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Guarantee Of Registered Securities | 3 Months Ended
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Mar. 31, 2020
Guarantees [Abstract] |
Guarantee Of Registered Securities | In connection with the Pride acquisition, Valaris and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Valaris of Pride’s 6.875% senior notes due 2020 and 7.875% senior notes due 2040, which had an aggregate outstanding principal balance of $422.9 million as of March 31, 2020. The Valaris guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Valaris is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by Ensco International Incorporated in November 1997, which had an aggregate outstanding principal balance of $112.1 million as of March 31, 2020. Pride and Ensco International Incorporated are 100% owned subsidiaries of Valaris. All guarantees are unsecured obligations of Valaris ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three-month periods ended March 31, 2020 and 2019; the unaudited condensed consolidating statements of comprehensive income (loss) for the three-month periods ended March 31, 2020 and 2019; the condensed consolidating balance sheets as of March 31, 2020 (unaudited) and December 31, 2019; and the unaudited condensed consolidating statements of cash flows for the three-month periods ended March 31, 2020 and 2019, in accordance with Rule 3-10 of Regulation S-X.
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 17.3 |  |  | $ | 47.0 |  |  | $ | — |  |  | $ | 493.3 |  |  | $ | (101.0 | ) |  | $ | 456.6 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 20.6 |  |  | 43.1 |  |  | — |  |  | 513.3 |  |  | (101.0 | ) |  | 476.0 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 2,808.2 |  |  | — |  |  | 2,808.2 |
Depreciation | — |  |  | 4.6 |  |  | — |  |  | 159.9 |  |  | — |  |  | 164.5 |
General and administrative | 20.2 |  |  | 11.5 |  |  | — |  |  | 21.7 |  |  | — |  |  | 53.4 |
Total operating expenses | 40.8 |  |  | 59.2 |  |  | — |  |  | 3,503.1 |  |  | (101.0 | ) |  | 3,502.1 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (6.3 | ) |  | — |  |  | (6.3 | )
OPERATING LOSS | (23.5 | ) |  | (12.2 | ) |  | — |  |  | (3,016.1 | ) |  | — |  |  | (3,051.8 | )
OTHER INCOME (EXPENSE), NET | 345.1 |  |  | .2 |  |  | (19.5 | ) |  | (438.1 | ) |  | 4.4 |  |  | (107.9 | )
INCOME (LOSS) BEFORE INCOME TAXES | 321.6 |  |  | (12.0 | ) |  | (19.5 | ) |  | (3,454.2 | ) |  | 4.4 |  |  | (3,159.7 | )
INCOME TAX BENEFIT | — |  |  | (11.6 | ) |  | — |  |  | (140.4 | ) |  | — |  |  | (152.0 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (3,327.9 | ) |  | (84.6 | ) |  | 5.6 |  |  | — |  |  | 3,406.9 |  |  | — |
NET LOSS | (3,006.3 | ) |  | (85.0 | ) |  | (13.9 | ) |  | (3,313.8 | ) |  | 3,411.3 |  |  | (3,007.7 | )
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
NET LOSS ATTRIBUTABLE TO VALARIS | $ | (3,006.3 | ) |  | $ | (85.0 | ) |  | $ | (13.9 | ) |  | $ | (3,312.4 | ) |  | $ | 3,411.3 |  |  | $ | (3,006.3 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 11.4 |  |  | $ | 39.5 |  |  | $ | — |  |  | $ | 430.4 |  |  | $ | (75.4 | ) |  | $ | 405.9 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 11.7 |  |  | 35.7 |  |  | — |  |  | 360.6 |  |  | (75.4 | ) |  | 332.6 |
Depreciation | — |  |  | 3.7 |  |  | — |  |  | 121.3 |  |  | — |  |  | 125.0 |
General and administrative | 14.9 |  |  | .1 |  |  | — |  |  | 14.6 |  |  | — |  |  | 29.6 |
OPERATING LOSS | (15.2 | ) |  | — |  |  | — |  |  | (66.1 | ) |  | — |  |  | (81.3 | )
OTHER EXPENSE, NET | (16.1 | ) |  | (15.4 | ) |  | (20.5 | ) |  | (27.3 | ) |  | 4.1 |  |  | (75.2 | )
LOSS BEFORE INCOME TAXES | (31.3 | ) |  | (15.4 | ) |  | (20.5 | ) |  | (93.4 | ) |  | 4.1 |  |  | (156.5 | )
INCOME TAX PROVISION | — |  |  | 16.6 |  |  | — |  |  | 14.9 |  |  | — |  |  | 31.5 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (159.1 | ) |  | 32.1 |  |  | 26.1 |  |  | — |  |  | 100.9 |  |  | — |
NET INCOME (LOSS) | (190.4 | ) |  | .1 |  |  | 5.6 |  |  | (108.3 | ) |  | 105.0 |  |  | (188.0 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.4 | ) |  | — |  |  | (2.4 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (190.4 | ) |  | $ | .1 |  |  | $ | 5.6 |  |  | $ | (110.7 | ) |  | $ | 105.0 |  |  | $ | (190.4 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended March 31, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS | $ | (3,006.3 | ) |  | $ | (85.0 | ) |  | $ | (13.9 | ) |  | $ | (3,313.8 | ) |  | $ | 3,411.3 |  |  | $ | (3,007.7 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (12.9 | ) |  | — |  |  | — |  |  | — |  |  | (12.9 | )
Reclassification of net gains on derivative instruments from other comprehensive loss to net loss | — |  |  | (.1 | ) |  | — |  |  | — |  |  | — |  |  | (.1 | )
Other | — |  |  | — |  |  | — |  |  | (.4 | ) |  | — |  |  | (.4 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (13.0 | ) |  | — |  |  | (.4 | ) |  | — |  |  | (13.4 | )
COMPREHENSIVE LOSS | (3,006.3 | ) |  | (98.0 | ) |  | (13.9 | ) |  | (3,314.2 | ) |  | 3,411.3 |  |  | (3,021.1 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS | $ | (3,006.3 | ) |  | $ | (98.0 | ) |  | $ | (13.9 | ) |  | $ | (3,312.8 | ) |  | $ | 3,411.3 |  |  | $ | (3,019.7 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (190.4 | ) |  | $ | .1 |  |  | $ | 5.6 |  |  | $ | (108.3 | ) |  | $ | 105.0 |  |  | $ | (188.0 | )
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |  |
Reclassification of net losses on derivative instruments from other comprehensive income into net loss | — |  |  | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Other | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
NET OTHER COMPREHENSIVE INCOME (LOSS) | — |  |  | 1.6 |  |  | — |  |  | (.1 | ) |  | — |  |  | 1.5 |
COMPREHENSIVE INCOME (LOSS) | (190.4 | ) |  | 1.7 |  |  | 5.6 |  |  | (108.4 | ) |  | 105.0 |  |  | (186.5 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.4 | ) |  | — |  |  | (2.4 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (190.4 | ) |  | $ | 1.7 |  |  | $ | 5.6 |  |  | $ | (110.8 | ) |  | $ | 105.0 |  |  | $ | (188.9 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 137.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 47.1 |  |  | $ | — |  |  | $ | 184.9 |
Accounts receivable, net | .2 |  |  | 25.5 |  |  | — |  |  | 467.5 |  |  | — |  |  | 493.2 |
Accounts receivable from affiliates | 4,148.4 |  |  | 213.6 |  |  | .7 |  |  | 1,123.4 |  |  | (5,486.1 | ) |  | — |
Other | 1.5 |  |  | 4.1 |  |  | — |  |  | 421.9 |  |  | — |  |  | 427.5 |
Total current assets | 4,287.9 |  |  | 243.2 |  |  | .7 |  |  | 2,059.9 |  |  | (5,486.1 | ) |  | 1,105.6 |
PROPERTY AND EQUIPMENT, AT COST | 1.9 |  |  | 109.5 |  |  | — |  |  | 14,350.5 |  |  | — |  |  | 14,461.9 |
Less accumulated depreciation | 1.9 |  |  | 89.3 |  |  | — |  |  | 2,213.5 |  |  | — |  |  | 2,304.7 |
Property and equipment, net | — |  |  | 20.2 |  |  | — |  |  | 12,137.0 |  |  | — |  |  | 12,157.2 |
SHAREHOLDER NOTE FROM ARO | — |  |  | — |  |  | — |  |  | 452.9 |  |  | — |  |  | 452.9 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 122.4 |  |  | — |  |  | 122.4 |
DUE FROM AFFILIATES | 1,599.5 |  |  | 217.3 |  |  | 39.0 |  |  | 4,660.1 |  |  | (6,515.9 | ) |  | — |
INVESTMENTS IN AFFILIATES | 10,115.2 |  |  | 704.2 |  |  | 1,230.5 |  |  | — |  |  | (12,049.9 | ) |  | — |
OTHER ASSETS | 1.2 |  |  | 3.0 |  |  | — |  |  | 182.8 |  |  | — |  |  | 187.0 |
| $ | 16,003.8 |  |  | $ | 1,187.9 |  |  | $ | 1,270.2 |  |  | $ | 19,615.1 |  |  | $ | (24,051.9 | ) |  | $ | 14,025.1 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 95.9 |  |  | $ | 25.2 |  |  | $ | 4.2 |  |  | $ | 535.4 |  |  | $ | — |  |  | $ | 660.7 |
Accounts payable to affiliates | 1,041.1 |  |  | 190.4 |  |  | 785.3 |  |  | 3,469.3 |  |  | (5,486.1 | ) |  | $ | — |
Current maturities of long-term debt | $ | 100.5 |  |  | $ | — |  |  | $ | 124.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 224.5 |
Total current liabilities | 1,237.5 |  |  | 215.6 |  |  | 913.5 |  |  | 4,004.7 |  |  | (5,486.1 | ) |  | 885.2 |
DUE TO AFFILIATES | 3,526.0 |  |  | 488.2 |  |  | 645.9 |  |  | 1,855.8 |  |  | (6,515.9 | ) |  | — |
LONG-TERM DEBT | 4,944.7 |  |  | 111.7 |  |  | 372.9 |  |  | 719.3 |  |  | — |  |  | 6,148.6 |
OTHER LIABILITIES | — |  |  | 326.2 |  |  | — |  |  | 369.5 |  |  | — |  |  | 695.7 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 6,295.6 |  |  | 46.2 |  |  | (662.1 | ) |  | 12,668.5 |  |  | (12,049.9 | ) |  | 6,298.3 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.7 | ) |  | — |  |  | (2.7 | )
Total equity (deficit) | 6,295.6 |  |  | 46.2 |  |  | (662.1 | ) |  | 12,665.8 |  |  | (12,049.9 | ) |  | 6,295.6 |
| $ | 16,003.8 |  |  | $ | 1,187.9 |  |  | $ | 1,270.2 |  |  | $ | 19,615.1 |  |  | $ | (24,051.9 | ) |  | $ | 14,025.1 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2019 (In millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 21.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 75.7 |  |  | $ | — |  |  | $ | 97.2 |
Accounts receivable, net | 0.2 |  |  | 19.7 |  |  | — |  |  | 500.8 |  |  | — |  |  | 520.7 |
Accounts receivable from affiliates | 4,031.4 |  |  | 386.0 |  |  | — |  |  | 897.2 |  |  | (5,314.6 | ) |  | — |
Other | .6 |  |  | 11.6 |  |  | — |  |  | 434.3 |  |  | — |  |  | 446.5 |
Total current assets | 4,053.7 |  |  | 417.3 |  |  | — |  |  | 1,908.0 |  |  | (5,314.6 | ) |  | 1,064.4 |
PROPERTY AND EQUIPMENT, AT COST | 1.9 |  |  | 108.8 |  |  | — |  |  | 18,283.1 |  |  | — |  |  | 18,393.8 |
Less accumulated depreciation | 1.9 |  |  | 84.7 |  |  | — |  |  | 3,210.3 |  |  | — |  |  | 3,296.9 |
Property and equipment, net | — |  |  | 24.1 |  |  | — |  |  | 15,072.8 |  |  | — |  |  | 15,096.9 |
SHAREHOLDER NOTE FROM ARO | — |  |  | — |  |  | — |  |  | 452.9 |  |  | — |  |  | 452.9 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 128.7 |  |  | — |  |  | 128.7 |
DUE FROM AFFILIATES | 73.8 |  |  | — |  |  | 38.9 |  |  | 1,775.7 |  |  | (1,888.4 | ) |  | — |
INVESTMENTS IN AFFILIATES | 9,778.5 |  |  | 788.8 |  |  | 1,224.9 |  |  | — |  |  | (11,792.2 | ) |  | — |
OTHER ASSETS | 7.9 |  |  | 3.8 |  |  | — |  |  | 182.6 |  |  | (6.0 | ) |  | 188.3 |
| $ | 13,913.9 |  |  | $ | 1,234.0 |  |  | $ | 1,263.8 |  |  | $ | 19,520.7 |  |  | $ | (19,001.2 | ) |  | $ | 16,931.2 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 99.2 |  |  | $ | 29.3 |  |  | $ | 12.2 |  |  | $ | 565.2 |  |  | $ | — |  |  | $ | 705.9 |
Accounts payable to affiliates | 818.8 |  |  | 147.8 |  |  | 815.1 |  |  | 3,532.9 |  |  | (5,314.6 | ) |  | — |
Current maturities of long - term debt | — |  |  | — |  |  | 124.8 |  |  | — |  |  | — |  |  | 124.8 |
Total current liabilities | 918.0 |  |  | 177.1 |  |  | 952.1 |  |  | 4,098.1 |  |  | (5,314.6 | ) |  | 830.7 |
DUE TO AFFILIATES | 710.3 |  |  | 478.8 |  |  | 586.6 |  |  | 112.7 |  |  | (1,888.4 | ) |  | — |
LONG-TERM DEBT | 2,990.6 |  |  | 111.7 |  |  | 373.3 |  |  | 2,447.9 |  |  | — |  |  | 5,923.5 |
OTHER LIABILITIES | (14.6 | ) |  | 90.6 |  |  | — |  |  | 797.4 |  |  | (6.0 | ) |  | 867.4 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 9,309.6 |  |  | 375.8 |  |  | (648.2 | ) |  | 12,065.9 |  |  | (11,792.2 | ) |  | 9,310.9 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.3 | ) |  | — |  |  | (1.3 | )
Total equity (deficit) | 9,309.6 |  |  | 375.8 |  |  | (648.2 | ) |  | 12,064.6 |  |  | (11,792.2 | ) |  | 9,309.6 |
| $ | 13,913.9 |  |  | $ | 1,234.0 |  |  | $ | 1,263.8 |  |  | $ | 19,520.7 |  |  | $ | (19,001.2 | ) |  | $ | 16,931.2 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (88.3 | ) |  | $ | 226.2 |  |  | $ | (28.7 | ) |  | $ | (313.6 | ) |  | $ | — |  |  | $ | (204.4 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (36.3 | ) |  | — |  |  | (36.3 | )
Proceeds from disposition of assets | — |  |  | — |  |  | — |  |  | 10.4 |  |  | — |  |  | 10.4 |
Net cash used in investing activities | — |  |  | — |  |  | — |  |  | (25.9 | ) |  | — |  |  | (25.9 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on credit facility | 343.9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 343.9 |
Advances from (to) affiliates | (113.7 | ) |  | (226.2 | ) |  | 28.7 |  |  | 311.2 |  |  | — |  |  | — |
Repayments of credit facility borrowings | (15.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (15.0 | )
Reduction of long -term borrowings | (9.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.7 | )
Other | (.9 | ) |  | — |  |  | — |  |  |  |  |  | — |  |  | (.9 | )
Net cash provided by (used in) financing activities | 204.6 |  |  | (226.2 | ) |  | 28.7 |  |  | 311.2 |  |  | — |  |  | 318.3 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  |  |  |  | (.3 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 116.3 |  |  | — |  |  | — |  |  | (28.6 | ) |  | — |  |  | 87.7 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21.5 |  |  | — |  |  | — |  |  | 75.7 |  |  | — |  |  | 97.2 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 137.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 47.1 |  |  | $ | — |  |  | $ | 184.9 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | (45.9 | ) |  | $ | (43.0 | ) |  | $ | (55.2 | ) |  | $ | 119.7 |  |  | $ | — |  |  | $ | (24.4 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturities of short-term investments | 204.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 204.0 |
Purchases of short-term investments | (120.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (120.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (29.0 | ) |  | — |  |  | (29.0 | )
Other | — |  |  | — |  |  | — |  |  | .3 |  |  | — |  |  | .3 |
Net cash provided by (used in) investing activities | 84.0 |  |  | — |  |  | — |  |  | (28.7 | ) |  | — |  |  | 55.3 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Advances from (to) affiliates | 15.3 |  |  | 43.0 |  |  | 54.8 |  |  | (113.1 | ) |  | — |  |  | — |
Other | (2.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.8 | )
Net cash provided by (used in) financing activities | 8.0 |  |  | 43.0 |  |  | 54.8 |  |  | (113.1 | ) |  | — |  |  | (7.3 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | (.3 | )
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 46.1 |  |  | — |  |  | (.4 | ) |  | (22.4 | ) |  | — |  |  | 23.3 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 199.8 |  |  | — |  |  | 2.7 |  |  | 72.6 |  |  | — |  |  | 275.1 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 245.9 |  |  | $ | — |  |  | $ | 2.3 |  |  | $ | 50.2 |  |  | $ | — |  |  | $ | 298.4 |

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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