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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2015
Condensed Consolidating Financial Statements |
Condensed Consolidating Financial Statements | Note 1 9. Condensed Consolidating Financial Statements In November 2006 and April 2013, we issued senior unsecured notes in the aggregate principal amount of $1.1 billion, at fixed interest rates that are guaranteed by certain of our 100%-owned domestic subsidiaries that also guarantee borrowings under the Credit Agreement. The accompanying consolidating financial information has been prepared and presented pursuant to Rule 3‑10 of SEC Regulation S‑X “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” The guarantees are full and unconditional and joint and several obligations of each of the guarantor subsidiaries. There are no significant restrictions on our ability to obtain funds from any of the guarantor subsidiaries by dividends or loans. The supplemental consolidating financial information has been presented in lieu of separate financial statements of the guarantors as such separate financial statements are not considered meaningful. Condensed Consolidating Balance Sheet As of December 31, 2015 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10.7 |  | $ | (1.0) |  | $ | 94.6 |  | $ | — |  | $ | 104.3
Accounts receivable, net |  | 66.5 |  |  | 701.8 |  |  | 152.3 |  |  | (4.0) |  |  | 916.6
Inventories |  | 56.0 |  |  | 1,145.1 |  |  | 234.9 |  |  | — |  |  | 1,436.0
Income taxes receivable |  | 38.2 |  |  | — |  |  | (1.7) |  |  | — |  |  | 36.5
Other current assets |  | 36.4 |  |  | 15.1 |  |  | 12.6 |  |  | (3.3) |  |  | 60.8
Total current assets |  | 207.8 |  |  | 1,861.0 |  |  | 492.7 |  |  | (7.3) |  |  | 2,554.2
Investments in subsidiaries |  | 5,046.2 |  |  | 328.0 |  |  | — |  |  | (5,374.2) |  |  | —
Property, plant and equipment, net |  | 115.5 |  |  | 1,311.3 |  |  | 208.7 |  |  | — |  |  | 1,635.5
Goodwill |  | 23.8 |  |  | 1,571.1 |  |  | 129.9 |  |  | — |  |  | 1,724.8
Intangible assets, net |  | 14.0 |  |  | 977.5 |  |  | 133.9 |  |  | — |  |  | 1,125.4
Intercompany receivables |  | 614.2 |  |  | 45.4 |  |  | 30.5 |  |  | (690.1) |  |  | —
Other assets |  | 24.6 |  |  | 50.9 |  |  | 6.2 |  |  | — |  |  | 81.7
Total assets | $ | 6,046.1 |  | $ | 6,145.2 |  | $ | 1,001.9 |  | $ | (6,071.6) |  | $ | 7,121.6
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 25.3 |  | $ | 160.0 |  | $ | 65.7 |  | $ | (4.0) |  | $ | 247.0
Accrued compensation and retirement costs |  | 29.5 |  |  | 79.1 |  |  | 10.1 |  |  | — |  |  | 118.7
Other current liabilities |  | 54.0 |  |  | 15.3 |  |  | 57.2 |  |  | (3.3) |  |  | 123.2
Current maturities of long-term debt and short-term borrowings |  | 400.0 |  |  | — |  |  | 100.8 |  |  | — |  |  | 500.8
Total current liabilities |  | 508.8 |  |  | 254.4 |  |  | 233.8 |  |  | (7.3) |  |  | 989.7
Long-term debt |  | 1,417.3 |  |  | 5.7 |  |  | 4.9 |  |  | — |  |  | 1,427.9
Intercompany borrowings |  | — |  |  | 547.6 |  |  | 142.5 |  |  | (690.1) |  |  | —
Other long-term liabilities |  | 205.9 |  |  | 505.0 |  |  | 50.4 |  |  | — |  |  | 761.3
Total Reliance stockholders’ equity |  | 3,914.1 |  |  | 4,824.5 |  |  | 549.7 |  |  | (5,374.2) |  |  | 3,914.1
Noncontrolling interests |  | — |  |  | 8.0 |  |  | 20.6 |  |  | — |  |  | 28.6
Total equity |  | 3,914.1 |  |  | 4,832.5 |  |  | 570.3 |  |  | (5,374.2) |  |  | 3,942.7
Total liabilities and equity | $ | 6,046.1 |  | $ | 6,145.2 |  | $ | 1,001.9 |  | $ | (6,071.6) |  | $ | 7,121.6
Condensed Consolidating Balance Sheet As of December 31, 2014 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 41.9 |  | $ | (8.3) |  | $ | 72.6 |  | $ | — |  | $ | 106.2
Accounts receivable, net |  | 72.7 |  |  | 923.1 |  |  | 164.8 |  |  | (16.0) |  |  | 1,144.6
Inventories |  | 57.6 |  |  | 1,454.2 |  |  | 240.3 |  |  | — |  |  | 1,752.1
Other current assets |  | 139.3 |  |  | 38.5 |  |  | 16.1 |  |  | (75.7) |  |  | 118.2
Total current assets |  | 311.5 |  |  | 2,407.5 |  |  | 493.8 |  |  | (91.7) |  |  | 3,121.1
Investments in subsidiaries |  | 4,891.8 |  |  | 299.9 |  |  | — |  |  | (5,191.7) |  |  | —
Property, plant and equipment, net |  | 103.8 |  |  | 1,333.7 |  |  | 218.9 |  |  | — |  |  | 1,656.4
Goodwill |  | 23.8 |  |  | 1,571.0 |  |  | 141.6 |  |  | — |  |  | 1,736.4
Intangible assets, net |  | 16.1 |  |  | 1,056.7 |  |  | 154.6 |  |  | — |  |  | 1,227.4
Intercompany receivables |  | 1,361.7 |  |  | 26.1 |  |  | 18.2 |  |  | (1,406.0) |  |  | —
Other assets |  | 22.7 |  |  | 52.5 |  |  | 5.9 |  |  | — |  |  | 81.1
Total assets | $ | 6,731.4 |  | $ | 6,747.4 |  | $ | 1,033.0 |  | $ | (6,689.4) |  | $ | 7,822.4
Liabilities & Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 29.2 |  | $ | 212.3 |  | $ | 60.6 |  | $ | (15.6) |  | $ | 286.5
Accrued compensation and retirement costs |  | 23.9 |  |  | 89.9 |  |  | 14.6 |  |  | — |  |  | 128.4
Other current liabilities |  | 65.2 |  |  | 26.1 |  |  | 62.6 |  |  | 0.1 |  |  | 154.0
Deferred income taxes |  | — |  |  | 75.1 |  |  | 0.6 |  |  | (75.7) |  |  | —
Current maturities of long-term debt and short-term borrowings |  | 43.8 |  |  | — |  |  | 50.1 |  |  | — |  |  | 93.9
Total current liabilities |  | 162.1 |  |  | 403.4 |  |  | 188.5 |  |  | (91.2) |  |  | 662.8
Long-term debt |  | 2,156.6 |  |  | 5.7 |  |  | 45.8 |  |  | — |  |  | 2,208.1
Intercompany borrowings |  | — |  |  | 1,242.5 |  |  | 163.5 |  |  | (1,406.0) |  |  | —
Other long-term liabilities |  | 313.7 |  |  | 456.2 |  |  | 54.1 |  |  | (0.4) |  |  | 823.6
Total Reliance stockholders’ equity |  | 4,099.0 |  |  | 4,633.4 |  |  | 558.4 |  |  | (5,191.8) |  |  | 4,099.0
Noncontrolling interests |  | — |  |  | 6.2 |  |  | 22.7 |  |  | — |  |  | 28.9
Total equity |  | 4,099.0 |  |  | 4,639.6 |  |  | 581.1 |  |  | (5,191.8) |  |  | 4,127.9
Total liabilities and equity | $ | 6,731.4 |  | $ | 6,747.4 |  | $ | 1,033.0 |  | $ | (6,689.4) |  | $ | 7,822.4
Condensed Consolidating Statement of Comprehensive Income For the year ended December 31, 2015 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net sales | $ | 710.9 |  | $ | 7,978.3 |  | $ | 864.6 |  | $ | (203.3) |  | $ | 9,350.5
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 503.1 |  |  | 5,833.9 |  |  | 670.0 |  |  | (203.4) |  |  | 6,803.6
Warehouse, delivery, selling, general and administrative |  | 168.1 |  |  | 1,435.8 |  |  | 140.0 |  |  | (15.4) |  |  | 1,728.5
Depreciation and amortization |  | 16.8 |  |  | 179.1 |  |  | 22.6 |  |  | — |  |  | 218.5
Impairment of long-lived assets |  | — |  |  | 51.8 |  |  | 1.5 |  |  | — |  |  | 53.3
|  | 688.0 |  |  | 7,500.6 |  |  | 834.1 |  |  | (218.8) |  |  | 8,803.9
Operating income |  | 22.9 |  |  | 477.7 |  |  | 30.5 |  |  | 15.5 |  |  | 546.6
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | (80.3) |  |  | (19.2) |  |  | (6.7) |  |  | 21.9 |  |  | (84.3)
Other income (expense), net |  | 17.2 |  |  | (0.7) |  |  | 17.3 |  |  | (37.4) |  |  | (3.6)
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (40.2) |  |  | 457.8 |  |  | 41.1 |  |  | — |  |  | 458.7
Equity in earnings of subsidiaries |  | 297.8 |  |  | 13.1 |  |  | — |  |  | (310.9) |  |  | —
Income before income taxes |  | 257.6 |  |  | 470.9 |  |  | 41.1 |  |  | (310.9) |  |  | 458.7
Income tax (benefit) provision |  | (53.9) |  |  | 182.5 |  |  | 13.9 |  |  | — |  |  | 142.5
Net income |  | 311.5 |  |  | 288.4 |  |  | 27.2 |  |  | (310.9) |  |  | 316.2
Less: Net income attributable to noncontrolling interests |  | — |  |  | 4.7 |  |  | — |  |  | — |  |  | 4.7
Net income attributable to Reliance | $ | 311.5 |  | $ | 283.7 |  | $ | 27.2 |  | $ | (310.9) |  | $ | 311.5
Comprehensive income (loss) attributable to Reliance | $ | 260.7 |  | $ | 250.1 |  | $ | (18.9) |  | $ | (231.2) |  | $ | 260.7
Condensed Consolidating Statement of Comprehensive Income For the year ended December 31, 2014 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net sales | $ | 750.2 |  | $ | 9,110.2 |  | $ | 825.9 |  | $ | (234.7) |  | $ | 10,451.6
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 557.0 |  |  | 6,885.4 |  |  | 623.0 |  |  | (234.8) |  |  | 7,830.6
Warehouse, delivery, selling, general and administrative |  | 157.3 |  |  | 1,545.9 |  |  | 140.9 |  |  | (54.3) |  |  | 1,789.8
Depreciation and amortization |  | 19.8 |  |  | 174.0 |  |  | 20.0 |  |  | — |  |  | 213.8
|  | 734.1 |  |  | 8,605.3 |  |  | 783.9 |  |  | (289.1) |  |  | 9,834.2
Operating income |  | 16.1 |  |  | 504.9 |  |  | 42.0 |  |  | 54.4 |  |  | 617.4
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | (78.1) |  |  | (28.3) |  |  | (5.7) |  |  | 30.2 |  |  | (81.9)
Other income (expense), net |  | 67.7 |  |  | (2.7) |  |  | 30.4 |  |  | (84.6) |  |  | 10.8
Income before equity in earnings of subsidiaries and income taxes |  | 5.7 |  |  | 473.9 |  |  | 66.7 |  |  | — |  |  | 546.3
Equity in earnings of subsidiaries |  | 325.1 |  |  | 21.2 |  |  | — |  |  | (346.3) |  |  | —
Income before income taxes |  | 330.8 |  |  | 495.1 |  |  | 66.7 |  |  | (346.3) |  |  | 546.3
Income tax (benefit) provision |  | (40.7) |  |  | 190.1 |  |  | 20.6 |  |  | — |  |  | 170.0
Net income |  | 371.5 |  |  | 305.0 |  |  | 46.1 |  |  | (346.3) |  |  | 376.3
Less: Net income attributable to noncontrolling interests |  | — |  |  | 4.4 |  |  | 0.4 |  |  | — |  |  | 4.8
Net income attributable to Reliance | $ | 371.5 |  | $ | 300.6 |  | $ | 45.7 |  | $ | (346.3) |  | $ | 371.5
Comprehensive income attributable to Reliance | $ | 367.5 |  | $ | 280.4 |  | $ | 27.7 |  | $ | (346.3) |  | $ | 329.3
Condensed Consolidating Statement of Comprehensive Income For the year ended December 31, 2013 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net sales | $ | 704.5 |  | $ | 8,021.6 |  | $ | 710.1 |  | $ | (212.4) |  | $ | 9,223.8
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales (exclusive of depreciation and amortization shown below) |  | 509.7 |  |  | 5,999.2 |  |  | 529.7 |  |  | (212.4) |  |  | 6,826.2
Warehouse, delivery, selling, general and administrative |  | 200.7 |  |  | 1,385.5 |  |  | 117.8 |  |  | (65.6) |  |  | 1,638.4
Depreciation and amortization |  | 17.5 |  |  | 158.6 |  |  | 16.3 |  |  | — |  |  | 192.4
Impairment of long-lived assets |  | — |  |  | 14.9 |  |  | — |  |  | — |  |  | 14.9
|  | 727.9 |  |  | 7,558.2 |  |  | 663.8 |  |  | (278.0) |  |  | 8,671.9
Operating (loss) income |  | (23.4) |  |  | 463.4 |  |  | 46.3 |  |  | 65.6 |  |  | 551.9
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | (74.7) |  |  | (19.9) |  |  | (4.2) |  |  | 21.3 |  |  | (77.5)
Other income, net |  | 75.7 |  |  | 5.5 |  |  | 9.6 |  |  | (86.9) |  |  | 3.9
(Loss) income before equity in earnings of subsidiaries and income taxes |  | (22.4) |  |  | 449.0 |  |  | 51.7 |  |  | — |  |  | 478.3
Equity in earnings of subsidiaries |  | 300.3 |  |  | 12.4 |  |  | — |  |  | (312.7) |  |  | —
Income before income taxes |  | 277.9 |  |  | 461.4 |  |  | 51.7 |  |  | (312.7) |  |  | 478.3
Income tax (benefit) provision |  | (43.7) |  |  | 181.0 |  |  | 16.3 |  |  | — |  |  | 153.6
Net income |  | 321.6 |  |  | 280.4 |  |  | 35.4 |  |  | (312.7) |  |  | 324.7
Less: Net income attributable to noncontrolling interests |  | — |  |  | 2.8 |  |  | 0.3 |  |  | — |  |  | 3.1
Net income attributable to Reliance | $ | 321.6 |  | $ | 277.6 |  | $ | 35.1 |  | $ | (312.7) |  | $ | 321.6
Comprehensive income attributable to Reliance | $ | 318.9 |  | $ | 293.5 |  | $ | 16.7 |  | $ | (312.7) |  | $ | 316.4
Condensed Consolidating Cash Flow Statement For the year ended December 31, 2015 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 148.8 |  | $ | 805.0 |  | $ | 71.2 |  | $ | — |  | $ | 1,025.0
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (21.5) |  |  | (136.1) |  |  | (14.6) |  |  | — |  |  | (172.2)
Net repayments from subsidiaries |  | 697.2 |  |  | — |  |  | — |  |  | (697.2) |  |  | —
Other investing activities, net |  | (2.6) |  |  | 4.8 |  |  | 0.1 |  |  | — |  |  | 2.3
Net cash provided by (used in) investing activities |  | 673.1 |  |  | (131.3) |  |  | (14.5) |  |  | (697.2) |  |  | (169.9)
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net short-term debt borrowings |  | — |  |  | — |  |  | 12.7 |  |  | — |  |  | 12.7
Proceeds from long-term debt borrowings |  | 573.0 |  |  | — |  |  | — |  |  | — |  |  | 573.0
Principal payments on long-term debt |  | (959.8) |  |  | (2.5) |  |  | — |  |  | — |  |  | (962.3)
Dividends and dividend equivalents paid |  | (120.1) |  |  | — |  |  | — |  |  | — |  |  | (120.1)
Share repurchases |  | (355.5) |  |  | — |  |  | — |  |  | — |  |  | (355.5)
Net intercompany repayments |  | — |  |  | (663.9) |  |  | (33.3) |  |  | 697.2 |  |  | —
Other financing activities, net |  | 9.3 |  |  | — |  |  | (5.6) |  |  | — |  |  | 3.7
Net cash used in financing activities |  | (853.1) |  |  | (666.4) |  |  | (26.2) |  |  | 697.2 |  |  | (848.5)
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | (8.5) |  |  | — |  |  | (8.5)
(Decrease) increase in cash and cash equivalents |  | (31.2) |  |  | 7.3 |  |  | 22.0 |  |  | — |  |  | (1.9)
Cash and cash equivalents at beginning of year |  | 41.9 |  |  | (8.3) |  |  | 72.6 |  |  | — |  |  | 106.2
Cash and cash equivalents at end of year | $ | 10.7 |  | $ | (1.0) |  | $ | 94.6 |  | $ | — |  | $ | 104.3
Condensed Consolidating Cash Flow Statement For the year ended December 31, 2014 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 118.4 |  | $ | 193.2 |  | $ | 44.4 |  | $ | — |  | $ | 356.0
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (18.2) |  |  | (159.2) |  |  | (13.0) |  |  | — |  |  | (190.4)
Acquisitions, net of cash acquired |  | - |  |  | (92.0) |  |  | (116.2) |  |  | — |  |  | (208.2)
Net advances to subsidiaries |  | (119.7) |  |  | — |  |  | — |  |  | 119.7 |  |  | —
Other investing activities, net |  | (0.8) |  |  | (3.6) |  |  | 38.0 |  |  | — |  |  | 33.6
Net cash used in investing activities |  | (138.7) |  |  | (254.8) |  |  | (91.2) |  |  | 119.7 |  |  | (365.0)
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net short-term debt borrowings |  | — |  |  | — |  |  | 1.7 |  |  | — |  |  | 1.7
Proceeds from long-term debt borrowings |  | 719.0 |  |  | — |  |  | - |  |  | — |  |  | 719.0
Principal payments on long-term debt |  | (549.3) |  |  | (2.0) |  |  | (0.9) |  |  | — |  |  | (552.2)
Dividends paid |  | (108.7) |  |  | — |  |  | — |  |  | — |  |  | (108.7)
Net intercompany borrowings |  | — |  |  | 64.4 |  |  | 55.3 |  |  | (119.7) |  |  | —
Other financing activities, net |  | (18.5) |  |  | (8.3) |  |  | — |  |  | - |  |  | (26.8)
Net cash provided by financing activities |  | 42.5 |  |  | 54.1 |  |  | 56.1 |  |  | (119.7) |  |  | 33.0
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | (1.4) |  |  | — |  |  | (1.4)
Increase (decrease) in cash and cash equivalents |  | 22.2 |  |  | (7.5) |  |  | 7.9 |  |  | — |  |  | 22.6
Cash and cash equivalents at beginning of year |  | 19.7 |  |  | (0.8) |  |  | 64.7 |  |  | — |  |  | 83.6
Cash and cash equivalents at end of year | $ | 41.9 |  | $ | (8.3) |  | $ | 72.6 |  | $ | — |  | $ | 106.2
Condensed Consolidating Cash Flow Statement For the year ended December 31, 2013 (in millions)
|  |  |  |  |  |  | Non- |  |  |  |  |  |
|  |  |  | Guarantor |  | Guarantor |  | Consolidating |  |  |
| Parent |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Consolidated
Net cash provided by operating activities | $ | 102.8 |  | $ | 458.5 |  | $ | 72.0 |  | $ | — |  | $ | 633.3
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment |  | (14.0) |  |  | (139.9) |  |  | (14.1) |  |  | — |  |  | (168.0)
Acquisition, net of cash acquired |  | (821.1) |  |  | — |  |  | — |  |  | — |  |  | (821.1)
Net advances to subsidiaries |  | (85.3) |  |  | — |  |  | — |  |  | 85.3 |  |  | —
Other investing activities, net |  | 0.1 |  |  | 2.8 |  |  | 7.2 |  |  | — |  |  | 10.1
Net cash used in investing activities |  | (920.3) |  |  | (137.1) |  |  | (6.9) |  |  | 85.3 |  |  | (979.0)
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net short-term debt (repayments) borrowings |  | — |  |  | (473.8) |  |  | 0.8 |  |  | — |  |  | (473.0)
Proceeds from long-term debt borrowings |  | 2,297.9 |  |  | — |  |  | — |  |  | — |  |  | 2,297.9
Principal payments on long-term debt |  | (1,452.8) |  |  | (0.6) |  |  | (1.1) |  |  | — |  |  | (1,454.5)
Dividends paid |  | (96.9) |  |  | — |  |  | — |  |  | — |  |  | (96.9)
Net intercompany (repayments) borrowings |  | — |  |  | 141.4 |  |  | (56.1) |  |  | (85.3) |  |  | —
Other financing activities, net |  | 60.9 |  |  | (2.3) |  |  | — |  |  | — |  |  | 58.6
Net cash provided by (used in) financing activities |  | 809.1 |  |  | (335.3) |  |  | (56.4) |  |  | (85.3) |  |  | 332.1
Effect of exchange rate changes on cash and cash equivalents |  | — |  |  | — |  |  | (0.4) |  |  | — |  |  | (0.4)
(Decrease) increase in cash and cash equivalents |  | (8.4) |  |  | (13.9) |  |  | 8.3 |  |  | — |  |  | (14.0)
Cash and cash equivalents at beginning of year |  | 28.1 |  |  | 13.1 |  |  | 56.4 |  |  | — |  |  | 97.6
Cash and cash equivalents at end of year | $ | 19.7 |  | $ | (0.8) |  | $ | 64.7 |  | $ | — |  | $ | 83.6

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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