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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2017
Supplemental Guarantor Financial Information [Abstract] |
Supplemental Guarantor Financial Information Balance Sheets |
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2017
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 27.5 |  |  | $ | — |  |  | $ | 141.0 |  |  | $ | — |  |  | $ | 168.5 |
Receivables, net | 113.6 |  |  | — |  |  | 660.9 |  |  | — |  |  | 774.5 |
Intercompany receivables | — |  |  | 1.6 |  |  | 1,976.8 |  |  | (1,978.4 | ) |  | — |
Income taxes receivable | 21.7 |  |  | 0.7 |  |  | 6.9 |  |  | (3.8 | ) |  | 25.5 |
Inventories | 181.3 |  |  | — |  |  | 475.0 |  |  | — |  |  | 656.3 |
Other current assets | 182.1 |  |  | 3.4 |  |  | 4.4 |  |  | (145.0 | ) |  | 44.9 |
Total current assets | 526.2 |  |  | 5.7 |  |  | 3,265.0 |  |  | (2,127.2 | ) |  | 1,669.7 |
Property, plant and equipment, net | 509.2 |  |  | — |  |  | 3,150.0 |  |  | — |  |  | 3,659.2 |
Investment in subsidiaries | 6,068.3 |  |  | 3,769.8 |  |  | — |  |  | (9,838.1 | ) |  | — |
Deferred income taxes | 123.4 |  |  | — |  |  | 104.3 |  |  | (115.0 | ) |  | 112.7 |
Other assets | 50.0 |  |  | — |  |  | 587.2 |  |  | — |  |  | 637.2 |
Long-term receivables—affiliates | — |  |  | 2,227.6 |  |  | — |  |  | (2,227.6 | ) |  | — |
Intangible assets, net | 0.4 |  |  | 5.7 |  |  | 609.3 |  |  | — |  |  | 615.4 |
Goodwill | — |  |  | 966.3 |  |  | 1,152.7 |  |  | — |  |  | 2,119.0 |
Total assets | $ | 7,277.5 |  |  | $ | 6,975.1 |  |  | $ | 8,868.5 |  |  | $ | (14,307.9 | ) |  | $ | 8,813.2 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 0.8 |  |  | $ | 68.8 |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | 81.8 |
Accounts payable | 48.6 |  |  | — |  |  | 590.1 |  |  | (1.4 | ) |  | 637.3 |
Intercompany payables | 1,978.4 |  |  | — |  |  | — |  |  | (1,978.4 | ) |  | — |
Income taxes payable | — |  |  | — |  |  | 11.9 |  |  | (3.8 | ) |  | 8.1 |
Accrued liabilities | 130.7 |  |  | — |  |  | 272.5 |  |  | (145.0 | ) |  | 258.2 |
Total current liabilities | 2,158.5 |  |  | 68.8 |  |  | 886.7 |  |  | (2,128.6 | ) |  | 985.4 |
Long-term debt | 818.3 |  |  | 2,503.3 |  |  | 209.2 |  |  | — |  |  | 3,530.8 |
Accrued pension liability | 437.9 |  |  | — |  |  | 189.6 |  |  | — |  |  | 627.5 |
Deferred income taxes | — |  |  | 223.3 |  |  | 924.7 |  |  | (115.0 | ) |  | 1,033.0 |
Long-term payables—affiliates | 1,301.6 |  |  | — |  |  | 926.0 |  |  | (2,227.6 | ) |  | — |
Other liabilities | 289.6 |  |  | 6.5 |  |  | 68.8 |  |  | — |  |  | 364.9 |
Total liabilities | 5,005.9 |  |  | 2,801.9 |  |  | 3,205.0 |  |  | (4,471.2 | ) |  | 6,541.6 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Shareholders' equity: |  |  |  |  |  |  |  |  |
Common stock | 165.9 |  |  | — |  |  | 14.6 |  |  | (14.6 | ) |  | 165.9 |
Additional paid-in capital | 2,253.7 |  |  | 4,125.7 |  |  | 4,808.2 |  |  | (8,933.9 | ) |  | 2,253.7 |
Accumulated other comprehensive loss | (502.1 | ) |  | — |  |  | (5.1 | ) |  | 5.1 |  |  | (502.1 | )
Retained earnings | 354.1 |  |  | 47.5 |  |  | 845.8 |  |  | (893.3 | ) |  | 354.1 |
Total shareholders' equity | 2,271.6 |  |  | 4,173.2 |  |  | 5,663.5 |  |  | (9,836.7 | ) |  | 2,271.6 |
Total liabilities and shareholders' equity | $ | 7,277.5 |  |  | $ | 6,975.1 |  |  | $ | 8,868.5 |  |  | $ | (14,307.9 | ) |  | $ | 8,813.2 |
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2016
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 25.2 |  |  | $ | — |  |  | $ | 159.3 |  |  | $ | — |  |  | $ | 184.5 |
Receivables, net | 88.3 |  |  | — |  |  | 586.7 |  |  | — |  |  | 675.0 |
Intercompany receivables | — |  |  | — |  |  | 1,912.3 |  |  | (1,912.3 | ) |  | — |
Income taxes receivable | 19.0 |  |  | — |  |  | 7.3 |  |  | (0.8 | ) |  | 25.5 |
Inventories | 167.7 |  |  | — |  |  | 462.7 |  |  | — |  |  | 630.4 |
Other current assets | 164.7 |  |  | 3.4 |  |  | 1.2 |  |  | (138.5 | ) |  | 30.8 |
Total current assets | 464.9 |  |  | 3.4 |  |  | 3,129.5 |  |  | (2,051.6 | ) |  | 1,546.2 |
Property, plant and equipment, net | 510.1 |  |  | — |  |  | 3,194.8 |  |  | — |  |  | 3,704.9 |
Investment in subsidiaries | 6,035.2 |  |  | 3,734.7 |  |  | — |  |  | (9,769.9 | ) |  | — |
Deferred income taxes | 133.5 |  |  | — |  |  | 103.5 |  |  | (117.5 | ) |  | 119.5 |
Other assets | 48.1 |  |  | — |  |  | 596.3 |  |  | — |  |  | 644.4 |
Long-term receivables—affiliates | — |  |  | 2,194.2 |  |  | — |  |  | (2,194.2 | ) |  | — |
Intangible assets, net | 0.4 |  |  | 5.7 |  |  | 623.5 |  |  | — |  |  | 629.6 |
Goodwill | — |  |  | 966.3 |  |  | 1,151.7 |  |  | — |  |  | 2,118.0 |
Total assets | $ | 7,192.2 |  |  | $ | 6,904.3 |  |  | $ | 8,799.3 |  |  | $ | (14,133.2 | ) |  | $ | 8,762.6 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 0.6 |  |  | $ | 67.5 |  |  | $ | 12.4 |  |  | $ | — |  |  | $ | 80.5 |
Accounts payable | 45.3 |  |  | — |  |  | 527.4 |  |  | (1.9 | ) |  | 570.8 |
Intercompany payables | 1,882.8 |  |  | 29.5 |  |  | — |  |  | (1,912.3 | ) |  | — |
Income taxes payable | — |  |  | — |  |  | 8.3 |  |  | (0.8 | ) |  | 7.5 |
Accrued liabilities | 124.9 |  |  | — |  |  | 277.5 |  |  | (138.6 | ) |  | 263.8 |
Total current liabilities | 2,053.6 |  |  | 97.0 |  |  | 825.6 |  |  | (2,053.6 | ) |  | 922.6 |
Long-term debt | 913.9 |  |  | 2,413.3 |  |  | 209.9 |  |  | — |  |  | 3,537.1 |
Accrued pension liability | 453.7 |  |  | — |  |  | 184.4 |  |  | — |  |  | 638.1 |
Deferred income taxes | — |  |  | 223.6 |  |  | 926.4 |  |  | (117.5 | ) |  | 1,032.5 |
Long-term payables—affiliates | 1,209.1 |  |  | — |  |  | 985.1 |  |  | (2,194.2 | ) |  | — |
Other liabilities | 288.9 |  |  | 6.6 |  |  | 63.8 |  |  | — |  |  | 359.3 |
Total liabilities | 4,919.2 |  |  | 2,740.5 |  |  | 3,195.2 |  |  | (4,365.3 | ) |  | 6,489.6 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Shareholders' equity: |  |  |  |  |  |  |  |  |
Common stock | 165.4 |  |  | — |  |  | 14.6 |  |  | (14.6 | ) |  | 165.4 |
Additional paid-in capital | 2,243.8 |  |  | 4,125.7 |  |  | 4,808.2 |  |  | (8,933.9 | ) |  | 2,243.8 |
Accumulated other comprehensive loss | (510.0 | ) |  | — |  |  | (7.0 | ) |  | 7.0 |  |  | (510.0 | )
Retained earnings | 373.8 |  |  | 38.1 |  |  | 788.3 |  |  | (826.4 | ) |  | 373.8 |
Total shareholders' equity | 2,273.0 |  |  | 4,163.8 |  |  | 5,604.1 |  |  | (9,767.9 | ) |  | 2,273.0 |
Total liabilities and shareholders' equity | $ | 7,192.2 |  |  | $ | 6,904.3 |  |  | $ | 8,799.3 |  |  | $ | (14,133.2 | ) |  | $ | 8,762.6 |
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2016
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 19.8 |  |  | $ | — |  |  | $ | 295.8 |  |  | $ | — |  |  | $ | 315.6 |
Receivables, net | 119.3 |  |  | — |  |  | 693.9 |  |  | — |  |  | 813.2 |
Intercompany receivables | — |  |  | 67.1 |  |  | 1,416.4 |  |  | (1,483.5 | ) |  | — |
Income taxes receivable | 31.1 |  |  | — |  |  | 5.2 |  |  | — |  |  | 36.3 |
Inventories | 173.3 |  |  | — |  |  | 506.2 |  |  | — |  |  | 679.5 |
Other current assets | 150.7 |  |  | 5.0 |  |  | 6.2 |  |  | (129.1 | ) |  | 32.8 |
Total current assets | 494.2 |  |  | 72.1 |  |  | 2,923.7 |  |  | (1,612.6 | ) |  | 1,877.4 |
Property, plant and equipment, net | 501.4 |  |  | — |  |  | 3,357.6 |  |  | — |  |  | 3,859.0 |
Investment in subsidiaries | 5,970.8 |  |  | 3,675.2 |  |  | — |  |  | (9,646.0 | ) |  | — |
Deferred income taxes | 177.3 |  |  | — |  |  | 2.6 |  |  | (72.5 | ) |  | 107.4 |
Other assets | 42.8 |  |  | — |  |  | 421.0 |  |  | — |  |  | 463.8 |
Long-term receivables—affiliates | — |  |  | 2,271.5 |  |  | — |  |  | (2,271.5 | ) |  | — |
Intangible assets, net | 0.1 |  |  | — |  |  | 663.1 |  |  | — |  |  | 663.2 |
Goodwill | — |  |  | 985.4 |  |  | 1,160.7 |  |  | — |  |  | 2,146.1 |
Total assets | $ | 7,186.6 |  |  | $ | 7,004.2 |  |  | $ | 8,528.7 |  |  | $ | (13,602.6 | ) |  | $ | 9,116.9 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Current installments of long-term debt | $ | 125.4 |  |  | $ | 67.5 |  |  | $ | 12.2 |  |  | $ | — |  |  | $ | 205.1 |
Accounts payable | 45.9 |  |  | — |  |  | 432.2 |  |  | — |  |  | 478.1 |
Intercompany payables | 1,483.5 |  |  | — |  |  | — |  |  | (1,483.5 | ) |  | — |
Income taxes payable | — |  |  | — |  |  | 14.1 |  |  | — |  |  | 14.1 |
Accrued liabilities | 267.8 |  |  | — |  |  | 213.6 |  |  | (129.1 | ) |  | 352.3 |
Total current liabilities | 1,922.6 |  |  | 67.5 |  |  | 672.1 |  |  | (1,612.6 | ) |  | 1,049.6 |
Long-term debt | 1,135.2 |  |  | 2,480.3 |  |  | 12.4 |  |  | — |  |  | 3,627.9 |
Accrued pension liability | 182.4 |  |  | — |  |  | 452.8 |  |  | — |  |  | 635.2 |
Deferred income taxes | 10.7 |  |  | 296.2 |  |  | 856.6 |  |  | (72.5 | ) |  | 1,091.0 |
Long-term payables—affiliates | 1,291.8 |  |  | — |  |  | 979.7 |  |  | (2,271.5 | ) |  | — |
Other liabilities | 271.1 |  |  | — |  |  | 69.3 |  |  | — |  |  | 340.4 |
Total liabilities | 4,813.8 |  |  | 2,844.0 |  |  | 3,042.9 |  |  | (3,956.6 | ) |  | 6,744.1 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
Shareholders' equity: |  |  |  |  |  |  |  |  |
Common stock | 165.2 |  |  | — |  |  | 14.6 |  |  | (14.6 | ) |  | 165.2 |
Additional paid-in capital | 2,238.9 |  |  | 4,146.1 |  |  | 4,790.3 |  |  | (8,936.4 | ) |  | 2,238.9 |
Accumulated other comprehensive loss | (470.2 | ) |  | — |  |  | (7.2 | ) |  | 7.2 |  |  | (470.2 | )
Retained earnings | 438.9 |  |  | 14.1 |  |  | 688.1 |  |  | (702.2 | ) |  | 438.9 |
Total shareholders' equity | 2,372.8 |  |  | 4,160.2 |  |  | 5,485.8 |  |  | (9,646.0 | ) |  | 2,372.8 |
Total liabilities and shareholders' equity | $ | 7,186.6 |  |  | $ | 7,004.2 |  |  | $ | 8,528.7 |  |  | $ | (13,602.6 | ) |  | $ | 9,116.9 |
Supplemental Guarantor Financial Information Statement of Operations |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Sales | $ | 314.8 |  |  | $ | — |  |  | $ | 1,360.4 |  |  | $ | (108.1 | ) |  | $ | 1,567.1 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of goods sold | 274.8 |  |  | — |  |  | 1,227.0 |  |  | (108.1 | ) |  | 1,393.7 |
Selling and administration | 41.1 |  |  | — |  |  | 47.1 |  |  | — |  |  | 88.2 |
Restructuring charges | — |  |  | — |  |  | 8.2 |  |  | — |  |  | 8.2 |
Acquisition-related costs | 7.0 |  |  | — |  |  | — |  |  | — |  |  | 7.0 |
Other operating (expense) income | (0.5 | ) |  | — |  |  | 0.1 |  |  | — |  |  | (0.4 | )
Operating income | (8.6 | ) |  | — |  |  | 78.2 |  |  | — |  |  | 69.6 |
Earnings of non-consolidated affiliates | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Equity income (loss) in subsidiaries | 22.5 |  |  | 35.1 |  |  | — |  |  | (57.6 | ) |  | — |
Interest expense | 12.0 |  |  | 40.9 |  |  | 0.9 |  |  | (1.4 | ) |  | 52.4 |
Interest income | 0.7 |  |  | — |  |  | 0.9 |  |  | (1.4 | ) |  | 0.2 |
Income (loss) before taxes | 3.1 |  |  | (5.8 | ) |  | 78.2 |  |  | (57.6 | ) |  | 17.9 |
Income tax (benefit) provision | (6.6 | ) |  | (15.2 | ) |  | 26.3 |  |  | — |  |  | 4.5 |
Net income (loss) | $ | 9.7 |  |  | $ | 9.4 |  |  | $ | 51.9 |  |  | $ | (57.6 | ) |  | $ | 13.4 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Three Months Ended March 31, 2016
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Sales | $ | 320.7 |  |  | $ | — |  |  | $ | 1,141.3 |  |  | $ | (113.8 | ) |  | $ | 1,348.2 |
Operating expenses: |  |  |  |  |  |  |  |  |
Cost of goods sold | 275.3 |  |  | — |  |  | 1,013.9 |  |  | (113.8 | ) |  | 1,175.4 |
Selling and administration | 36.8 |  |  | — |  |  | 51.3 |  |  | — |  |  | 88.1 |
Restructuring charges | 0.3 |  |  | — |  |  | 92.5 |  |  | — |  |  | 92.8 |
Acquisition-related costs | 10.2 |  |  | — |  |  | — |  |  | — |  |  | 10.2 |
Other operating (expense) income | (0.5 | ) |  | — |  |  | 11.4 |  |  | — |  |  | 10.9 |
Operating income (loss) | (2.4 | ) |  | — |  |  | (5.0 | ) |  | — |  |  | (7.4 | )
Earnings of non-consolidated affiliates | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Equity (loss) income in subsidiaries | (28.8 | ) |  | 43.6 |  |  | — |  |  | (14.8 | ) |  | — |
Interest expense | 10.7 |  |  | 38.2 |  |  | 1.0 |  |  | (1.4 | ) |  | 48.5 |
Interest income | 0.8 |  |  | — |  |  | 0.9 |  |  | (1.4 | ) |  | 0.3 |
Income (loss) before taxes | (40.9 | ) |  | 5.4 |  |  | (5.1 | ) |  | (14.8 | ) |  | (55.4 | )
Income tax (benefit) provision | (3.0 | ) |  | (13.3 | ) |  | (1.2 | ) |  | — |  |  | (17.5 | )
Net (loss) income | $ | (37.9 | ) |  | $ | 18.7 |  |  | $ | (3.9 | ) |  | $ | (14.8 | ) |  | $ | (37.9 | )
Supplemental Guarantor Financial Information Statements Of Comprehensive Income |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Net income (loss) | $ | 9.7 |  |  | $ | 9.4 |  |  | $ | 51.9 |  |  | $ | (57.6 | ) |  | $ | 13.4 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments, net | — |  |  | — |  |  | 6.0 |  |  | — |  |  | 6.0 |
Unrealized losses on derivative contracts, net | (2.0 | ) |  | — |  |  | — |  |  | — |  |  | (2.0 | )
Amortization of prior service costs and actuarial losses, net | 3.7 |  |  | — |  |  | 0.2 |  |  | — |  |  | 3.9 |
Total other comprehensive income, net of tax | 1.7 |  |  | — |  |  | 6.2 |  |  | — |  |  | 7.9 |
Comprehensive income (loss) | $ | 11.4 |  |  | $ | 9.4 |  |  | $ | 58.1 |  |  | $ | (57.6 | ) |  | $ | 21.3 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended March 31, 2016
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Net (loss) income | $ | (37.9 | ) |  | $ | 18.7 |  |  | $ | (3.9 | ) |  | $ | (14.8 | ) |  | $ | (37.9 | )
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments, net | — |  |  | — |  |  | 15.5 |  |  | — |  |  | 15.5 |
Unrealized gains on derivative contracts, net | 3.0 |  |  | — |  |  | — |  |  | — |  |  | 3.0 |
Amortization of prior service costs and actuarial losses, net | 3.3 |  |  | — |  |  | 0.5 |  |  | — |  |  | 3.8 |
Total other comprehensive income, net of tax | 6.3 |  |  | — |  |  | 16.0 |  |  | — |  |  | 22.3 |
Comprehensive (loss) income | $ | (31.6 | ) |  | $ | 18.7 |  |  | $ | 12.1 |  |  | $ | (14.8 | ) |  | $ | (15.6 | )
Supplemental Guarantor Financial Information Statements Of Cash Flows |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2017
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Net operating activities | $ | 59.6 |  |  | $ | — |  |  | $ | 40.3 |  |  | $ | — |  |  | $ | 99.9 |
Investing Activities |  |  |  |  |  |  |  |  |
Capital expenditures | (24.1 | ) |  | — |  |  | (58.9 | ) |  | — |  |  | (83.0 | )
Net investing activities | (24.1 | ) |  | — |  |  | (58.9 | ) |  | — |  |  | (83.0 | )
Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt: |  |  |  |  |  |  |  |  |
Borrowings | 500.0 |  |  | 1,375.0 |  |  | — |  |  | — |  |  | 1,875.0 |
Repayments | (590.2 | ) |  | (1,282.5 | ) |  | — |  |  | — |  |  | (1,872.7 | )
Stock options exercised | 8.8 |  |  | — |  |  | — |  |  | — |  |  | 8.8 |
Dividends paid | (33.1 | ) |  | — |  |  | — |  |  | — |  |  | (33.1 | )
Debt issuance costs | (8.3 | ) |  | (2.9 | ) |  | — |  |  | — |  |  | (11.2 | )
Intercompany financing activities | 89.6 |  |  | (89.6 | ) |  | — |  |  | — |  |  | — |
Net financing activities | (33.2 | ) |  | — |  |  | — |  |  | — |  |  | (33.2 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 0.3 |  |  | — |  |  | 0.3 |
Net decrease in cash and cash equivalents | 2.3 |  |  | — |  |  | (18.3 | ) |  | — |  |  | (16.0 | )
Cash and cash equivalents, beginning of period | 25.2 |  |  | — |  |  | 159.3 |  |  | — |  |  | 184.5 |
Cash and cash equivalents, end of period | $ | 27.5 |  |  | $ | — |  |  | $ | 141.0 |  |  | $ | — |  |  | $ | 168.5 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2016
(In millions)
(Unaudited)
| Parent Guarantor |  | Issuer |  | Subsidiary Non-Guarantor |  | Eliminations |  | Total
Net operating activities | $ | (35.5 | ) |  | $ | — |  |  | $ | 82.5 |  |  | $ | — |  |  | $ | 47.0 |
Investing Activities |  |  |  |  |  |  |  |  |
Capital expenditures | (16.2 | ) |  | — |  |  | (59.9 | ) |  | — |  |  | (76.1 | )
Proceeds from disposition of property, plant and equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Proceeds from disposition of affiliated companies | 2.2 |  |  | — |  |  | — |  |  | — |  |  | 2.2 |
Net investing activities | (14.0 | ) |  | — |  |  | (59.8 | ) |  | — |  |  | (73.8 | )
Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt repayments | (0.2 | ) |  | (16.9 | ) |  | — |  |  | — |  |  | (17.1 | )
Dividends paid | (33.0 | ) |  | — |  |  | — |  |  | — |  |  | (33.0 | )
Intercompany financing activities | (16.9 | ) |  | 16.9 |  |  | — |  |  | — |  |  | — |
Net financing activities | (50.1 | ) |  | — |  |  | — |  |  | — |  |  | (50.1 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.5 |
Net (decrease) increase in cash and cash equivalents | (99.6 | ) |  | — |  |  | 23.2 |  |  | — |  |  | (76.4 | )
Cash and cash equivalents, beginning of period | 119.4 |  |  | — |  |  | 272.6 |  |  | — |  |  | 392.0 |
Cash and cash equivalents, end of period | $ | 19.8 |  |  | $ | — |  |  | $ | 295.8 |  |  | $ | — |  |  | $ | 315.6 |

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