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Subsidiary Guarantees of Debt | 9 Months Ended
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Sep. 30, 2015
Subsidiary Guarantees of Debt |
Subsidiary Guarantees of Debt | 19. Subsidiary Guarantees of Debt The company’s obligations under its senior notes and senior credit facilities are fully and unconditionally guaranteed, on a joint and several basis, by certain of the company’s domestic subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of the notes and credit facilities, terminate upon maturity of the obligations and certain other events as described in the note indentures and credit agreements and would require performance upon certain events referred to in the respective guarantees. The maximum potential amounts that could be required to be paid under the domestic guarantees are essentially equal to the then outstanding principal and interest under the respective note indentures or credit facilities. The following is unaudited condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of September 30, 2015, and December 31, 2014, and for the three and nine months ended September 30, 2015 and 2014. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements are not required by the current regulations.
|  | Unaudited Condensed Consolidating Statement of Earnings |
|  | Three Months Ended September 30, 2015 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Net sales |  | $ | — |  | $ | 1,264.4 |  | $ | 845.7 |  | $ | (13.1 | ) | $ | 2,097.0 |
Cost and expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | — |  | (1,039.4 | ) | (664.0 | ) | 13.1 |  | (1,690.3 | )
Depreciation and amortization |  | (1.5 | ) | (33.8 | ) | (36.6 | ) | — |  | (71.9 | )
Selling, general and administrative |  | (14.1 | ) | (44.7 | ) | (48.0 | ) | — |  | (106.8 | )
Business consolidation and other activities |  | (129.2 | ) | (20.0 | ) | (2.7 | ) | — |  | (151.9 | )
Equity in results of subsidiaries |  | 128.8 |  | 63.4 |  | — |  | (192.2 | ) | — |
Intercompany |  | 51.5 |  | (44.8 | ) | (6.7 | ) | — |  | — |
|  | 35.5 |  | (1,119.3 | ) | (758.0 | ) | (179.1 | ) | (2,020.9 | )
Earnings (loss) before interest and taxes |  | 35.5 |  | 145.1 |  | 87.7 |  | (192.2 | ) | 76.1 |
Interest expense |  | (36.6 | ) | 1.5 |  | (2.4 | ) | — |  | (37.5 | )
Debt refinancing and other costs |  | (21.0 | ) | — |  | — |  | — |  | (21.0 | )
Total interest expense |  | (57.6 | ) | 1.5 |  | (2.4 | ) | — |  | (58.5 | )
Earnings (loss) before taxes |  | (22.1 | ) | 146.6 |  | 85.3 |  | (192.2 | ) | 17.6 |
Tax (provision) benefit |  | 66.6 |  | (19.9 | ) | (15.7 | ) | — |  | 31.0 |
Equity in results of affiliates, net of tax |  | — |  | 0.6 |  | 0.9 |  | — |  | 1.5 |
Net earnings (loss) |  | 44.5 |  | 127.3 |  | 70.5 |  | (192.2 | ) | 50.1 |
Less net earnings attributable to noncontrolling interests |  | — |  | — |  | (5.6 | ) | — |  | (5.6 | )
Net earnings (loss) attributable to Ball Corporation |  | $ | 44.5 |  | $ | 127.3 |  | $ | 64.9 |  | $ | (192.2 | ) | $ | 44.5 |
Comprehensive earnings (loss) attributable to Ball Corporation |  | $ | 28.1 |  | $ | 109.9 |  | $ | 48.1 |  | $ | (158.0 | ) | $ | 28.1 |
|  | Unaudited Condensed Consolidating Statement of Earnings |
|  | Three Months Ended September 30, 2014 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Net sales |  | $ | — |  | $ | 1,363.0 |  | $ | 878.1 |  | $ | (2.2 | ) | $ | 2,238.9 |
Cost and expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | — |  | (1,124.5 | ) | (685.0 | ) | 2.2 |  | (1,807.3 | )
Depreciation and amortization |  | (1.6 | ) | (33.2 | ) | (36.5 | ) | — |  | (71.3 | )
Selling, general and administrative |  | (22.6 | ) | (45.9 | ) | (54.6 | ) | — |  | (123.1 | )
Business consolidation and other activities |  | (2.8 | ) | (3.1 | ) | (3.3 | ) | — |  | (9.2 | )
Equity in results of subsidiaries |  | 137.2 |  | 69.7 |  | — |  | (206.9 | ) | — |
Intercompany |  | 52.4 |  | (45.6 | ) | (6.8 | ) | — |  | — |
|  | 162.6 |  | (1,182.6 | ) | (786.2 | ) | (204.7 | ) | (2,010.9 | )
Earnings (loss) before interest and taxes |  | 162.6 |  | 180.4 |  | 91.9 |  | (206.9 | ) | 228.0 |
Total interest (expense) |  | (37.1 | ) | 0.9 |  | (3.9 | ) | — |  | (40.1 | )
Earnings (loss) before taxes |  | 125.5 |  | 181.3 |  | 88.0 |  | (206.9 | ) | 187.9 |
Tax (provision) benefit |  | 21.9 |  | (45.7 | ) | (16.0 | ) | — |  | (39.8 | )
Equity in results of affiliates, net of tax |  | — |  | 0.5 |  | (0.2 | ) | — |  | 0.3 |
Net earnings (loss) |  | 147.4 |  | 136.1 |  | 71.8 |  | (206.9 | ) | 148.4 |
Less net earnings attributable to noncontrolling interests |  | — |  | — |  | (1.0 | ) | — |  | (1.0 | )
Net earnings (loss) attributable to Ball Corporation |  | $ | 147.4 |  | $ | 136.1 |  | $ | 70.8 |  | $ | (206.9 | ) | $ | 147.4 |
Comprehensive earnings (loss) attributable to Ball Corporation |  | $ | 75.0 |  | $ | 62.2 |  | $ | (1.8 | ) | $ | (60.4 | ) | $ | 75.0 |
|  | Unaudited Condensed Consolidating Statement of Earnings |
|  | Nine Months Ended September 30, 2015 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Net sales |  | $ | — |  | $ | 3,729.0 |  | $ | 2,498.5 |  | $ | (35.1 | ) | $ | 6,192.4 |
Cost and expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | 0.1 |  | (3,085.6 | ) | (1,975.9 | ) | 35.1 |  | (5,026.3 | )
Depreciation and amortization |  | (4.1 | ) | (97.7 | ) | (109.7 | ) | — |  | (211.5 | )
Selling, general and administrative |  | (60.4 | ) | (129.8 | ) | (150.3 | ) | — |  | (340.5 | )
Business consolidation and other activities |  | (105.6 | ) | (20.7 | ) | (12.0 | ) | — |  | (138.3 | )
Equity in results of subsidiaries |  | 340.5 |  | 155.2 |  | — |  | (495.7 | ) | — |
Intercompany |  | 153.5 |  | (130.6 | ) | (22.9 | ) | — |  | — |
|  | 324.0 |  | (3,309.2 | ) | (2,270.8 | ) | (460.6 | ) | (5,716.6 | )
Earnings (loss) before interest and taxes |  | 324.0 |  | 419.8 |  | 227.7 |  | (495.7 | ) | 475.8 |
Interest expense |  | (102.7 | ) | 3.9 |  | (8.2 | ) | — |  | (107.0 | )
Debt refinancing and other costs |  | (84.0 | ) | — |  | (1.9 | ) | — |  | (85.9 | )
Total interest expense |  | (186.7 | ) | 3.9 |  | (10.1 | ) | — |  | (192.9 | )
Earnings (loss) before taxes |  | 137.3 |  | 423.7 |  | 217.6 |  | (495.7 | ) | 282.9 |
Tax (provision) benefit |  | 88.3 |  | (88.2 | ) | (48.0 | ) | — |  | (47.9 | )
Equity in results of affiliates, net of tax |  | — |  | 1.5 |  | 1.9 |  | — |  | 3.4 |
Net earnings (loss) |  | 225.6 |  | 337.0 |  | 171.5 |  | (495.7 | ) | 238.4 |
Less net earnings attributable to noncontrolling interests |  | — |  | — |  | (12.8 | ) | — |  | (12.8 | )
Net earnings (loss) attributable to Ball Corporation |  | $ | 225.6 |  | $ | 337.0 |  | $ | 158.7 |  | $ | (495.7 | ) | $ | 225.6 |
Comprehensive earnings attributable to Ball Corporation |  | $ | 127.6 |  | $ | 235.8 |  | $ | 55.1 |  | $ | (290.9 | ) | $ | 127.6 |
|  | Unaudited Condensed Consolidating Statement of Earnings |
|  | Nine Months Ended September 30, 2014 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Net sales |  | $ | — |  | $ | 3,885.4 |  | $ | 2,662.4 |  | $ | (10.2 | ) | $ | 6,537.6 |
Cost and expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales (excluding depreciation and amortization) |  | (0.1 | ) | (3,209.4 | ) | (2,067.3 | ) | 10.2 |  | (5,266.6 | )
Depreciation and amortization |  | (4.6 | ) | (94.9 | ) | (110.2 | ) | — |  | (209.7 | )
Selling, general and administrative |  | (57.3 | ) | (134.2 | ) | (150.7 | ) | — |  | (342.2 | )
Business consolidation and other activities |  | (3.8 | ) | (14.0 | ) | — |  | — |  | (17.8 | )
Equity in results of subsidiaries |  | 426.6 |  | 230.6 |  | — |  | (657.2 | ) | — |
Intercompany |  | 151.6 |  | (131.3 | ) | (20.3 | ) | — |  | — |
|  | 512.4 |  | (3,353.2 | ) | (2,348.5 | ) | (647.0 | ) | (5,836.3 | )
Earnings (loss) before interest and taxes |  | 512.4 |  | 532.2 |  | 313.9 |  | (657.2 | ) | 701.3 |
Total interest (expense) |  | (112.6 | ) | 2.0 |  | (10.3 | ) | — |  | (120.9 | )
Debt refinancing and other costs |  | (33.1 | ) | — |  | — |  | — |  | (33.1 | )
Total interest expense |  | (145.7 | ) | 2.0 |  | (10.3 | ) | — |  | (154.0 | )
Earnings (loss) before taxes |  | 366.7 |  | 534.2 |  | 303.6 |  | (657.2 | ) | 547.3 |
Tax (provision) benefit |  | 27.3 |  | (104.1 | ) | (62.8 | ) | — |  | (139.6 | )
Equity in results of affiliates, net of tax |  | — |  | 1.4 |  | 0.5 |  | — |  | 1.9 |
Net earnings (loss) |  | 394.0 |  | 431.5 |  | 241.3 |  | (657.2 | ) | 409.6 |
Less net earnings attributable to noncontrolling interests |  | — |  | — |  | (15.6 | ) | — |  | (15.6 | )
Net earnings (loss) attributable to Ball Corporation |  | $ | 394.0 |  | $ | 431.5 |  | $ | 225.7 |  | $ | (657.2 | ) | $ | 394.0 |
Comprehensive earnings attributable to Ball Corporation |  | $ | 318.4 |  | $ | 352.5 |  | $ | 139.2 |  | $ | (491.7 | ) | $ | 318.4 |
|  | Unaudited Condensed Consolidating Balance Sheet |
|  | September 30, 2015 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4.3 |  | $ | 0.1 |  | $ | 240.0 |  | $ | — |  | $ | 244.4 |
Receivables, net |  | 13.3 |  | 255.6 |  | 828.9 |  | — |  | 1,097.8 |
Intercompany receivables |  | 158.2 |  | 108.7 |  | 1.5 |  | (268.4 | ) | — |
Inventories, net |  | — |  | 502.7 |  | 373.3 |  | — |  | 876.0 |
Deferred taxes and other current assets |  | 43.1 |  | 77.7 |  | 43.6 |  | — |  | 164.4 |
Total current assets |  | 218.9 |  | 944.8 |  | 1,487.3 |  | (268.4 | ) | 2,382.6 |
Noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | 13.8 |  | 1,006.4 |  | 1,527.1 |  | — |  | 2,547.3 |
Investment in subsidiaries |  | 3,400.6 |  | 2,254.8 |  | 78.6 |  | (5,734.0 | ) | — |
Goodwill |  | — |  | 966.5 |  | 1,237.6 |  | — |  | 2,204.1 |
Intangibles and other assets, net |  | 259.4 |  | 100.5 |  | 233.1 |  | — |  | 593.0 |
Total assets |  | $ | 3,892.7 |  | $ | 5,273.0 |  | $ | 4,563.7 |  | $ | (6,002.4 | ) | $ | 7,727.0 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt and current portion of long-term debt |  | $ | 23.7 |  | $ | 0.2 |  | $ | 259.0 |  | $ | — |  | $ | 282.9 |
Accounts payable |  | 11.2 |  | 796.1 |  | 644.1 |  | — |  | 1,451.4 |
Intercompany payables |  | 99.5 |  | (0.1 | ) | 168.8 |  | (268.2 | ) | — |
Accrued employee costs |  | 24.3 |  | 108.2 |  | 80.8 |  | — |  | 213.3 |
Other current liabilities |  | 135.7 |  | 71.9 |  | 124.4 |  | — |  | 332.0 |
Total current liabilities |  | 294.4 |  | 976.3 |  | 1,277.1 |  | (268.2 | ) | 2,279.6 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,742.9 |  | 0.2 |  | 136.3 |  | — |  | 2,879.4 |
Employee benefit obligations |  | 315.4 |  | 466.1 |  | 378.0 |  | — |  | 1,159.5 |
Intercompany long-term notes |  | (405.3 | ) | 218.7 |  | 186.6 |  | — |  | — |
Deferred taxes and other liabilities |  | (88.4 | ) | 149.3 |  | 104.2 |  | — |  | 165.1 |
Total liabilities |  | 2,859.0 |  | 1,810.6 |  | 2,082.2 |  | (268.2 | ) | 6,483.6 |
Common stock |  | 1,171.3 |  | 852.2 |  | 533.7 |  | (1,385.9 | ) | 1,171.3 |
Preferred stock |  | — |  | — |  | 4.8 |  | (4.8 | ) | — |
Retained earnings |  | 4,519.6 |  | 3,167.8 |  | 1,998.6 |  | (5,166.4 | ) | 4,519.6 |
Accumulated other comprehensive earnings (loss) |  | (620.1 | ) | (557.6 | ) | (265.3 | ) | 822.9 |  | (620.1 | )
Treasury stock, at cost |  | (4,037.1 | ) | — |  | — |  | — |  | (4,037.1 | )
Total Ball Corporation shareholders’ equity |  | 1,033.7 |  | 3,462.4 |  | 2,271.8 |  | (5,734.2 | ) | 1,033.7 |
Noncontrolling interests |  | — |  | — |  | 209.7 |  | — |  | 209.7 |
Total shareholders’ equity |  | 1,033.7 |  | 3,462.4 |  | 2,481.5 |  | (5,734.2 | ) | 1,243.4 |
Total liabilities and shareholders’ equity |  | $ | 3,892.7 |  | $ | 5,273.0 |  | $ | 4,563.7 |  | $ | (6,002.4 | ) | $ | 7,727.0 |
|  | Unaudited Condensed Consolidating Balance Sheet |
|  | December 31, 2014 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Eliminating |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Adjustments |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1.5 |  | $ | 0.4 |  | $ | 189.5 |  | $ | — |  | $ | 191.4 |
Receivables, net |  | 43.7 |  | 241.3 |  | 672.1 |  | — |  | 957.1 |
Intercompany receivables |  | 94.0 |  | 99.9 |  | 4.3 |  | (198.2 | ) | — |
Inventories, net |  | — |  | 575.0 |  | 441.7 |  | — |  | 1,016.7 |
Deferred taxes and other current assets |  | 3.1 |  | 75.1 |  | 70.1 |  | — |  | 148.3 |
Total current assets |  | 142.3 |  | 991.7 |  | 1,377.7 |  | (198.2 | ) | 2,313.5 |
Noncurrent assets |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net |  | 15.1 |  | 968.0 |  | 1,447.6 |  | — |  | 2,430.7 |
Investment in subsidiaries |  | 3,152.7 |  | 2,212.2 |  | 78.6 |  | (5,443.5 | ) | — |
Goodwill |  | — |  | 931.0 |  | 1,323.5 |  | — |  | 2,254.5 |
Intangibles and other assets, net |  | 232.4 |  | 93.5 |  | 246.4 |  | — |  | 572.3 |
Total assets |  | $ | 3,542.5 |  | $ | 5,196.4 |  | $ | 4,473.8 |  | $ | (5,641.7 | ) | $ | 7,571.0 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |
Short-term debt and current portion of long-term debt |  | $ | 1.9 |  | $ | 7.6 |  | $ | 165.6 |  | $ | — |  | $ | 175.1 |
Accounts payable |  | 7.1 |  | 732.5 |  | 600.4 |  | — |  | 1,340.0 |
Intercompany payables |  | 99.7 |  | 1.5 |  | 97.0 |  | (198.2 | ) | — |
Accrued employee costs |  | 22.3 |  | 155.6 |  | 92.0 |  | — |  | 269.9 |
Other current liabilities |  | 51.6 |  | 38.0 |  | 132.2 |  | — |  | 221.8 |
Total current liabilities |  | 182.6 |  | 935.2 |  | 1,087.2 |  | (198.2 | ) | 2,006.8 |
Noncurrent liabilities |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | 2,750.0 |  | 0.2 |  | 243.6 |  | — |  | 2,993.8 |
Employee benefit obligations |  | 329.4 |  | 432.7 |  | 416.2 |  | — |  | 1,178.3 |
Intercompany long-term notes |  | (646.4 | ) | 463.1 |  | 183.3 |  | — |  | — |
Deferred taxes and other liabilities |  | (106.2 | ) | 138.7 |  | 120.0 |  | — |  | 152.5 |
Total liabilities |  | 2,509.4 |  | 1,969.9 |  | 2,050.3 |  | (198.2 | ) | 6,331.4 |
Common stock |  | 1,131.3 |  | 2,293.5 |  | 534.0 |  | (2,827.5 | ) | 1,131.3 |
Preferred stock |  | — |  | — |  | 4.8 |  | (4.8 | ) | — |
Retained earnings |  | 4,346.9 |  | 1,389.4 |  | 1,839.9 |  | (3,229.3 | ) | 4,346.9 |
Accumulated other comprehensive earnings (loss) |  | (522.1 | ) | (456.4 | ) | (161.7 | ) | 618.1 |  | (522.1 | )
Treasury stock, at cost |  | (3,923.0 | ) | — |  | — |  | — |  | (3,923.0 | )
Total Ball Corporation shareholders’ equity |  | 1,033.1 |  | 3,226.5 |  | 2,217.0 |  | (5,443.5 | ) | 1,033.1 |
Noncontrolling interests |  | — |  | — |  | 206.5 |  | — |  | 206.5 |
Total shareholders’ equity |  | 1,033.1 |  | 3,226.5 |  | 2,423.5 |  | (5,443.5 | ) | 1,239.6 |
Total liabilities and shareholders’ equity |  | $ | 3,542.5 |  | $ | 5,196.4 |  | $ | 4,473.8 |  | $ | (5,641.7 | ) | $ | 7,571.0 |
|  | Unaudited Condensed Consolidating Statement of Cash Flows |
|  | Nine Months Ended September 30, 2015 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Total |
Cash provided by (used in) operating activities |  | $ | 6.6 |  | $ | 419.5 |  | $ | 170.9 |  | $ | 597.0 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  | (5.4 | ) | (140.8 | ) | (210.6 | ) | (356.8 | )
Business acquisitions |  | — |  | (29.1 | ) | — |  | (29.1 | )
Other, net |  | 5.1 |  | 12.7 |  | 0.5 |  | 18.3 |
Cash provided by (used in) investing activities |  | (0.3 | ) | (157.2 | ) | (210.1 | ) | (367.6 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Long-term borrowings |  | 2,300.0 |  | — |  | 15.0 |  | 2,315.0 |
Repayments of long-term borrowings |  | (2,300.5 | ) | — |  | (107.9 | ) | (2,408.4 | )
Net change in short-term borrowings |  | 21.1 |  | (7.4 | ) | 97.3 |  | 111.0 |
Proceeds from issuances of common stock |  | 26.3 |  | — |  | — |  | 26.3 |
Acquisitions of treasury stock |  | (135.5 | ) | — |  | — |  | (135.5 | )
Common dividends |  | (54.0 | ) | — |  | — |  | (54.0 | )
Intercompany |  | 176.3 |  | (254.3 | ) | 78.0 |  | — |
Other, net |  | (30.1 | ) | (0.9 | ) | (9.2 | ) | (40.2 | )
Cash provided by (used in) financing activities |  | 3.6 |  | (262.6 | ) | 73.2 |  | (185.8 | )
Effect of exchange rate changes on cash |  | (7.1 | ) | — |  | 16.5 |  | 9.4 |
Change in cash and cash equivalents |  | 2.8 |  | (0.3 | ) | 50.5 |  | 53.0 |
Cash and cash equivalents — beginning of period |  | 1.5 |  | 0.4 |  | 189.5 |  | 191.4 |
Cash and cash equivalents — end of period |  | $ | 4.3 |  | $ | 0.1 |  | $ | 240.0 |  | $ | 244.4 |
|  | Unaudited Condensed Consolidating Statement of Cash Flows |
|  | Nine Months Ended September 30, 2014 |
|  | Ball |  | Guarantor |  | Non-Guarantor |  | Consolidated |
($ in millions) |  | Corporation |  | Subsidiaries |  | Subsidiaries |  | Total |
Cash provided by (used in) operating activities |  | $ | (14.7 | ) | $ | 301.1 |  | $ | 363.6 |  | $ | 650.0 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Capital expenditures |  | (8.4 | ) | (120.1 | ) | (121.5 | ) | (250.0 | )
Other, net |  | 4.2 |  | 1.6 |  | 5.3 |  | 11.1 |
Cash provided by (used in) investing activities |  | (4.2 | ) | (118.5 | ) | (116.2 | ) | (238.9 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Long-term borrowings |  | 375.0 |  | — |  | 21.9 |  | 396.9 |
Repayments of long-term borrowings |  | (690.4 | ) | (0.3 | ) | (183.6 | ) | (874.3 | )
Net change in short-term borrowings |  | 22.4 |  | 2.6 |  | 174.0 |  | 199.0 |
Proceeds from issuances of common stock |  | 27.7 |  | — |  | — |  | 27.7 |
Acquisitions of treasury stock |  | (335.5 | ) | — |  | — |  | (335.5 | )
Common dividends |  | (54.8 | ) | — |  | — |  | (54.8 | )
Intercompany |  | 452.1 |  | (184.8 | ) | (267.3 | ) | — |
Other, net |  | 13.9 |  | — |  | (6.2 | ) | 7.7 |
Cash provided by (used in) financing activities |  | (189.6 | ) | (182.5 | ) | (261.2 | ) | (633.3 | )
Effect of exchange rate changes on cash |  | (4.7 | ) | — |  | 0.4 |  | (4.3 | )
Change in cash and cash equivalents |  | (213.2 | ) | 0.1 |  | (13.4 | ) | (226.5 | )
Cash and cash equivalents — beginning of period |  | 218.6 |  | 0.3 |  | 197.1 |  | 416.0 |
Cash and cash equivalents — end of period |  | $ | 5.4 |  | $ | 0.4 |  | $ | 183.7 |  | $ | 189.5 |

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