XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Condensed Consolidating Financial Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Condensed Consolidating Financial Information |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 20.7 |  | $ | — |  | $ | — |  | $ | 1.9 |  | $ | 18.8 |
Accounts receivable, net |  |  | 827.7 |  |  | (456.0) |  |  | 456.0 |  |  | 392.1 |  |  | 435.6 |
Inventories |  |  | 3,711.9 |  |  | — |  |  | — |  |  | 1,944.9 |  |  | 1,767.0 |
Other current assets |  |  | 104.2 |  |  | — |  |  | 7.5 |  |  | 19.2 |  |  | 77.5 |
Assets held for sale |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current assets |  |  | 4,664.5 |  |  | (456.0) |  |  | 463.5 |  |  | 2,358.1 |  |  | 2,298.9 |
Property and equipment, net |  |  | 1,990.3 |  |  | — |  |  | 3.8 |  |  | 984.0 |  |  | 1,002.5 |
Intangible assets |  |  | 2,109.0 |  |  | — |  |  | — |  |  | 1,334.8 |  |  | 774.2 |
Equity method investments |  |  | 921.5 |  |  | — |  |  | 856.6 |  |  | — |  |  | 64.9 |
Other long-term assets |  |  | 26.6 |  |  | (2,542.0) |  |  | 2,547.5 |  |  | 4.3 |  |  | 16.8 |
Total assets |  | $ | 9,711.9 |  | $ | (2,998.0) |  | $ | 3,871.4 |  | $ | 4,681.2 |  | $ | 4,157.3 |
Floor plan notes payable |  | $ | 2,151.1 |  | $ | — |  | $ | — |  | $ | 1,126.0 |  | $ | 1,025.1 |
Floor plan notes payable — non-trade |  |  | 1,364.7 |  |  | — |  |  | 185.6 |  |  | 678.9 |  |  | 500.2 |
Accounts payable |  |  | 559.9 |  |  | — |  |  | 6.5 |  |  | 159.8 |  |  | 393.6 |
Accrued expenses |  |  | 413.2 |  |  | (456.0) |  |  | 1.1 |  |  | 95.7 |  |  | 772.4 |
Current portion of long-term debt |  |  | 70.1 |  |  | — |  |  | — |  |  | 10.0 |  |  | 60.1 |
Liabilities held for sale |  |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Total current liabilities |  |  | 4,559.7 |  |  | (456.0) |  |  | 193.2 |  |  | 2,071.1 |  |  | 2,751.4 |
Long-term debt |  |  | 1,955.8 |  |  | (177.3) |  |  | 1,661.5 |  |  | 192.7 |  |  | 278.9 |
Deferred tax liabilities |  |  | 655.2 |  |  | — |  |  | — |  |  | 649.4 |  |  | 5.8 |
Other long-term liabilities |  |  | 524.5 |  |  | — |  |  | — |  |  | 61.7 |  |  | 462.8 |
Total liabilities |  |  | 7,695.2 |  |  | (633.3) |  |  | 1,854.7 |  |  | 2,974.9 |  |  | 3,498.9 |
Total equity |  |  | 2,016.7 |  |  | (2,364.7) |  |  | 2,016.7 |  |  | 1,706.3 |  |  | 658.4 |
Total liabilities and equity |  | $ | 9,711.9 |  | $ | (2,998.0) |  | $ | 3,871.4 |  | $ | 4,681.2 |  | $ | 4,157.3 |
CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Cash and cash equivalents |  | $ | 24.0 |  | $ | — |  | $ | — |  | $ | 9.4 |  | $ | 14.6 |
Accounts receivable, net |  |  | 879.0 |  |  | (447.0) |  |  | 447.0 |  |  | 483.6 |  |  | 395.4 |
Inventories |  |  | 3,408.2 |  |  | — |  |  | — |  |  | 1,830.5 |  |  | 1,577.7 |
Other current assets |  |  | 73.9 |  |  | — |  |  | 14.3 |  |  | 14.6 |  |  | 45.0 |
Assets held for sale |  |  | 8.4 |  |  | — |  |  | — |  |  | 8.4 |  |  | — |
Total current assets |  |  | 4,393.5 |  |  | (447.0) |  |  | 461.3 |  |  | 2,346.5 |  |  | 2,032.7 |
Property and equipment, net |  |  | 1,806.5 |  |  | — |  |  | 3.3 |  |  | 961.0 |  |  | 842.2 |
Intangible assets |  |  | 1,711.3 |  |  | — |  |  | — |  |  | 1,079.6 |  |  | 631.7 |
Equity method investments |  |  | 893.4 |  |  | — |  |  | 833.7 |  |  | — |  |  | 59.7 |
Other long-term assets |  |  | 28.3 |  |  | (2,215.0) |  |  | 2,220.6 |  |  | 4.1 |  |  | 18.6 |
Total assets |  | $ | 8,833.0 |  | $ | (2,662.0) |  | $ | 3,518.9 |  | $ | 4,391.2 |  | $ | 3,584.9 |
Floor plan notes payable |  | $ | 2,084.5 |  | $ | — |  | $ | — |  | $ | 1,178.0 |  | $ | 906.5 |
Floor plan notes payable — non-trade |  |  | 1,233.3 |  |  | — |  |  | 156.0 |  |  | 623.2 |  |  | 454.1 |
Accounts payable |  |  | 497.4 |  |  | — |  |  | 4.9 |  |  | 171.9 |  |  | 320.6 |
Accrued expenses |  |  | 360.0 |  |  | (447.0) |  |  | 0.9 |  |  | 77.2 |  |  | 728.9 |
Current portion of long-term debt |  |  | 48.3 |  |  | — |  |  | — |  |  | 6.0 |  |  | 42.3 |
Liabilities held for sale |  |  | 6.1 |  |  | — |  |  | — |  |  | 6.1 |  |  | — |
Total current liabilities |  |  | 4,229.6 |  |  | (447.0) |  |  | 161.8 |  |  | 2,062.4 |  |  | 2,452.4 |
Long-term debt |  |  | 1,828.8 |  |  | (175.8) |  |  | 1,577.6 |  |  | 186.0 |  |  | 241.0 |
Deferred tax liabilities |  |  | 564.6 |  |  | — |  |  | — |  |  | 560.9 |  |  | 3.7 |
Other long-term liabilities |  |  | 430.5 |  |  | — |  |  | — |  |  | 65.2 |  |  | 365.3 |
Total liabilities |  |  | 7,053.5 |  |  | (622.8) |  |  | 1,739.4 |  |  | 2,874.5 |  |  | 3,062.4 |
Total equity |  |  | 1,779.5 |  |  | (2,039.2) |  |  | 1,779.5 |  |  | 1,516.7 |  |  | 522.5 |
Total liabilities and equity |  | $ | 8,833.0 |  | $ | (2,662.0) |  | $ | 3,518.9 |  | $ | 4,391.2 |  | $ | 3,584.9 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME | CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,383.4 |  | $ | — |  | $ | — |  | $ | 3,034.8 |  | $ | 2,348.6 |
Cost of sales |  |  | 4,566.1 |  |  | — |  |  | — |  |  | 2,550.4 |  |  | 2,015.7 |
Gross profit |  |  | 817.3 |  |  | — |  |  | — |  |  | 484.4 |  |  | 332.9 |
Selling, general and administrative expenses |  |  | 622.0 |  |  | — |  |  | 6.2 |  |  | 344.5 |  |  | 271.3 |
Depreciation |  |  | 23.3 |  |  | — |  |  | 0.4 |  |  | 13.2 |  |  | 9.7 |
Operating income |  |  | 172.0 |  |  | — |  |  | (6.6) |  |  | 126.7 |  |  | 51.9 |
Floor plan interest expense |  |  | (15.5) |  |  | — |  |  | (1.1) |  |  | (9.7) |  |  | (4.7) |
Other interest expense |  |  | (26.4) |  |  | — |  |  | (17.8) |  |  | (2.2) |  |  | (6.4) |
Equity in earnings of affiliates |  |  | 26.8 |  |  | — |  |  | 25.2 |  |  | — |  |  | 1.6 |
Equity in earnings of subsidiaries |  |  | — |  |  | (156.6) |  |  | 156.6 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 156.9 |  |  | (156.6) |  |  | 156.3 |  |  | 114.8 |  |  | 42.4 |
Income taxes |  |  | (50.2) |  |  | 50.3 |  |  | (50.2) |  |  | (41.2) |  |  | (9.1) |
Income from continuing operations |  |  | 106.7 |  |  | (106.3) |  |  | 106.1 |  |  | 73.6 |  |  | 33.3 |
Income (loss) from discontinued operations, net of tax |  |  | 0.2 |  |  | (0.2) |  |  | 0.2 |  |  | 0.2 |  |  | — |
Net income |  |  | 106.9 |  |  | (106.5) |  |  | 106.3 |  |  | 73.8 |  |  | 33.3 |
Other comprehensive income (loss), net of tax |  |  | 40.5 |  |  | (37.6) |  |  | 40.5 |  |  | — |  |  | 37.6 |
Comprehensive income |  |  | 147.4 |  |  | (144.1) |  |  | 146.8 |  |  | 73.8 |  |  | 70.9 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 2.4 |  |  | (1.6) |  |  | 1.6 |  |  | — |  |  | 2.4 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 145.0 |  | $ | (142.5) |  | $ | 145.2 |  | $ | 73.8 |  | $ | 68.5 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Three Months Ended June 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 5,254.1 |  | $ | — |  | $ | — |  | $ | 2,868.6 |  | $ | 2,385.5 |
Cost of sales |  |  | 4,482.8 |  |  | — |  |  | — |  |  | 2,429.3 |  |  | 2,053.5 |
Gross profit |  |  | 771.3 |  |  | — |  |  | — |  |  | 439.3 |  |  | 332.0 |
Selling, general and administrative expenses |  |  | 582.7 |  |  | — |  |  | 5.2 |  |  | 326.3 |  |  | 251.2 |
Depreciation |  |  | 24.5 |  |  | — |  |  | 0.4 |  |  | 11.7 |  |  | 12.4 |
Operating income |  |  | 164.1 |  |  | — |  |  | (5.6) |  |  | 101.3 |  |  | 68.4 |
Floor plan interest expense |  |  | (13.1) |  |  | — |  |  | (0.5) |  |  | (7.7) |  |  | (4.9) |
Other interest expense |  |  | (19.5) |  |  | — |  |  | (12.3) |  |  | (1.9) |  |  | (5.3) |
Equity in earnings of affiliates |  |  | 12.0 |  |  | — |  |  | 10.5 |  |  | — |  |  | 1.5 |
Equity in earnings of subsidiaries |  |  | — |  |  | (149.9) |  |  | 149.9 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 143.5 |  |  | (149.9) |  |  | 142.0 |  |  | 91.7 |  |  | 59.7 |
Income taxes |  |  | (47.3) |  |  | 49.9 |  |  | (47.3) |  |  | (36.7) |  |  | (13.2) |
Income from continuing operations |  |  | 96.2 |  |  | (100.0) |  |  | 94.7 |  |  | 55.0 |  |  | 46.5 |
(Loss) income from discontinued operations, net of tax |  |  | (1.2) |  |  | 1.2 |  |  | (1.2) |  |  | (1.2) |  |  | — |
Net income |  |  | 95.0 |  |  | (98.8) |  |  | 93.5 |  |  | 53.8 |  |  | 46.5 |
Other comprehensive income (loss), net of tax |  |  | (55.5) |  |  | 55.7 |  |  | (55.5) |  |  | — |  |  | (55.7) |
Comprehensive income |  |  | 39.5 |  |  | (43.1) |  |  | 38.0 |  |  | 53.8 |  |  | (9.2) |
Less: Comprehensive income attributable to non-controlling interests |  |  | 0.8 |  |  | 0.7 |  |  | (0.7) |  |  | 0.1 |  |  | 0.7 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 38.7 |  | $ | (43.8) |  | $ | 38.7 |  | $ | 53.7 |  | $ | (9.9) |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2017
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 10,464.5 |  | $ | — |  | $ | — |  | $ | 5,702.7 |  | $ | 4,761.8 |
Cost of sales |  |  | 8,872.9 |  |  | — |  |  | — |  |  | 4,781.6 |  |  | 4,091.3 |
Gross profit |  |  | 1,591.6 |  |  | — |  |  | — |  |  | 921.1 |  |  | 670.5 |
Selling, general and administrative expenses |  |  | 1,223.7 |  |  | — |  |  | 12.2 |  |  | 682.9 |  |  | 528.6 |
Depreciation |  |  | 45.7 |  |  | — |  |  | 0.8 |  |  | 25.9 |  |  | 19.0 |
Operating income |  |  | 322.2 |  |  | — |  |  | (13.0) |  |  | 212.3 |  |  | 122.9 |
Floor plan interest expense |  |  | (29.2) |  |  | — |  |  | (2.1) |  |  | (18.1) |  |  | (9.0) |
Other interest expense |  |  | (51.4) |  |  | — |  |  | (34.3) |  |  | (4.3) |  |  | (12.8) |
Equity in earnings of affiliates |  |  | 40.0 |  |  | — |  |  | 37.7 |  |  | — |  |  | 2.3 |
Equity in earnings of subsidiaries |  |  | — |  |  | (292.3) |  |  | 292.3 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 281.6 |  |  | (292.3) |  |  | 280.6 |  |  | 189.9 |  |  | 103.4 |
Income taxes |  |  | (91.3) |  |  | 95.2 |  |  | (91.3) |  |  | (73.8) |  |  | (21.4) |
Income from continuing operations |  |  | 190.3 |  |  | (197.1) |  |  | 189.3 |  |  | 116.1 |  |  | 82.0 |
(Loss) income from discontinued operations, net of tax |  |  | (0.4) |  |  | 0.4 |  |  | (0.4) |  |  | (0.4) |  |  | — |
Net income |  |  | 189.9 |  |  | (196.7) |  |  | 188.9 |  |  | 115.7 |  |  | 82.0 |
Other comprehensive income (loss), net of tax |  |  | 66.6 |  |  | (61.1) |  |  | 66.6 |  |  | — |  |  | 61.1 |
Comprehensive income |  |  | 256.5 |  |  | (257.8) |  |  | 255.5 |  |  | 115.7 |  |  | 143.1 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.2 |  |  | (2.0) |  |  | 2.0 |  |  | — |  |  | 3.2 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 253.3 |  | $ | (255.8) |  | $ | 253.5 |  | $ | 115.7 |  | $ | 139.9 |
CONDENSED CONSOLIDATING STATEMENT OF INCOME Six Months Ended June 30, 2016
|  |  |  |  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  |  |  |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Eliminations |  | Group |  | Subsidiaries |  | Subsidiaries |
Revenues |  | $ | 10,078.7 |  | $ | — |  | $ | — |  | $ | 5,257.8 |  | $ | 4,820.9 |
Cost of sales |  |  | 8,583.6 |  |  | — |  |  | — |  |  | 4,435.5 |  |  | 4,148.1 |
Gross profit |  |  | 1,495.1 |  |  | — |  |  | — |  |  | 822.3 |  |  | 672.8 |
Selling, general and administrative expenses |  |  | 1,141.6 |  |  | — |  |  | 11.3 |  |  | 622.1 |  |  | 508.2 |
Depreciation |  |  | 45.3 |  |  | — |  |  | 0.8 |  |  | 22.5 |  |  | 22.0 |
Operating income |  |  | 308.2 |  |  | — |  |  | (12.1) |  |  | 177.7 |  |  | 142.6 |
Floor plan interest expense |  |  | (25.9) |  |  | — |  |  | (1.3) |  |  | (14.4) |  |  | (10.2) |
Other interest expense |  |  | (36.7) |  |  | — |  |  | (25.6) |  |  | (0.6) |  |  | (10.5) |
Equity in earnings of affiliates |  |  | 17.5 |  |  | — |  |  | 14.7 |  |  | — |  |  | 2.8 |
Equity in earnings of subsidiaries |  |  | — |  |  | (285.0) |  |  | 285.0 |  |  | — |  |  | — |
Income from continuing operations before income taxes |  |  | 263.1 |  |  | (285.0) |  |  | 260.7 |  |  | 162.7 |  |  | 124.7 |
Income taxes |  |  | (86.7) |  |  | 94.7 |  |  | (86.7) |  |  | (65.9) |  |  | (28.8) |
Income from continuing operations |  |  | 176.4 |  |  | (190.3) |  |  | 174.0 |  |  | 96.8 |  |  | 95.9 |
(Loss) income from discontinued operations, net of tax |  |  | (1.2) |  |  | 1.3 |  |  | (1.3) |  |  | (1.1) |  |  | (0.1) |
Net income |  |  | 175.2 |  |  | (189.0) |  |  | 172.7 |  |  | 95.7 |  |  | 95.8 |
Other comprehensive income (loss), net of tax |  |  | (54.3) |  |  | 56.0 |  |  | (54.3) |  |  | — |  |  | (56.0) |
Comprehensive income |  |  | 120.9 |  |  | (133.0) |  |  | 118.4 |  |  | 95.7 |  |  | 39.8 |
Less: Comprehensive income attributable to non-controlling interests |  |  | 3.2 |  |  | (0.8) |  |  | 0.8 |  |  | 0.1 |  |  | 3.1 |
Comprehensive income attributable to Penske Automotive Group common stockholders |  | $ | 117.7 |  | $ | (132.2) |  | $ | 117.6 |  | $ | 95.6 |  | $ | 36.7 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2017
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 320.5 |  | $ | (50.5) |  | $ | 252.6 |  | $ | 118.4 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (113.4) |  |  | (1.4) |  |  | (49.4) |  |  | (62.6) |
Acquisitions, net |  |  | (431.9) |  |  | — |  |  | (316.9) |  |  | (115.0) |
Other |  |  | 15.0 |  |  | 6.0 |  |  | 9.0 |  |  | — |
Net cash (used in) provided by continuing investing activities |  |  | (530.3) |  |  | 4.6 |  |  | (357.3) |  |  | (177.6) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Net borrowings of long-term debt |  |  | 137.9 |  |  | 83.0 |  |  | 10.8 |  |  | 44.1 |
Net borrowings of floor plan notes payable — non-trade |  |  | 131.3 |  |  | 29.6 |  |  | 80.2 |  |  | 21.5 |
Repurchases of common stock |  |  | (8.5) |  |  | (8.5) |  |  | — |  |  | — |
Dividends |  |  | (52.4) |  |  | (52.4) |  |  | — |  |  | — |
Other |  |  | (5.8) |  |  | (5.8) |  |  | — |  |  | — |
Distributions from (to) parent |  |  | — |  |  | — |  |  | 3.7 |  |  | (3.7) |
Net cash provided by continuing financing activities |  |  | 202.5 |  |  | 45.9 |  |  | 94.7 |  |  | 61.9 |
Net cash provided by discontinued operations |  |  | 2.5 |  |  | — |  |  | 2.5 |  |  | — |
Effect of exchange rate changes on cash and cash equivalents |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
Net change in cash and cash equivalents |  |  | (3.3) |  |  | — |  |  | (7.5) |  |  | 4.2 |
Cash and cash equivalents, beginning of period |  |  | 24.0 |  |  | — |  |  | 9.4 |  |  | 14.6 |
Cash and cash equivalents, end of period |  | $ | 20.7 |  | $ | — |  | $ | 1.9 |  | $ | 18.8 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six Months Ended June 30, 2016
|  |  |  |  | Penske |  |  |  |  |  |  |
|  | Total |  | Automotive |  | Guarantor |  | Non-Guarantor |
|  | Company |  | Group |  | Subsidiaries |  | Subsidiaries |
Net cash provided by (used in) continuing operating activities |  | $ | 270.6 |  | $ | (84.0) |  | $ | 109.5 |  | $ | 245.1 |
Investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of equipment and improvements |  |  | (136.7) |  |  | (0.4) |  |  | (149.9) |  |  | 13.6 |
Acquisitions, net |  |  | (65.4) |  |  | — |  |  | (65.1) |  |  | (0.3) |
Other |  |  | (25.0) |  |  | — |  |  | 0.4 |  |  | (25.4) |
Net cash used in continuing investing activities |  |  | (227.1) |  |  | (0.4) |  |  | (214.6) |  |  | (12.1) |
Financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of 5.50% senior subordinated notes |  |  | 500.0 |  |  | 500.0 |  |  | — |  |  | — |
Net (repayments) borrowings of long-term debt |  |  | (99.1) |  |  | (160.0) |  |  | 36.9 |  |  | 24.0 |
Net (repayments) borrowings of floor plan notes payable — non-trade |  |  | (163.0) |  |  | (149.7) |  |  | 209.3 |  |  | (222.6) |
Payment of debt issuance costs |  |  | (6.6) |  |  | (6.6) |  |  | — |  |  | — |
Repurchases of common stock |  |  | (173.6) |  |  | (173.6) |  |  | — |  |  | — |
Dividends |  |  | (46.4) |  |  | (46.4) |  |  | — |  |  | — |
Other |  |  | (15.9) |  |  | (6.1) |  |  | (5.2) |  |  | (4.6) |
Distributions from (to) parent |  |  | — |  |  | 126.8 |  |  | (125.0) |  |  | (1.8) |
Net cash (used in) provided by continuing financing activities |  |  | (4.6) |  |  | 84.4 |  |  | 116.0 |  |  | (205.0) |
Net cash provided by discontinued operations |  |  | 2.9 |  |  | — |  |  | 0.3 |  |  | 2.6 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (6.7) |  |  | — |  |  | — |  |  | (6.7) |
Net change in cash and cash equivalents |  |  | 35.1 |  |  | — |  |  | 11.2 |  |  | 23.9 |
Cash and cash equivalents, beginning of period |  |  | 62.4 |  |  | — |  |  | — |  |  | 62.4 |
Cash and cash equivalents, end of period |  | $ | 97.5 |  | $ | — |  | $ | 11.2 |  | $ | 86.3 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration