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Condensed Consolidating Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2012
Condensed Consolidating Financial Statements |
Schedule of Condensed Consolidating Balance Sheet |
Condensed Unaudited Consolidating Balance Sheet As of June 30, 2012 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 30.7 |  |  |  | $ | 13.8 |  |  |  | $ | 49.1 |  |  |  | $ | — |  |  |  | $ | 93.6 |
Accounts receivable, less allowance for doubtful accounts |  |  | 78.5 |  |  |  | 845.9 |  |  |  | 89.1 |  |  |  | — |  |  |  | 1,013.5 |
Inventories |  |  | 61.7 |  |  |  | 1,198.7 |  |  |  | 163.6 |  |  |  | — |  |  |  | 1,424.0 |
Intercompany receivables |  |  | 0.4 |  |  |  | 13.3 |  |  |  | 2.9 |  |  |  | (16.6 | ) |  |  | — |
Other current assets |  |  | 167.2 |  |  |  | 28.0 |  |  |  | 5.9 |  |  |  | (124.0 | ) |  |  | 77.1 |
Total current assets |  |  | 338.5 |  |  |  | 2,099.7 |  |  |  | 310.6 |  |  |  | (140.6 | ) |  |  | 2,608.2 |
Investments in subsidiaries |  |  | 3,323.9 |  |  |  | 293.4 |  |  |  | — |  |  |  | (3,617.3 | ) |  |  | — |
Property, plant and equipment, net |  |  | 101.7 |  |  |  | 972.2 |  |  |  | 77.9 |  |  |  | — |  |  |  | 1,151.8 |
Goodwill |  |  | 23.8 |  |  |  | 1,149.4 |  |  |  | 104.4 |  |  |  | — |  |  |  | 1,277.6 |
Intangible assets, net |  |  | 12.3 |  |  |  | 772.6 |  |  |  | 130.7 |  |  |  | — |  |  |  | 915.6 |
Intercompany receivables |  |  | 1,439.3 |  |  |  | 33.6 |  |  |  | — |  |  |  | (1,472.9 | ) |  |  | — |
Other assets |  |  | 15.7 |  |  |  | 64.6 |  |  |  | 1.8 |  |  |  | — |  |  |  | 82.1 |
Total assets |  |  | $ | 5,255.2 |  |  |  | $ | 5,385.5 |  |  |  | $ | 625.4 |  |  |  | $ | (5,230.8) |  |  |  | $ | 6,035.3 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | $ | 35.7 |  |  |  | $ | 314.5 |  |  |  | $ | 41.6 |  |  |  | $ | (16.6 | ) |  |  | $ | 375.2 |
Accrued compensation and retirement costs |  |  | 13.9 |  |  |  | 70.4 |  |  |  | 6.0 |  |  |  | — |  |  |  | 90.3 |
Other current liabilities |  |  | 50.2 |  |  |  | 89.1 |  |  |  | 7.4 |  |  |  | (49.0 | ) |  |  | 97.7 |
Deferred income taxes |  |  | — |  |  |  | 75.0 |  |  |  | — |  |  |  | (75.0 | ) |  |  | — |
Current maturities of long-term debt and short-term borrowings |  |  | 0.3 |  |  |  | — |  |  |  | 11.9 |  |  |  | — |  |  |  | 12.2 |
Total current liabilities |  |  | 100.1 |  |  |  | 549.0 |  |  |  | 66.9 |  |  |  | (140.6 | ) |  |  | 575.4 |
Long-term debt |  |  | 1,519.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,519.0 |
Intercompany borrowings |  |  | — |  |  |  | 1,316.5 |  |  |  | 156.4 |  |  |  | (1,472.9 | ) |  |  | — |
Other long-term liabilities |  |  | 270.7 |  |  |  | 271.0 |  |  |  | 24.0 |  |  |  | — |  |  |  | 565.7 |
Total Reliance shareholders’ equity |  |  | 3,365.4 |  |  |  | 3,243.1 |  |  |  | 374.2 |  |  |  | (3,617.3 | ) |  |  | 3,365.4 |
Noncontrolling interests |  |  | — |  |  |  | 5.9 |  |  |  | 3.9 |  |  |  | — |  |  |  | 9.8 |
Total equity |  |  | 3,365.4 |  |  |  | 3,249.0 |  |  |  | 378.1 |  |  |  | (3,617.3 | ) |  |  | 3,375.2 |
Total liabilities and equity |  |  | $ | 5,255.2 |  |  |  | $ | 5,385.5 |  |  |  | $ | 625.4 |  |  |  | $ | (5,230.8 | ) |  |  | $ | 6,035.3 |
Condensed Unaudited Consolidating Balance Sheet As of December 31, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | $ | 15.1 |  |  |  | $ | 10.8 |  |  |  | $ | 58.7 |  |  |  | $ | — |  |  |  | $ | 84.6 |
Accounts receivable, less allowance for doubtful accounts |  |  | 69.6 |  |  |  | 739.1 |  |  |  | 87.5 |  |  |  | — |  |  |  | 896.2 |
Inventories |  |  | 43.7 |  |  |  | 1,017.4 |  |  |  | 151.7 |  |  |  | — |  |  |  | 1,212.8 |
Intercompany receivables |  |  | 0.3 |  |  |  | 11.6 |  |  |  | 0.9 |  |  |  | (12.8 | ) |  |  | — |
Other current assets |  |  | 108.7 |  |  |  | 28.0 |  |  |  | 7.5 |  |  |  | (63.1 | ) |  |  | 81.1 |
Total current assets |  |  | 237.4 |  |  |  | 1,806.9 |  |  |  | 306.3 |  |  |  | (75.9 | ) |  |  | 2,274.7 |
Investments in subsidiaries |  |  | 3,217.0 |  |  |  | 273.9 |  |  |  | — |  |  |  | (3,490.9 | ) |  |  | — |
Property, plant and equipment, net |  |  | 100.0 |  |  |  | 931.5 |  |  |  | 74.0 |  |  |  | — |  |  |  | 1,105.5 |
Goodwill |  |  | 23.8 |  |  |  | 1,115.7 |  |  |  | 104.8 |  |  |  | — |  |  |  | 1,244.3 |
Intangible assets, net |  |  | 13.6 |  |  |  | 748.0 |  |  |  | 134.3 |  |  |  | — |  |  |  | 895.9 |
Intercompany receivables |  |  | 1,229.9 |  |  |  | 35.9 |  |  |  | — |  |  |  | (1,265.8 | ) |  |  | — |
Other assets |  |  | 13.7 |  |  |  | 70.0 |  |  |  | 1.8 |  |  |  | — |  |  |  | 85.5 |
Total assets |  |  | $ | 4,835.4 |  |  |  | $ | 4,981.9 |  |  |  | $ | 621.2 |  |  |  | $ | (4,832.6 | ) |  |  | $ | 5,605.9 |
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | $ | 31.2 |  |  |  | $ | 270.6 |  |  |  | $ | 46.2 |  |  |  | $ | (12.8 | ) |  |  | $ | 335.2 |
Accrued compensation and retirement costs |  |  | 22.0 |  |  |  | 81.4 |  |  |  | 7.6 |  |  |  | — |  |  |  | 111.0 |
Other current liabilities |  |  | 49.3 |  |  |  | 41.4 |  |  |  | 15.4 |  |  |  | 11.9 |  |  |  | 118.0 |
Deferred income taxes |  |  | — |  |  |  | 75.0 |  |  |  | — |  |  |  | (75.0 | ) |  |  | — |
Current maturities of long-term debt and short-term borrowings |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 11.8 |  |  |  | — |  |  |  | 12.2 |
Total current liabilities |  |  | 102.7 |  |  |  | 468.6 |  |  |  | 81.0 |  |  |  | (75.9 | ) |  |  | 576.4 |
Long-term debt |  |  | 1,319.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,319.0 |
Intercompany borrowings |  |  | — |  |  |  | 1,097.2 |  |  |  | 168.6 |  |  |  | (1,265.8 | ) |  |  | — |
Other long-term liabilities |  |  | 269.8 |  |  |  | 264.9 |  |  |  | 23.8 |  |  |  | — |  |  |  | 558.5 |
Total Reliance shareholders’ equity |  |  | 3,143.9 |  |  |  | 3,146.8 |  |  |  | 344.1 |  |  |  | (3,490.9 | ) |  |  | 3,143.9 |
Noncontrolling interests |  |  | — |  |  |  | 4.4 |  |  |  | 3.7 |  |  |  | — |  |  |  | 8.1 |
Total equity |  |  | 3,143.9 |  |  |  | 3,151.2 |  |  |  | 347.8 |  |  |  | (3,490.9 | ) |  |  | 3,152.0 |
Total liabilities and equity |  |  | $ | 4,835.4 |  |  |  | $ | 4,981.9 |  |  |  | $ | 621.2 |  |  |  | $ | (4,832.6 | ) |  |  | $ | 5,605.9 |
Schedule of Condensed Consolidating Statement of Income |
Condensed Unaudited Consolidating Statement of Income For the three months ended June 30, 2012 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  |  | $ | 189.7 |  |  |  | $ | 1,924.1 |  |  |  | $ | 154.3 |  |  |  | $ | (58.4 | ) |  |  | $ | 2,209.7 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  |  | 132.9 |  |  |  | 1,457.1 |  |  |  | 108.7 |  |  |  | (58.4 | ) |  |  | 1,640.3 |
Warehouse, delivery, selling, general and administrative |  |  | 16.2 |  |  |  | 326.2 |  |  |  | 24.4 |  |  |  | (20.1 | ) |  |  | 346.7 |
Depreciation and amortization |  |  | 3.4 |  |  |  | 29.8 |  |  |  | 3.3 |  |  |  | — |  |  |  | 36.5 |
|  |  | 152.5 |  |  |  | 1,813.1 |  |  |  | 136.4 |  |  |  | (78.5 | ) |  |  | 2,023.5 |
Operating income |  |  | 37.2 |  |  |  | 111.0 |  |  |  | 17.9 |  |  |  | 20.1 |  |  |  | 186.2 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | (14.8 | ) |  |  | (4.7 | ) |  |  | (0.5 | ) |  |  | 5.0 |  |  |  | (15.0 | )
Other income (expense), net |  |  | 22.8 |  |  |  | (0.7 | ) |  |  | (0.5 | ) |  |  | (25.1 | ) |  |  | (3.5 | )
Income before equity in earnings of subsidiaries and income taxes |  |  | 45.2 |  |  |  | 105.6 |  |  |  | 16.9 |  |  |  | — |  |  |  | 167.7 |
Equity in earnings of subsidiaries |  |  | 60.1 |  |  |  | 7.9 |  |  |  | — |  |  |  | (68.0 | ) |  |  | — |
Income before income taxes |  |  | 105.3 |  |  |  | 113.5 |  |  |  | 16.9 |  |  |  | (68.0 | ) |  |  | 167.7 |
Income tax (benefit) provision |  |  | (3.5 | ) |  |  | 57.4 |  |  |  | 3.6 |  |  |  | — |  |  |  | 57.5 |
Net income |  |  | 108.8 |  |  |  | 56.1 |  |  |  | 13.3 |  |  |  | (68.0 | ) |  |  | 110.2 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  | 1.4 |
Net income attributable to Reliance |  |  | $ | 108.8 |  |  |  | $ | 54.7 |  |  |  | $ | 13.3 |  |  |  | $ | (68.0 | ) |  |  | $ | 108.8 |
Condensed Unaudited Consolidating Statement of Income For the three months ended June 30, 2011 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  |  | $ | 182.8 |  |  |  | $ | 1,804.0 |  |  |  | $ | 116.4 |  |  |  | $ | (53.7 | ) |  |  | $ | 2,049.5 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  |  | 129.2 |  |  |  | 1,386.4 |  |  |  | 76.8 |  |  |  | (53.7 | ) |  |  | 1,538.7 |
Warehouse, delivery, selling, general and administrative |  |  | 19.8 |  |  |  | 293.7 |  |  |  | 20.7 |  |  |  | (20.5 | ) |  |  | 313.7 |
Depreciation and amortization |  |  | 3.5 |  |  |  | 26.2 |  |  |  | 1.8 |  |  |  | — |  |  |  | 31.5 |
|  |  | 152.5 |  |  |  | 1,706.3 |  |  |  | 99.3 |  |  |  | (74.2 | ) |  |  | 1,883.9 |
Operating income |  |  | 30.3 |  |  |  | 97.7 |  |  |  | 17.1 |  |  |  | 20.5 |  |  |  | 165.6 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | (15.3 | ) |  |  | (12.0 | ) |  |  | — |  |  |  | 11.8 |  |  |  | (15.5) |
Other income, net |  |  | 30.3 |  |  |  | 6.1 |  |  |  | — |  |  |  | (32.3 | ) |  |  | 4.1 |
Income before equity in earnings of subsidiaries and income taxes |  |  | 45.3 |  |  |  | 91.8 |  |  |  | 17.1 |  |  |  | — |  |  |  | 154.2 |
Equity in earnings of subsidiaries |  |  | 51.6 |  |  |  | 7.9 |  |  |  | — |  |  |  | (59.5 | ) |  |  | — |
Income before income taxes |  |  | 96.9 |  |  |  | 99.7 |  |  |  | 17.1 |  |  |  | (59.5 | ) |  |  | 154.2 |
Income tax (benefit) provision |  |  | (1.8 | ) |  |  | 51.9 |  |  |  | 3.9 |  |  |  | — |  |  |  | 54.0 |
Net income |  |  | 98.7 |  |  |  | 47.8 |  |  |  | 13.2 |  |  |  | (59.5 | ) |  |  | 100.2 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | 1.3 |  |  |  | 0.2 |  |  |  | — |  |  |  | 1.5 |
Net income attributable to Reliance |  |  | $ | 98.7 |  |  |  | $ | 46.5 |  |  |  | $ | 13.0 |  |  |  | $ | (59.5 | ) |  |  | $ | 98.7 |
Condensed Unaudited Consolidating Statement of Income For the six months ended June 30, 2012 (in millions)
|  | Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  |  | $ | 382.4 |  |  |  | $ | 3,896.3 |  |  |  | $ | 345.9 |  |  |  | $ | (126.6 | ) |  |  | $ | 4,498.0 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  |  | 286.6 |  |  |  | 2,944.9 |  |  |  | 245.9 |  |  |  | (126.6 | ) |  |  | 3,350.8 |
Warehouse, delivery, selling, general and administrative |  |  | 31.2 |  |  |  | 670.7 |  |  |  | 49.2 |  |  |  | (46.7 | ) |  |  | 704.4 |
Depreciation and amortization |  |  | 6.9 |  |  |  | 59.0 |  |  |  | 6.1 |  |  |  | — |  |  |  | 72.0 |
|  |  | 324.7 |  |  |  | 3,674.6 |  |  |  | 301.2 |  |  |  | (173.3 | ) |  |  | 4,127.2 |
Operating income |  |  | 57.7 |  |  |  | 221.7 |  |  |  | 44.7 |  |  |  | 46.7 |  |  |  | 370.8 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | (29.2 | ) |  |  | (8.6 | ) |  |  | (1.2 | ) |  |  | 9.5 |  |  |  | (29.5) |
Other income, net |  |  | 56.7 |  |  |  | 2.0 |  |  |  | 0.5 |  |  |  | (56.2 | ) |  |  | 3.0 |
Income before equity in earnings of subsidiaries and income taxes |  |  | 85.2 |  |  |  | 215.1 |  |  |  | 44.0 |  |  |  | — |  |  |  | 344.3 |
Equity in earnings of subsidiaries |  |  | 128.1 |  |  |  | 17.8 |  |  |  | — |  |  |  | (145.9 | ) |  |  | — |
Income before income taxes |  |  | 213.3 |  |  |  | 232.9 |  |  |  | 44.0 |  |  |  | (145.9 | ) |  |  | 344.3 |
Income tax (benefit) provision |  |  | (11.7 | ) |  |  | 119.6 |  |  |  | 8.3 |  |  |  | — |  |  |  | 116.2 |
Net income |  |  | 225.0 |  |  |  | 113.3 |  |  |  | 35.7 |  |  |  | (145.9 | ) |  |  | 228.1 |
Less: Net income attributable to noncontrolling interests |  |  | — |  |  |  | 2.9 |  |  |  | 0.2 |  |  |  | — |  |  |  | 3.1 |
Net income attributable to Reliance |  |  | $ | 225.0 |  |  |  | $ | 110.4 |  |  |  | $ | 35.5 |  |  |  | $ | (145.9 | ) |  |  | $ | 225.0 |
Condensed Unaudited Consolidating Statement of Income For the six months ended June 30, 2011 (in millions)
|  | Parent |  |  |  | Guarantor Subsidiaries |  |  |  | Non- Guarantor Subsidiaries |  |  |  | Consolidating Adjustments |  |  |  | Consolidated |
Net sales |  | $ | 358.5 |  | $ | 3,487.9 |  | $ | 225.7 |  | $ | (109.9 | ) | $ | 3,962.2 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 268.3 |  | 2,639.6 |  | 147.1 |  | (109.9 | ) | 2,945.1 |
Warehouse, delivery, selling, general and administrative |  | 39.4 |  | 597.3 |  | 40.9 |  | (45.4 | ) | 632.2 |
Depreciation and amortization |  | 6.9 |  | 54.1 |  | 3.5 |  | — |  | 64.5 |
|  | 314.6 |  | 3,291.0 |  | 191.5 |  | (155.3 | ) | 3,641.8 |
Operating income |  | 43.9 |  | 196.9 |  | 34.2 |  | 45.4 |  | 320.4 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |
Interest |  | (29.8 | ) | (18.6 | ) | (0.4 | ) | 18.7 |  | (30.1 | )
Other income, net |  | 62.3 |  | 6.1 |  | — |  | (64.1 | ) | 4.3 |
Income before equity in earnings of subsidiaries and income taxes |  | 76.4 |  | 184.4 |  | 33.8 |  | — |  | 294.6 |
Equity in earnings of subsidiaries |  | 104.7 |  | 15.7 |  | — |  | (120.4 | ) | — |
Income before income taxes |  | 181.1 |  | 200.1 |  | 33.8 |  | (120.4 | ) | 294.6 |
Income tax (benefit) provision |  | (9.9 | ) | 102.9 |  | 7.8 |  | — |  | 100.8 |
Net income |  | 191.0 |  | 97.2 |  | 26.0 |  | (120.4 | ) | 193.8 |
Less: Net income attributable to noncontrolling interests |  | — |  | 2.3 |  | 0.5 |  | — |  | 2.8 |
Net income attributable to Reliance |  | $ | 191.0 |  | $ | 94.9 |  | $ | 25.5 |  | $ | (120.4 | ) | $ | 191.0 |
Schedule of Condensed Consolidating Cash Flow Statement |
Condensed Unaudited Consolidating Cash Flow Statement For the six months ended June 30, 2012 (in millions)
|  | Parent |  |  |  | Guarantor Subsidiaries |  |  |  | Non- Guarantor Subsidiaries |  |  |  | Consolidating Adjustments |  |  |  | Consolidated |
Operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 225.0 |  | $ | 113.3 |  | $ | 35.7 |  | $ | (145.9 | ) | $ | 228.1 |
Equity in earnings of subsidiaries |  | (128.1 | ) | (18.9 | ) | — |  | 145.9 |  | (1.1 | )
Other operating activities, net |  | 14.1 |  | (193.9 | ) | (26.0 | ) | — |  | (205.8 | )
Cash provided by (used in) operating activities |  | 111.0 |  | (99.5 | ) | 9.7 |  | — |  | 21.2 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (7.6 | ) | (72.0 | ) | (7.2 | ) | — |  | (86.8 | )
Acquisitions of metal service centers, net of cash acquired |  | (65.9 | ) | (16.4 | ) | — |  | — |  | (82.3 | )
Net advances to subsidiaries |  | (209.4 | ) | — |  | — |  | 209.4 |  | — |
Other investing activities, net |  | 0.1 |  | 1.7 |  | — |  | — |  | 1.8 |
Cash used in investing activities |  | (282.8 | ) | (86.7 | ) | (7.2 | ) | 209.4 |  | (167.3 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net short-term debt (repayments) borrowings |  | — |  | (29.5 | ) | 0.1 |  | — |  | (29.4 | )
Proceeds from long-term debt borrowings |  | 458.0 |  | — |  | — |  | — |  | 458.0 |
Principal payments on long-term debt |  | (258.0 | ) | (1.5 | ) | — |  | — |  | (259.5 | )
Dividends paid |  | (22.5 | ) | — |  | — |  | — |  | (22.5 | )
Net intercompany borrowings (repayments) |  | — |  | 221.6 |  | (12.2 | ) | (209.4 | ) | — |
Other financing activities, net |  | 9.9 |  | (1.4 | ) | — |  | — |  | 8.5 |
Cash provided by (used in) financing activities |  | 187.4 |  | 189.2 |  | (12.1 | ) | (209.4 | ) | 155.1 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | — |  | — |  | — |
Increase (decrease) in cash and cash equivalents |  | 15.6 |  | 3.0 |  | (9.6 | ) | — |  | 9.0 |
Cash and cash equivalents at beginning of year |  | 15.1 |  | 10.8 |  | 58.7 |  | — |  | 84.6 |
Cash and cash equivalents at end of period |  | $ | 30.7 |  | $ | 13.8 |  | $ | 49.1 |  | $ | — |  | $ | 93.6 |
Condensed Unaudited Consolidating Cash Flow Statement For the six months ended June 30, 2011 (in millions)
|  | Parent |  |  |  | Guarantor Subsidiaries |  |  |  | Non- Guarantor Subsidiaries |  |  |  | Consolidating Adjustments |  |  |  | Consolidated |
Operating activities: |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 191.0 |  | $ | 97.2 |  | $ | 26.0 |  | $ | (120.4 | ) | $ | 193.8 |
Equity in earnings of subsidiaries |  | (104.7 | ) | (16.8 | ) | — |  | 120.4 |  | (1.1 | )
Other operating activities, net |  | 0.4 |  | (252.3 | ) | (26.3 | ) | — |  | (278.2 | )
Cash provided by (used in) operating activities |  | 86.7 |  | (171.9 | ) | (0.3 | ) | — |  | (85.5 | )
Investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (5.9 | ) | (58.6 | ) | (1.8 | ) | — |  | (66.3 | )
Net advances to subsidiaries |  | (243.8 | ) | — |  | — |  | 243.8 |  | — |
Other investing activities, net |  | 2.6 |  | 6.9 |  | 0.1 |  | — |  | 9.6 |
Cash used in investing activities |  | (247.1 | ) | (51.7 | ) | (1.7 | ) | 243.8 |  | (56.7 | )
Financing activities: |  |  |  |  |  |  |  |  |  |  |
Net short-term debt repayments |  | — |  | — |  | 0.8 |  | — |  | 0.8 |
Proceeds from long-term debt borrowings |  | 286.0 |  | — |  | — |  | — |  | 286.0 |
Principal payments on long-term debt |  | (116.0 | ) | (1.1 | ) | — |  | — |  | (117.1 | )
Dividends paid |  | (17.9 | ) | — |  | — |  | — |  | (17.9 | )
Net intercompany borrowings |  | — |  | 238.9 |  | 4.9 |  | (243.8 | ) | — |
Other financing activities, net |  | 9.1 |  | (1.0 | ) | — |  | — |  | 8.1 |
Cash provided by financing activities |  | 161.2 |  | 236.8 |  | 5.7 |  | (243.8 | ) | 159.9 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | 1.4 |  | — |  | 1.4 |
Increase in cash and cash equivalents |  | 0.8 |  | 13.2 |  | 5.1 |  | — |  | 19.1 |
Cash and cash equivalents at beginning of year |  | 14.4 |  | 8.0 |  | 50.5 |  | — |  | 72.9 |
Cash and cash equivalents at end of period |  | $ | 15.2 |  | $ | 21.2 |  | $ | 55.6 |  | $ | — |  | $ | 92.0 |

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