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Condensed Consolidating Supplemental Guarantor Information (Notes) | 12 Months Ended
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Dec. 31, 2019
Condensed Consolidating Supplemental Guarantor Information [Abstract] |
Condensed Consolidating Supplemental Guarantor Information | 17. GUARANTOR FINANCIAL INFORMATION The Company's 5.00% Notes and 6.375% Notes are guaranteed by the Company's subsidiary, NCR International, Inc. (Guarantor Subsidiary), which is 100% owned by the Company and has guaranteed fully and unconditionally the obligations to pay principal and interest for these senior unsecured notes. The guarantees are subject to release under certain circumstances as described below:
• | the designation of the Guarantor Subsidiary as an unrestricted subsidiary under the indenture governing the notes;
• | the release of the Guarantor Subsidiary from its guarantee under the Senior Secured Credit Facility;
• | the release or discharge of the indebtedness that required the guarantee of the notes by the Guarantor Subsidiary;
• | the permitted sale or other disposition of the Guarantor Subsidiary to a third party; and
• | the Company's exercise of its legal defeasance option of its covenant defeasance option under the indenture governing the notes.
Refer to Note 7, "Debt Obligations" for additional information. In connection with the previously completed exchange offers for the 5.00% Notes and 6.375% Notes, the Company is required to comply with Rule 3-10 of SEC Regulation S-X (Rule 3-10), and has therefore included the accompanying Consolidating Financial Statements in accordance with Rule 3-10(f) of SEC Regulation S-X. The following supplemental information sets forth, on a consolidating basis, the statements of operations and comprehensive income (loss), the balance sheets and the statements of cash flows for the parent issuer of these senior unsecured notes, for the Guarantor Subsidiary and for the Company and all of its consolidated subsidiaries. During the fourth quarter of 2019, we completed an internal reorganization and transfer of certain intangible assets among our wholly-owned subsidiaries. Accordingly, all prior period consolidating guarantor financial information were updated to reflect the reorganization.
Consolidating Statements of Operations and Comprehensive Income (Loss)
For the year ended December 31, 2019
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Product revenue | $ | 1,348 |  |  | $ | 25 |  |  | $ | 1,628 |  |  | $ | (320 | ) |  | $ | 2,681 |
Service revenue | 2,208 |  |  | 6 |  |  | 2,020 |  |  | — |  |  | 4,234 |
Total revenue | 3,556 |  |  | 31 |  |  | 3,648 |  |  | (320 | ) |  | 6,915 |
Cost of products | 1,170 |  |  | 3 |  |  | 1,293 |  |  | (320 | ) |  | 2,146 |
Cost of services | 1,444 |  |  | 4 |  |  | 1,400 |  |  | — |  |  | 2,848 |
Selling, general and administrative expenses | 648 |  |  | 1 |  |  | 402 |  |  | — |  |  | 1,051 |
Research and development expenses | 88 |  |  | — |  |  | 171 |  |  | — |  |  | 259 |
Total operating expenses | 3,350 |  |  | 8 |  |  | 3,266 |  |  | (320 | ) |  | 6,304 |
Income (loss) from operations | 206 |  |  | 23 |  |  | 382 |  |  | — |  |  | 611 |
Interest expense | (188 | ) |  | — |  |  | (14 | ) |  | 5 |  |  | (197 | )
Other income (expense), net | (79 | ) |  | 3 |  |  | 8 |  |  | (5 | ) |  | (73 | )
Income (loss) from continuing operations before income taxes | (61 | ) |  | 26 |  |  | 376 |  |  | — |  |  | 341 |
Income tax expense (benefit) | (28 | ) |  | 12 |  |  | (257 | ) |  | — |  |  | (273 | )
Income (loss) from continuing operations before earnings in subsidiaries | (33 | ) |  | 14 |  |  | 633 |  |  | — |  |  | 614 |
Equity in earnings of consolidated subsidiaries | 634 |  |  | 594 |  |  | — |  |  | (1,228 | ) |  | — |
Income (loss) from continuing operations | 601 |  |  | 608 |  |  | 633 |  |  | (1,228 | ) |  | 614 |
Income (loss) from discontinued operations, net of tax | (37 | ) |  | — |  |  | (13 | ) |  | — |  |  | (50 | )
Net income (loss) | $ | 564 |  |  | $ | 608 |  |  | $ | 620 |  |  | $ | (1,228 | ) |  | $ | 564 |
Net income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to NCR | $ | 564 |  |  | $ | 608 |  |  | $ | 620 |  |  | $ | (1,228 | ) |  | $ | 564 |
Total comprehensive income (loss) | 541 |  |  | 1,158 |  |  | 595 |  |  | (1,756 | ) |  | 538 |
Less comprehensive income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Comprehensive income (loss) attributable to NCR common stockholders | $ | 541 |  |  | $ | 1,158 |  |  | $ | 598 |  |  | $ | (1,756 | ) |  | $ | 541 |
Consolidating Statements of Operations and Comprehensive Income (Loss)
For the year ended December 31, 2018
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Product revenue | $ | 1,104 |  |  | $ | 23 |  |  | $ | 1,440 |  |  | $ | (226 | ) |  | $ | 2,341 |
Service revenue | 2,143 |  |  | 7 |  |  | 1,914 |  |  | — |  |  | 4,064 |
Total revenue | 3,247 |  |  | 30 |  |  | 3,354 |  |  | (226 | ) |  | 6,405 |
Cost of products | 1,027 |  |  | 5 |  |  | 1,182 |  |  | (226 | ) |  | 1,988 |
Cost of services | 1,451 |  |  | 5 |  |  | 1,286 |  |  | — |  |  | 2,742 |
Selling, general and administrative expenses | 578 |  |  | 1 |  |  | 426 |  |  | — |  |  | 1,005 |
Research and development expenses | 102 |  |  | — |  |  | 150 |  |  | — |  |  | 252 |
Asset impairment charges | 210 |  |  | — |  |  | 17 |  |  | — |  |  | 227 |
Total operating expenses | 3,368 |  |  | 11 |  |  | 3,061 |  |  | (226 | ) |  | 6,214 |
Income (loss) from operations | (121 | ) |  | 19 |  |  | 293 |  |  | — |  |  | 191 |
Interest expense | (161 | ) |  | — |  |  | (15 | ) |  | 8 |  |  | (168 | )
Other income (expense), net | 6 |  |  | 7 |  |  | 11 |  |  | (8 | ) |  | 16 |
Income (loss) from continuing operations before income taxes | (276 | ) |  | 26 |  |  | 289 |  |  | — |  |  | 39 |
Income tax expense (benefit) | (55 | ) |  | 71 |  |  | 57 |  |  | — |  |  | 73 |
Income (loss) from continuing operations before earnings in subsidiaries | (221 | ) |  | (45 | ) |  | 232 |  |  | — |  |  | (34 | )
Equity in earnings of consolidated subsidiaries | 183 |  |  | 225 |  |  | — |  |  | (408 | ) |  | — |
Income (loss) from continuing operations | (38 | ) |  | 180 |  |  | 232 |  |  | (408 | ) |  | (34 | )
Income (loss) from discontinued operations, net of tax | (50 | ) |  | — |  |  | (2 | ) |  | — |  |  | (52 | )
Net income (loss) | $ | (88 | ) |  | $ | 180 |  |  | $ | 230 |  |  | $ | (408 | ) |  | $ | (86 | )
Net income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Net income (loss) attributable to NCR | $ | (88 | ) |  | $ | 180 |  |  | $ | 228 |  |  | $ | (408 | ) |  | $ | (88 | )
Total comprehensive income (loss) | (136 | ) |  | 127 |  |  | 179 |  |  | (306 | ) |  | (136 | )
Less comprehensive income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |
Comprehensive income (loss) attributable to NCR common stockholders | $ | (136 | ) |  | $ | 127 |  |  | $ | 179 |  |  | $ | (306 | ) |  | $ | (136 | )
Consolidating Statements of Operations and Comprehensive Income (Loss)
For the year ended December 31, 2017
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Product revenue | $ | 1,349 |  |  | $ | 71 |  |  | $ | 1,454 |  |  | $ | (295 | ) |  | $ | 2,579 |
Service revenue | 2,073 |  |  | 7 |  |  | 1,857 |  |  | — |  |  | 3,937 |
Total revenue | 3,422 |  |  | 78 |  |  | 3,311 |  |  | (295 | ) |  | 6,516 |
Cost of products | 1,077 |  |  | 2 |  |  | 1,237 |  |  | (295 | ) |  | 2,021 |
Cost of services | 1,365 |  |  | 5 |  |  | 1,270 |  |  | — |  |  | 2,640 |
Selling, general and administrative expenses | 492 |  |  | 1 |  |  | 430 |  |  | — |  |  | 923 |
Research and development expenses | 184 |  |  | — |  |  | 57 |  |  | — |  |  | 241 |
Total operating expenses | 3,118 |  |  | 8 |  |  | 2,994 |  |  | (295 | ) |  | 5,825 |
Income (loss) from operations | 304 |  |  | 70 |  |  | 317 |  |  | — |  |  | 691 |
Interest expense | (159 | ) |  | — |  |  | (9 | ) |  | 5 |  |  | (163 | )
Other income (expense), net | (76 | ) |  | 3 |  |  | 32 |  |  | (5 | ) |  | (46 | )
Income (loss) from continuing operations before income taxes | 69 |  |  | 73 |  |  | 340 |  |  | — |  |  | 482 |
Income tax expense (benefit) | 112 |  |  | 108 |  |  | 22 |  |  | — |  |  | 242 |
Income (loss) from continuing operations before earnings in subsidiaries | (43 | ) |  | (35 | ) |  | 318 |  |  | — |  |  | 240 |
Equity in earnings of consolidated subsidiaries | 280 |  |  | 296 |  |  | — |  |  | (576 | ) |  | — |
Income (loss) from continuing operations | 237 |  |  | 261 |  |  | 318 |  |  | (576 | ) |  | 240 |
Income (loss) from discontinued operations, net of tax | (5 | ) |  | — |  |  | — |  |  | — |  |  | (5 | )
Net income (loss) | $ | 232 |  |  | $ | 261 |  |  | $ | 318 |  |  | $ | (576 | ) |  | $ | 235 |
Net income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Net income (loss) attributable to NCR | $ | 232 |  |  | $ | 261 |  |  | $ | 315 |  |  | $ | (576 | ) |  | $ | 232 |
Total comprehensive income (loss) | 238 |  |  | 346 |  |  | 317 |  |  | (662 | ) |  | 239 |
Less comprehensive income (loss) attributable to noncontrolling interests | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Comprehensive income (loss) attributable to NCR common stockholders | $ | 238 |  |  | $ | 346 |  |  | $ | 316 |  |  | $ | (662 | ) |  | $ | 238 |
Consolidating Balance Sheet
December 31, 2019
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 15 |  |  | $ | 3 |  |  | $ | 491 |  |  | $ | — |  |  | $ | 509 |
Accounts receivable, net | 54 |  |  | 1 |  |  | 1,435 |  |  | — |  |  | 1,490 |
Inventories | 315 |  |  | 1 |  |  | 468 |  |  | — |  |  | 784 |
Due from affiliates | 909 |  |  | 2,217 |  |  | 531 |  |  | (3,657 | ) |  | — |
Other current assets | 122 |  |  | 1 |  |  | 238 |  |  | — |  |  | 361 |
Total current assets | 1,415 |  |  | 2,223 |  |  | 3,163 |  |  | (3,657 | ) |  | 3,144 |
Property, plant and equipment, net | 280 |  |  | — |  |  | 133 |  |  | — |  |  | 413 |
Goodwill | 2,183 |  |  | — |  |  | 649 |  |  | — |  |  | 2,832 |
Intangibles, net | 471 |  |  | — |  |  | 136 |  |  | — |  |  | 607 |
Operating lease assets | 254 |  |  | — |  |  | 137 |  |  | — |  |  | 391 |
Prepaid pension cost | — |  |  | — |  |  | 178 |  |  | — |  |  | 178 |
Deferred income taxes | 335 |  |  | 2 |  |  | 484 |  |  | — |  |  | 821 |
Investments in subsidiaries | 4,118 |  |  | 3,938 |  |  | — |  |  | (8,056 | ) |  | — |
Due from affiliates | 16 |  |  | 1 |  |  | 74 |  |  | (91 | ) |  | — |
Other assets | 527 |  |  | 1 |  |  | 73 |  |  | — |  |  | 601 |
Total assets | $ | 9,599 |  |  | $ | 6,165 |  |  | $ | 5,027 |  |  | $ | (11,804 | ) |  | $ | 8,987 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 8 |  |  | $ | — |  |  | $ | 274 |  |  | $ | — |  |  | $ | 282 |
Accounts payable | 427 |  |  | — |  |  | 413 |  |  | — |  |  | 840 |
Payroll and benefits liabilities | 188 |  |  | — |  |  | 120 |  |  | — |  |  | 308 |
Deferred service revenue and customer deposits | 245 |  |  | 1 |  |  | 256 |  |  | — |  |  | 502 |
Due to affiliates | 2,730 |  |  | 108 |  |  | 819 |  |  | (3,657 | ) |  | — |
Other current liabilities | 261 |  |  | 1 |  |  | 344 |  |  | — |  |  | 606 |
Total current liabilities | 3,859 |  |  | 110 |  |  | 2,226 |  |  | (3,657 | ) |  | 2,538 |
Long-term debt | 3,199 |  |  | — |  |  | 78 |  |  | — |  |  | 3,277 |
Pension and indemnity plan liabilities | 586 |  |  | — |  |  | 272 |  |  | — |  |  | 858 |
Postretirement and postemployment benefits liabilities | 17 |  |  | 3 |  |  | 91 |  |  | — |  |  | 111 |
Income tax accruals | 29 |  |  | — |  |  | 63 |  |  | — |  |  | 92 |
Due to affiliates | — |  |  | 74 |  |  | 17 |  |  | (91 | ) |  | — |
Operating lease liabilities | 282 |  |  | — |  |  | 87 |  |  | — |  |  | 369 |
Other liabilities | 128 |  |  | — |  |  | 112 |  |  | — |  |  | 240 |
Total liabilities | 8,100 |  |  | 187 |  |  | 2,946 |  |  | (3,748 | ) |  | 7,485 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Series A convertible preferred stock | 395 |  |  | — |  |  | — |  |  | — |  |  | 395 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Total NCR stockholders’ equity | 1,104 |  |  | 5,978 |  |  | 2,078 |  |  | (8,056 | ) |  | 1,104 |
Noncontrolling interests in subsidiaries | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total stockholders’ equity | 1,104 |  |  | 5,978 |  |  | 2,081 |  |  | (8,056 | ) |  | 1,107 |
Total liabilities and stockholders’ equity | $ | 9,599 |  |  | $ | 6,165 |  |  | $ | 5,027 |  |  | $ | (11,804 | ) |  | $ | 8,987 |
Consolidating Balance Sheet
December 31, 2018
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 11 |  |  | $ | 3 |  |  | $ | 450 |  |  | $ | — |  |  | $ | 464 |
Accounts receivable, net | 46 |  |  | 1 |  |  | 1,309 |  |  | — |  |  | 1,356 |
Inventories | 291 |  |  | 1 |  |  | 514 |  |  | — |  |  | 806 |
Due from affiliates | 706 |  |  | 2,092 |  |  | 457 |  |  | (3,255 | ) |  | — |
Other current assets | 141 |  |  | 43 |  |  | 255 |  |  | (42 | ) |  | 397 |
Total current assets | 1,195 |  |  | 2,140 |  |  | 2,985 |  |  | (3,297 | ) |  | 3,023 |
Property, plant and equipment, net | 246 |  |  | — |  |  | 113 |  |  | — |  |  | 359 |
Goodwill | 2,168 |  |  | — |  |  | 524 |  |  | — |  |  | 2,692 |
Intangibles, net | 536 |  |  | — |  |  | 59 |  |  | — |  |  | 595 |
Prepaid pension cost | — |  |  | — |  |  | 140 |  |  | — |  |  | 140 |
Deferred income taxes | 317 |  |  | — |  |  | 149 |  |  | (18 | ) |  | 448 |
Investments in subsidiaries | 3,264 |  |  | 2,900 |  |  | — |  |  | (6,164 | ) |  | — |
Due from affiliates | 16 |  |  | 1 |  |  | 35 |  |  | (52 | ) |  | — |
Other assets | 455 |  |  | 2 |  |  | 47 |  |  | — |  |  | 504 |
Total assets | $ | 8,197 |  |  | $ | 5,043 |  |  | $ | 4,052 |  |  | $ | (9,531 | ) |  | $ | 7,761 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 85 |  |  | $ | — |  |  | $ | 100 |  |  | $ | — |  |  | $ | 185 |
Accounts payable | 398 |  |  | 1 |  |  | 498 |  |  | — |  |  | 897 |
Payroll and benefits liabilities | 141 |  |  | — |  |  | 97 |  |  | — |  |  | 238 |
Deferred service revenue and customer deposits | 225 |  |  | 1 |  |  | 235 |  |  | — |  |  | 461 |
Due to affiliates | 2,200 |  |  | 118 |  |  | 937 |  |  | (3,255 | ) |  | — |
Other current liabilities | 205 |  |  | 2 |  |  | 336 |  |  | (42 | ) |  | 501 |
Total current liabilities | 3,254 |  |  | 122 |  |  | 2,203 |  |  | (3,297 | ) |  | 2,282 |
Long-term debt | 2,978 |  |  | — |  |  | 2 |  |  | — |  |  | 2,980 |
Pension and indemnity plan liabilities | 502 |  |  | — |  |  | 257 |  |  | — |  |  | 759 |
Postretirement and postemployment benefits liabilities | 18 |  |  | 3 |  |  | 97 |  |  | — |  |  | 118 |
Income tax accruals | 24 |  |  | — |  |  | 67 |  |  | — |  |  | 91 |
Due to affiliates | — |  |  | 36 |  |  | 16 |  |  | (52 | ) |  | — |
Other liabilities | 167 |  |  | 19 |  |  | 91 |  |  | (18 | ) |  | 259 |
Total liabilities | 6,943 |  |  | 180 |  |  | 2,733 |  |  | (3,367 | ) |  | 6,489 |
Redeemable noncontrolling interest | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Series A Convertible Preferred Stock | 859 |  |  | — |  |  | — |  |  | — |  |  | 859 |
Stockholders’ equity |  |  |  |  |  |  |  |  |
Total NCR stockholders’ equity | 395 |  |  | 4,863 |  |  | 1,301 |  |  | (6,164 | ) |  | 395 |
Noncontrolling interests in subsidiaries | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total stockholders’ equity | 395 |  |  | 4,863 |  |  | 1,305 |  |  | (6,164 | ) |  | 399 |
Total liabilities and stockholders’ equity | $ | 8,197 |  |  | $ | 5,043 |  |  | $ | 4,052 |  |  | $ | (9,531 | ) |  | $ | 7,761 |
Consolidating Statement of Cash Flows
For the year ended December 31, 2019
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 498 |  |  | $ | (281 | ) |  | $ | 412 |  |  | $ | (1 | ) |  | $ | 628 |
Investing activities |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (43 | ) |  | — |  |  | (48 | ) |  | — |  |  | (91 | )
Additions to capitalized software | (195 | ) |  | — |  |  | (43 | ) |  | — |  |  | (238 | )
Investments in equity affiliates | — |  |  | — |  |  | 98 |  |  | (98 | ) |  | — |
Proceeds from (payments of) intercompany notes | 352 |  |  | 330 |  |  | 169 |  |  | (851 | ) |  | — |
Acquisitions | (91 | ) |  | — |  |  | (112 | ) |  | — |  |  | (203 | )
Proceeds from the sale of PPE | 3 |  |  | — |  |  | 8 |  |  | — |  |  | 11 |
Net change in funds held for clients | — |  |  | — |  |  | (15 | ) |  | — |  |  | (15 | )
Other investing activities, net | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |
Net cash provided by (used in) investing activities | 35 |  |  | 330 |  |  | 57 |  |  | (949 | ) |  | (527 | )
Financing activities |  |  |  |  |  |  |  |  |
Tax withholding payments on behalf of employees | (29 | ) |  | — |  |  | — |  |  | — |  |  | (29 | )
Repurchases of Company common stock | (96 | ) |  | — |  |  | — |  |  | — |  |  | (96 | )
Short term borrowings, net | — |  |  | — |  |  | — |  |  | — |  |  | — |
Borrowings on term facility | 1,000 |  |  | — |  |  | — |  |  | — |  |  | 1,000 |
Payments of term credit facilities | (761 | ) |  | — |  |  | — |  |  | — |  |  | (761 | )
Repayment of senior unsecured notes | (900 | ) |  | — |  |  | — |  |  | — |  |  | (900 | )
Borrowing on term credit facilities | 750 |  |  | — |  |  | — |  |  | — |  |  | 750 |
Redemption of preferred shares | (302 | ) |  | — |  |  | — |  |  | — |  |  | (302 | )
Proceeds from employee stock plans | 16 |  |  | — |  |  | — |  |  | — |  |  | 16 |
Debt issuance costs | (32 | ) |  | — |  |  | — |  |  | — |  |  | (32 | )
Other financing activities | (5 | ) |  | — |  |  | (3 | ) |  | — |  |  | (8 | )
Payments on revolving credit facilities | (2,830 | ) |  | — |  |  | (386 | ) |  | — |  |  | (3,216 | )
Borrowings on revolving credit facilities | 2,900 |  |  | — |  |  | 635 |  |  | — |  |  | 3,535 |
Net increase (decrease) in client funds obligations | — |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Purchase of non-controlling interest | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Equity contribution | (84 | ) |  | (14 | ) |  | — |  |  | 98 |  |  | — |
Dividends distribution to consolidated subsidiaries | — |  |  | — |  |  | (1 | ) |  | 1 |  |  | — |
Borrowings (repayments) of intercompany notes | (135 | ) |  | (35 | ) |  | (681 | ) |  | 851 |  |  | — |
Net cash provided by (used in) financing activities | (508 | ) |  | (49 | ) |  | (424 | ) |  | 950 |  |  | (31 | )
Cash flows from discontinued operations |  |  |  |  |  |  |  |  |
Net cash used in discontinued operations operating activities | (22 | ) |  | — |  |  | (2 | ) |  | — |  |  | (24 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | — |  |  | (6 | ) |  | $ | — |  |  | (6 | )
Increase (decrease) in cash, cash equivalents and restricted cash | 3 |  |  | — |  |  | 37 |  |  | — |  |  | 40 |
Cash, cash equivalents and restricted cash at beginning of period | 12 |  |  | 3 |  |  | 461 |  |  | — |  |  | 476 |
Cash, cash equivalents and restricted cash at end of period | $ | 15 |  |  | $ | 3 |  |  | $ | 498 |  |  | $ | — |  |  | $ | 516 |
In millions | December 31, 2019
Reconciliation of cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash and cash equivalents | $ | 15 |  |  | $ | 3 |  |  | $ | 491 |  |  | $ | — |  |  | $ | 509 |
Restricted cash included in Other assets | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Total cash, cash equivalents and restricted cash | $ | 15 |  |  | $ | 3 |  |  | $ | 498 |  |  | $ | — |  |  | $ | 516 |
Consolidating Statement of Cash Flows
For the year ended December 31, 2018
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 359 |  |  | $ | (144 | ) |  | $ | 375 |  |  | $ | (18 | ) |  | $ | 572 |
Investing activities |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (109 | ) |  | — |  |  | (34 | ) |  | — |  |  | (143 | )
Additions to capitalized software | (144 | ) |  | — |  |  | (26 | ) |  | — |  |  | (170 | )
Proceeds from (payments of) intercompany notes | 228 |  |  | 135 |  |  | — |  |  | (363 | ) |  | — |
Acquisitions | (206 | ) |  | — |  |  | — |  |  | — |  |  | (206 | )
Proceeds from the sale of PPE | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 3 |
Investments in equity affiliates | (14 | ) |  | 10 |  |  | — |  |  | 4 |  |  | — |
Other investing activities, net | (4 | ) |  | — |  |  | — |  |  | — |  |  | (4 | )
Net cash provided by (used in) investing activities | (248 | ) |  | 145 |  |  | (58 | ) |  | (359 | ) |  | (520 | )
Financing activities |  |  |  |  |  |  |  |  |
Short term borrowings, net | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Payments on term credit facilities | (51 | ) |  | — |  |  | — |  |  | — |  |  | (51 | )
Payments on revolving credit facilities | (1,755 | ) |  | — |  |  | (478 | ) |  | — |  |  | (2,233 | )
Borrowings on revolving credit facilities | 1,875 |  |  | — |  |  | 578 |  |  | — |  |  | 2,453 |
Tax withholding payments on behalf of employees | (36 | ) |  | — |  |  | — |  |  | — |  |  | (36 | )
Proceeds from employee stock plans | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |
Other financing activities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Dividend distribution to consolidated subsidiaries | — |  |  | — |  |  | (18 | ) |  | 18 |  |  | — |
Repurchases of Company common stock | (210 | ) |  | — |  |  | — |  |  | — |  |  | (210 | )
Equity contribution | (10 | ) |  | — |  |  | 14 |  |  | (4 | ) |  | — |
Borrowings (repayments) of intercompany notes | — |  |  | — |  |  | (363 | ) |  | 363 |  |  | — |
Net cash provided by (used in) financing activities | (168 | ) |  | — |  |  | (267 | ) |  | 377 |  |  | (58 | )
Cash flows from discontinued operations |  |  |  |  |  |  |  |  |
Net cash used in discontinued operations operating activities | (36 | ) |  | — |  |  | — |  |  | — |  |  | (36 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1 | ) |  | — |  |  | (24 | ) |  | — |  |  | (25 | )
Increase (decrease) in cash, cash equivalents and restricted cash | (94 | ) |  | 1 |  |  | 26 |  |  | — |  |  | (67 | )
Cash, cash equivalents and restricted cash at beginning of period | 106 |  |  | 2 |  |  | 435 |  |  | — |  |  | 543 |
Cash, cash equivalents and restricted cash at end of period | $ | 12 |  |  | $ | 3 |  |  | $ | 461 |  |  | $ | — |  |  | $ | 476 |
In millions | December 31, 2018
Reconciliation of cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash and cash equivalents | $ | 11 |  |  | $ | 3 |  |  | $ | 450 |  |  | $ | — |  |  | $ | 464 |
Restricted cash included in Other assets | 1 |  |  | — |  |  | 11 |  |  | — |  |  | 12 |
Total cash, cash equivalents and restricted cash | $ | 12 |  |  | $ | 3 |  |  | $ | 461 |  |  | $ | — |  |  | $ | 476 |
Consolidating Statement of Cash Flows
For the year ended December 31, 2017
(in millions) | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 447 |  |  | $ | (168 | ) |  | $ | 483 |  |  | $ | (10 | ) |  | $ | 752 |
Investing activities |  |  |  |  |  |  |  |  |
Expenditures for property, plant and equipment | (87 | ) |  | — |  |  | (41 | ) |  | — |  |  | (128 | )
Additions to capitalized software | (133 | ) |  | — |  |  | (33 | ) |  | — |  |  | (166 | )
Proceeds from (payments of) intercompany notes | 230 |  |  | 180 |  |  | 2 |  |  | (412 | ) |  | — |
Acquisitions | (8 | ) |  | — |  |  | — |  |  | — |  |  | (8 | )
Proceeds from the sale of PPE | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Investments in equity affiliates | 13 |  |  | — |  |  | — |  |  | (13 | ) |  | — |
Other investing activities, net | 2 |  |  | — |  |  | 4 |  |  | — |  |  | 6 |
Net cash provided by (used in) investing activities | 17 |  |  | 180 |  |  | (62 | ) |  | (425 | ) |  | (290 | )
Financing activities |  |  |  |  |  |  |  |  |
Short term borrowings, net | (5 | ) |  | — |  |  | 1 |  |  | — |  |  | (4 | )
Payments on revolving credit facilities | (56 | ) |  | — |  |  | (5 | ) |  | — |  |  | (61 | )
Payments on revolving credit facilities | (1,700 | ) |  | — |  |  | (240 | ) |  | — |  |  | (1,940 | )
Borrowings on revolving credit facilities | 1,700 |  |  | — |  |  | 240 |  |  | — |  |  | 1,940 |
Tax withholding payments on behalf of employees | (31 | ) |  | — |  |  | — |  |  | — |  |  | (31 | )
Proceeds from employee stock plans | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Dividend distribution to consolidated subsidiaries | — |  |  | — |  |  | (10 | ) |  | 10 |  |  | — |
Other financing activities | (1 | ) |  | — |  |  | (2 | ) |  | — |  |  | (3 | )
Equity contribution | — |  |  | (10 | ) |  | (3 | ) |  | 13 |  |  | — |
Borrowings (repayments) of intercompany notes | — |  |  | (2 | ) |  | (410 | ) |  | 412 |  |  | — |
Repurchases of Company common stock | (350 | ) |  | — |  |  | — |  |  | — |  |  | (350 | )
Net cash provided by (used in) financing activities | (428 | ) |  | (12 | ) |  | (429 | ) |  | 435 |  |  | (434 | )
Cash flows from discontinued operations |  |  |  |  |  |  |  |  |
Net cash used in discontinued operations operating activities | (8 | ) |  | — |  |  | — |  |  | — |  |  | (8 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1 |  |  | — |  |  | 15 |  |  | — |  |  | 16 |
Increase (decrease) in cash, cash equivalents and restricted cash | 29 |  |  | — |  |  | 7 |  |  | — |  |  | 36 |
Cash, cash equivalents and restricted cash at beginning of period | 77 |  |  | 2 |  |  | 428 |  |  | — |  |  | 507 |
Cash, cash equivalents and restricted cash at end of period | $ | 106 |  |  | $ | 2 |  |  | $ | 435 |  |  | $ | — |  |  | $ | 543 |
In millions | December 31, 2017
Reconciliation of cash, cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows | Parent Issuer |  | Guarantor Subsidiary |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Cash and cash equivalents | $ | 106 |  |  | $ | 2 |  |  | $ | 429 |  |  | $ | — |  |  | $ | 537 |
Restricted cash included in Other assets | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Total cash, cash equivalents and restricted cash | $ | 106 |  |  | $ | 2 |  |  | $ | 435 |  |  | $ | — |  |  | $ | 543 |

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