | — |  |  | 271.6 |  |  | 143.5 |  |  | — |  |  | 415.1
OTHER NON-CURRENT ASSETS |  |  | 8.7 |  |  | 47.4 |  |  | 93.8 |  |  | — |  |  | 149.9
TOTAL ASSETS |  | $ | 7,850.0 |  | $ | 10,007.7 |  | $ | 7,248.9 |  | $ | (10,709.6) |  | $ | 14,397.0
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  | $ | 1.1 |  | $ | — |  | $ | 0.1 |  | $ | — |  | $ | 1.2
Accounts payable |  |  | 33.8 |  |  | 1,301.7 |  |  | 914.4 |  |  | — |  |  | 2,249.9
Accrued expenses and other current liabilities |  |  | 92.2 |  |  | 1,171.8 |  |  | 981.5 |  |  | — |  |  | 2,245.5
Income taxes payable |  |  | — |  |  | 8.1 |  |  | 30.1 |  |  | — |  |  | 38.2
Intercompany payable |  |  | 149.2 |  |  | 789.5 |  |  | 159.6 |  |  | (1,098.3) |  |  | —
Billings in excess of costs on uncompleted contracts |  |  | 3.4 |  |  | 341.7 |  |  | 557.7 |  |  | — |  |  | 902.8
Current portion of long-term debt |  |  | 110.9 |  |  | 14.9 |  |  | 15.0 |  |  | — |  |  | 140.8
TOTAL CURRENT LIABILITIES |  |  | 390.6 |  |  | 3,627.7 |  |  | 2,658.4 |  |  | (1,098.3) |  |  | 5,578.4
OTHER LONG-TERM LIABILITIES |  |  | 102.3 |  |  | 290.7 |  |  | 488.3 |  |  | — |  |  | 881.3
DEFERRED TAX LIABILITY—NET |  |  | — |  |  | 0.6 |  |  | 314.5 |  |  | (294.6) |  |  | 20.5
NOTE PAYABLE INTERCOMPANY—NON CURRENT |  |  | 0.1 |  |  | — |  |  | 467.2 |  |  | (467.3) |  |  | —
LONG-TERM DEBT |  |  | 3,366.9 |  |  | 281.6 |  |  | 53.6 |  |  | — |  |  | 3,702.1
TOTAL LIABILITIES |  |  | 3,859.9 |  |  | 4,200.6 |  |  | 3,982.0 |  |  | (1,860.2) |  |  | 10,182.3
TOTAL AECOM STOCKHOLDERS’ EQUITY |  |  | 3,990.1 |  |  | 5,807.1 |  |  | 3,048.3 |  |  | (8,849.4) |  |  | 3,996.1
Noncontrolling interests |  |  | — |  |  | — |  |  | 218.6 |  |  | — |  |  | 218.6
TOTAL STOCKHOLDERS’ EQUITY |  |  | 3,990.1 |  |  | 5,807.1 |  |  | 3,266.9 |  |  | (8,849.4) |  |  | 4,214.7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 7,850.0 |  | $ | 10,007.7 |  | $ | 7,248.9 |  | $ | (10,709.6) |  | $ | 14,397.0
Condensed Consolidating Statements of Operations (in millions)
|  | For the Fiscal Year Ended September 30, 2018
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Revenue |  | $ | — |  | $ | 11,052.9 |  | $ | 9,212.9 |  | $ | (110.3) |  | $ | 20,155.5
Cost of revenue |  |  | — |  |  | 10,757.2 |  |  | 8,858.0 |  |  | (110.3) |  |  | 19,504.9
Gross profit |  |  | — |  |  | 295.7 |  |  | 354.9 |  |  | — |  |  | 650.6
Equity in earnings from subsidiaries |  |  | 460.9 |  |  | 207.2 |  |  | — |  |  | (668.1) |  |  | —
Equity in earnings of joint ventures |  |  | — |  |  | 37.2 |  |  | 43.9 |  |  | — |  |  | 81.1
General and administrative expenses |  |  | (124.4) |  |  | — |  |  | (11.3) |  |  | — |  |  | (135.7)
Impairment on assets held for sale, including goodwill |  |  | — |  |  | — |  |  | (168.2) |  |  | — |  |  | (168.2)
Loss on disposal activities |  |  | — |  |  | — |  |  | (2.9) |  |  | — |  |  | (2.9)
Income from operations |  |  | 336.5 |  |  | 540.1 |  |  | 216.4 |  |  | (668.1) |  |  | 424.9
Other income |  |  | 12.0 |  |  | 34.5 |  |  | 12.7 |  |  | (39.1) |  |  | 20.1
Interest expense |  |  | (242.9) |  |  | (25.1) |  |  | (38.6) |  |  | 39.1 |  |  | (267.5)
Income before income tax (benefit) expense |  |  | 105.6 |  |  | 549.5 |  |  | 190.5 |  |  | (668.1) |  |  | 177.5
Income tax (benefit) expense |  |  | (31.1) |  |  | 98.8 |  |  | (87.4) |  |  | — |  |  | (19.7)
Net income |  |  | 136.7 |  |  | 450.7 |  |  | 277.9 |  |  | (668.1) |  |  | 197.2
Noncontrolling interests in income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (60.7) |  |  | — |  |  | (60.7)
Net income attributable to AECOM |  | $ | 136.7 |  | $ | 450.7 |  | $ | 217.2 |  | $ | (668.1) |  | $ | 136.5
|  | For the Fiscal Year Ended September 30, 2017
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Revenue |  | $ | — |  | $ | 10,491.6 |  | $ | 7,764.1 |  | $ | (52.3) |  | $ | 18,203.4
Cost of revenue |  |  | — |  |  | 10,136.1 |  |  | 7,435.9 |  |  | (52.3) |  |  | 17,519.7
Gross profit |  |  | — |  |  | 355.5 |  |  | 328.2 |  |  | — |  |  | 683.7
Equity in earnings from subsidiaries |  |  | 439.3 |  |  | 222.4 |  |  | — |  |  | (661.7) |  |  | —
Equity in earnings of joint ventures |  |  | — |  |  | 43.8 |  |  | 97.8 |  |  | — |  |  | 141.6
General and administrative expenses |  |  | (124.7) |  |  | — |  |  | (8.7) |  |  | — |  |  | (133.4)
Acquisition and integration expenses |  |  | (38.7) |  |  | — |  |  | — |  |  | — |  |  | (38.7)
Gain on disposal activities |  |  | — |  |  | — |  |  | 0.6 |  |  | — |  |  | 0.6
Income from operations |  |  | 275.9 |  |  | 621.7 |  |  | 417.9 |  |  | (661.7) |  |  | 653.8
Other income |  |  | 2.1 |  |  | 31.9 |  |  | 9.2 |  |  | (36.5) |  |  | 6.7
Interest expense |  |  | (203.7) |  |  | (31.1) |  |  | (33.0) |  |  | 36.5 |  |  | (231.3)
Income before income tax (benefit) expense |  |  | 74.3 |  |  | 622.5 |  |  | 394.1 |  |  | (661.7) |  |  | 429.2
Income tax (benefit) expense |  |  | (264.9) |  |  | 182.5 |  |  | 58.4 |  |  | 31.7 |  |  | 7.7
Net income |  |  | 339.2 |  |  | 440.0 |  |  | 335.7 |  |  | (693.4) |  |  | 421.5
Noncontrolling interests in income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (82.1) |  |  | — |  |  | (82.1)
Net income attributable to AECOM |  | $ | 339.2 |  | $ | 440.0 |  | $ | 253.6 |  | $ | (693.4) |  | $ | 339.4
Condensed Consolidating Statements of Operations (in millions)
|  | For the Fiscal Year Ended September 30, 2016
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Revenue |  | $ | — |  | $ | 10,182.1 |  | $ | 7,310.7 |  | $ | (82.0) |  | $ | 17,410.8
Cost of revenue |  |  | — |  |  | 9,864.3 |  |  | 6,985.7 |  |  | (82.0) |  |  | 16,768.0
Gross profit |  |  | — |  |  | 317.8 |  |  | 325.0 |  |  | — |  |  | 642.8
Equity in earnings from subsidiaries |  |  | 437.4 |  |  | 242.7 |  |  | — |  |  | (680.1) |  |  | —
Equity in earnings of joint ventures |  |  | — |  |  | 38.4 |  |  | 65.6 |  |  | — |  |  | 104.0
General and administrative expenses |  |  | (114.0) |  |  | (1.1) |  |  | — |  |  | — |  |  | (115.1)
Acquisition and integration expenses |  |  | (213.6) |  |  | — |  |  | — |  |  | — |  |  | (213.6)
Loss on disposal activities |  |  | — |  |  | — |  |  | (42.6) |  |  | — |  |  | (42.6)
Income from operations |  |  | 109.8 |  |  | 597.8 |  |  | 348.0 |  |  | (680.1) |  |  | 375.5
Other income |  |  | 0.8 |  |  | 34.7 |  |  | 12.7 |  |  | (40.0) |  |  | 8.2
Interest expense |  |  | (231.7) |  |  | (29.0) |  |  | (37.4) |  |  | 40.0 |  |  | (258.1)
(Loss) income before income tax (benefit) expense |  |  | (121.1) |  |  | 603.5 |  |  | 323.3 |  |  | (680.1) |  |  | 125.6
Income tax (benefit) expense |  |  | (217.3) |  |  | 118.7 |  |  | 23.4 |  |  | 37.3 |  |  | (37.9)
Net income |  |  | 96.2 |  |  | 484.8 |  |  | 299.9 |  |  | (717.4) |  |  | 163.5
Noncontrolling interests in income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (67.4) |  |  | — |  |  | (67.4)
Net income attributable to AECOM |  | $ | 96.2 |  | $ | 484.8 |  | $ | 232.5 |  | $ | (717.4) |  | $ | 96.1
Consolidating Statements of Comprehensive Income (Loss) (in millions)
|  | For the Fiscal Year Ended September 30, 2018
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Net income |  | $ | 136.7 |  | $ | 450.7 |  | $ | 277.9 |  | $ | (668.1) |  | $ | 197.2
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain (loss) on derivatives, net of tax |  |  | 2.3 |  |  | — |  |  | (0.6) |  |  | — |  |  | 1.7
Foreign currency translation adjustments |  |  | — |  |  | — |  |  | (82.7) |  |  | — |  |  | (82.7)
Pension adjustments, net of tax |  |  | 5.0 |  |  | 10.8 |  |  | 63.7 |  |  | — |  |  | 79.5
Other comprehensive income (loss), net of tax |  |  | 7.3 |  |  | 10.8 |  |  | (19.6) |  |  | — |  |  | (1.5)
Comprehensive income, net of tax |  |  | 144.0 |  |  | 461.5 |  |  | 258.3 |  |  | (668.1) |  |  | 195.7
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (61.9) |  |  | — |  |  | (61.9)
Comprehensive income attributable to AECOM, net of tax |  | $ | 144.0 |  | $ | 461.5 |  | $ | 196.4 |  | $ | (668.1) |  | $ | 133.8
|  | For the Fiscal Year Ended September 30, 2017
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Net income |  | $ | 339.2 |  | $ | 440.0 |  | $ | 335.7 |  | $ | (693.4) |  | $ | 421.5
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain (loss) on derivatives, net of tax |  |  | 4.9 |  |  | — |  |  | (0.3) |  |  | — |  |  | 4.6
Foreign currency translation adjustments |  |  | — |  |  | — |  |  | 65.4 |  |  | — |  |  | 65.4
Pension adjustments, net of tax |  |  | 7.1 |  |  | 13.8 |  |  | 66.1 |  |  | — |  |  | 87.0
Other comprehensive income, net of tax |  |  | 12.0 |  |  | 13.8 |  |  | 131.2 |  |  | — |  |  | 157.0
Comprehensive income, net of tax |  |  | 351.2 |  |  | 453.8 |  |  | 466.9 |  |  | (693.4) |  |  | 578.5
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (82.2) |  |  | — |  |  | (82.2)
Comprehensive income attributable to AECOM, net of tax |  | $ | 351.2 |  | $ | 453.8 |  | $ | 384.7 |  | $ | (693.4) |  | $ | 496.3
|  | For the Fiscal Year Ended September 30, 2016
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
Net income |  | $ | 96.2 |  | $ | 484.8 |  | $ | 299.9 |  | $ | (717.4) |  | $ | 163.5
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gain on derivatives, net of tax |  |  | 2.6 |  |  | — |  |  | 3.4 |  |  | — |  |  | 6.0
Foreign currency translation adjustments |  |  | — |  |  | — |  |  | (65.3) |  |  | — |  |  | (65.3)
Pension adjustments, net of tax |  |  | (3.3) |  |  | (14.9) |  |  | (146.7) |  |  | — |  |  | (164.9)
Other comprehensive loss, net of tax |  |  | (0.7) |  |  | (14.9) |  |  | (208.6) |  |  | — |  |  | (224.2)
Comprehensive income (loss), net of tax |  |  | 95.5 |  |  | 469.9 |  |  | 91.3 |  |  | (717.4) |  |  | (60.7)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax |  |  | — |  |  | — |  |  | (65.7) |  |  | — |  |  | (65.7)
Comprehensive income (loss) attributable to AECOM, net of tax |  | $ | 95.5 |  | $ | 469.9 |  | $ | 25.6 |  | $ | (717.4) |  | $ | (126.4)
Condensed Consolidating Statements of Cash Flows (in millions)
|  | For the Fiscal Year Ended September 30, 2018
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
CASH FLOWS FROM OPERATING ACTIVITIES |  | $ | (205.5) |  | $ | 640.9 |  | $ | 339.1 |  | $ | — |  | $ | 774.5
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from purchase price adjustment to business acquisition |  |  | — |  |  | — |  |  | 2.2 |  |  | — |  |  | 2.2
Cash acquired from consolidation of joint venture |  |  | — |  |  | — |  |  | 7.6 |  |  | — |  |  | 7.6
Proceeds from disposal of business, net of cash disposed |  |  | — |  |  | — |  |  | 19.5 |  |  | — |  |  | 19.5
Net investment in unconsolidated joint ventures |  |  | (6.1) |  |  | (9.1) |  |  | 30.0 |  |  | — |  |  | 14.8
Net purchases of investments |  |  | — |  |  | — |  |  | (16.3) |  |  | — |  |  | (16.3)
Payments for capital expenditures, net of disposals |  |  | (29.3) |  |  | (39.1) |  |  | (18.5) |  |  | — |  |  | (86.9)
Net investment in intercompany notes |  |  | (54.3) |  |  | (778.8) |  |  | (5.6) |  |  | 838.7 |  |  | —
Other intercompany investing activities |  |  | 528.2 |  |  | 1,022.1 |  |  | — |  |  | (1,550.3) |  |  | —
Net cash provided by investing activities |  |  | 438.5 |  |  | 195.1 |  |  | 18.9 |  |  | (711.6) |  |  | (59.1)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings under credit agreements |  |  | 7,770.4 |  |  | 0.2 |  |  | 758.4 |  |  | — |  |  | 8,529.0
Repayments of borrowings under credit agreements |  |  | (7,820.0) |  |  | (18.0) |  |  | (202.2) |  |  | — |  |  | (8,040.2)
Redemption of unsecured senior notes |  |  | (800.0) |  |  | — |  |  | — |  |  | — |  |  | (800.0)
Prepayment penalty on unsecured senior notes |  |  | (34.5) |  |  | — |  |  | — |  |  | — |  |  | (34.5)
Cash paid for debt issuance costs |  |  | (12.2) |  |  | — |  |  | — |  |  | — |  |  | (12.2)
Proceeds from issuance of common stock |  |  | 35.2 |  |  | — |  |  | — |  |  | — |  |  | 35.2
Proceeds from exercise of stock options |  |  | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8
Payments to repurchase common stock under the share repurchase Program |  |  | (150.0) |  |  | — |  |  | — |  |  | — |  |  | (150.0)
Payments to repurchase common stock |  |  | (29.5) |  |  | — |  |  | — |  |  | — |  |  | (29.5)
Net distributions to noncontrolling interests |  |  | — |  |  | — |  |  | (89.8) |  |  | — |  |  | (89.8)
Other financing activities |  |  | (3.6) |  |  | (22.4) |  |  | (9.7) |  |  | — |  |  | (35.7)
Net borrowings on intercompany notes |  |  | 797.8 |  |  | 5.9 |  |  | 35.0 |  |  | (838.7) |  |  | —
Other intercompany financing activities |  |  | — |  |  | (785.7) |  |  | (764.6) |  |  | 1,550.3 |  |  | —
Net cash used in financing activities |  |  | (243.6) |  |  | (820.0) |  |  | (272.9) |  |  | 711.6 |  |  | (624.9)
EFFECT OF EXCHANGE RATE CHANGES ON CASH |  |  | — |  |  | — |  |  | (6.2) |  |  | — |  |  | (6.2)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS |  |  | (10.6) |  |  | 16.0 |  |  | 78.9 |  |  | — |  |  | 84.3
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |  |  | 32.6 |  |  | 254.9 |  |  | 514.9 |  |  | — |  |  | 802.4
CASH AND CASH EQUIVALENTS AT END OF YEAR |  | $ | 22.0 |  | $ | 270.9 |  | $ | 593.8 |  | $ | — |  | $ | 886.7
|  | For the Fiscal Year Ended September 30, 2017
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
CASH FLOWS FROM OPERATING ACTIVITIES |  | $ | (5.9) |  | $ | 695.0 |  | $ | 7.6 |  | $ | — |  | $ | 696.7
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments for business acquisitions, net of cash acquired |  |  | — |  |  | — |  |  | (103.1) |  |  | — |  |  | (103.1)
Proceeds from disposal of business, net of cash disposed |  |  | — |  |  | — |  |  | 2.2 |  |  | — |  |  | 2.2
Net investment in unconsolidated joint ventures |  |  | — |  |  | (2.7) |  |  | (21.6) |  |  | — |  |  | (24.3)
Net purchases of investments |  |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9
Payments for capital expenditures, net of disposals |  |  | (21.7) |  |  | (30.6) |  |  | (26.1) |  |  | — |  |  | (78.4)
Net (investment in) reciepts from intercompany notes |  |  | (4.6) |  |  | 102.8 |  |  | 12.2 |  |  | (110.4) |  |  | —
Other intercompany investing activities |  |  | 139.0 |  |  | (233.2) |  |  | — |  |  | 94.2 |  |  | —
Net cash provided by (used in) investing activities |  |  | 112.7 |  |  | (163.7) |  |  | (135.5) |  |  | (16.2) |  |  | (202.7)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings under credit agreements |  |  | 5,903.5 |  |  | 13.1 |  |  | 36.6 |  |  | — |  |  | 5,953.2
Repayments of borrowings under credit agreements |  |  | (6,956.3) |  |  | (51.1) |  |  | (64.2) |  |  | — |  |  | (7,071.6)
Issuance of unsecured senior notes |  |  | 1,000.0 |  |  | — |  |  | — |  |  | — |  |  | 1,000.0
Redemption of unsecured senior notes |  |  | — |  |  | (179.2) |  |  | — |  |  | — |  |  | (179.2)
Cash paid for debt and equity issuance costs |  |  | (13.0) |  |  | — |  |  | — |  |  | — |  |  | (13.0)
Proceeds from issuance of common stock |  |  | 30.1 |  |  | — |  |  | — |  |  | — |  |  | 30.1
Proceeds from exercise of stock options |  |  | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9
Payments to repurchase common stock |  |  | (25.1) |  |  | — |  |  | — |  |  | — |  |  | (25.1)
Net distributions to noncontrolling interests |  |  | — |  |  | — |  |  | (59.0) |  |  | — |  |  | (59.0)
Other financing activities |  |  | (24.1) |  |  | (38.3) |  |  | 35.6 |  |  | — |  |  | (26.8)
Net borrowings (repayments) on intercompany notes |  |  | 4.0 |  |  | (16.3) |  |  | (98.1) |  |  | 110.4 |  |  | —
Other intercompany financing activities |  |  | — |  |  | (200.9) |  |  | 295.1 |  |  | (94.2) |  |  | —
Net cash provided by (used in) financing activities |  |  | (76.0) |  |  | (472.7) |  |  | 146.0 |  |  | 16.2 |  |  | (386.5)
EFFECT OF EXCHANGE RATE CHANGES ON CASH |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | 30.8 |  |  | 58.6 |  |  | 20.9 |  |  | — |  |  | 110.3
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |  |  | 1.8 |  |  | 196.3 |  |  | 494.0 |  |  | — |  |  | 692.1
CASH AND CASH EQUIVALENTS AT END OF YEAR |  | $ | 32.6 |  | $ | 254.9 |  | $ | 514.9 |  | $ | — |  | $ | 802.4
Condensed Consolidating Statements of Cash Flows (in millions)
|  | For the Fiscal Year Ended September 30, 2016
|  |  |  | Guarantor |  | Non-Guarantor |  |  |  |
|  | Parent |  | Subsidiaries |  | Subsidiaries |  | Eliminations |  | Total
CASH FLOWS FROM OPERATING ACTIVITIES |  | $ | (273.6) |  | $ | 639.0 |  | $ | 448.8 |  | $ | — |  | $ | 814.2
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments for business acquisitions, net of cash acquired |  |  | — |  |  | (1.0) |  |  | (4.5) |  |  | — |  |  | (5.5)
Proceeds from disposal of businesses and property |  |  | — |  |  | — |  |  | 39.7 |  |  | — |  |  | 39.7
Net investment in unconsolidated joint ventures |  |  | — |  |  | (3.1) |  |  | (68.4) |  |  | — |  |  | (71.5)
Net purchases of investments |  |  | — |  |  | — |  |  | 11.5 |  |  | — |  |  | 11.5
Payments for capital expenditures, net of disposals |  |  | (82.0) |  |  | (59.5) |  |  | 4.7 |  |  | — |  |  | (136.8)
Net receipts from (investment in) intercompany notes |  |  | 5.3 |  |  | 176.1 |  |  | (13.5) |  |  | (167.9) |  |  | —
Other intercompany investing activities |  |  | 791.2 |  |  | 140.3 |  |  | — |  |  | (931.5) |  |  | —
Net cash provided by (used in) investing activities |  |  | 714.5 |  |  | 252.8 |  |  | (30.5) |  |  | (1,099.4) |  |  | (162.6)
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings under credit agreements |  |  | 4,673.0 |  |  | 17.6 |  |  | 15.6 |  |  | — |  |  | 4,706.2
Repayments of borrowings under credit agreements |  |  | (5,124.1) |  |  | (22.8) |  |  | (53.1) |  |  | — |  |  | (5,200.0)
Cash paid for debt and equity issuance costs |  |  | (10.4) |  |  | — |  |  | — |  |  | — |  |  | (10.4)
Proceeds from issuance of common stock |  |  | 28.2 |  |  | — |  |  | — |  |  | — |  |  | 28.2
Proceeds from exercise of stock options |  |  | 9.9 |  |  | — |  |  | — |  |  | — |  |  | 9.9
Payments to repurchase common stock |  |  | (25.9) |  |  | — |  |  | — |  |  | — |  |  | (25.9)
Net distributions to noncontrolling interests |  |  | — |  |  | — |  |  | (103.2) |  |  | — |  |  | (103.2)
Other financing activities |  |  | 7.9 |  |  | (4.5) |  |  | (46.3) |  |  | — |  |  | (42.9)
Net borrowings (repayments) on intercompany notes |  |  | 1.0 |  |  | 12.5 |  |  | (181.4) |  |  | 167.9 |  |  | —
Other intercompany financing activities |  |  | — |  |  | (867.6) |  |  | (63.9) |  |  | 931.5 |  |  | —
Net cash used in financing activities |  |  | (440.4) |  |  | (864.8) |  |  | (432.3) |  |  | 1,099.4 |  |  | (638.1)
EFFECT OF EXCHANGE RATE CHANGES ON CASH |  |  | — |  |  | — |  |  | (5.3) |  |  | — |  |  | (5.3)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | 0.5 |  |  | 27.0 |  |  | (19.3) |  |  | — |  |  | 8.2
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |  |  | 1.3 |  |  | 169.3 |  |  | 513.3 |  |  | — |  |  | 683.9
CASH AND CASH EQUIVALENTS AT END OF YEAR |  | $ | 1.8 |  | $ | 196.3 |  | $ | 494.0 |  | $ | — |  | $ | 692.1

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