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Condensed Guarantor and Non-Guarantor Financial Information | 6 Months Ended
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Jun. 30, 2018
Guarantor and Non-Guarantor Financial Statement [Abstract] |
Condensed Guarantor and Non-Guarantor Financial Statements | Condensed Guarantor and Non-Guarantor Financial Information During the quarter ended June 30, 2016, we issued $375.0 million aggregate principal amount of our Senior Notes. The Senior Notes were issued by Kaiser Aluminum Corporation ("Parent") pursuant to an indenture dated May 12, 2016 ("Indenture") with Wells Fargo Bank, National Association, as trustee ("Trustee"). The obligations of the Parent under the Indenture are guaranteed by Kaiser Aluminum Investments Company, Kaiser Aluminum Fabricated Products, LLC and Kaiser Aluminum Washington, LLC, ("Guarantor Subsidiaries"). All Guarantor Subsidiaries are 100% owned by the Parent. The guarantees are full and unconditional and joint and several but have customary releases in the following situations: (i) the sale of the Guarantor Subsidiary or all of its assets; (ii) the declaration of a Guarantor Subsidiary as an unrestricted subsidiary under the Indenture; (iii) the termination or release of the Guarantor Subsidiary's guarantee of certain other indebtedness; or (iv) our exercise of legal defeasance or covenant defeasance or the discharge of our obligations under the Indenture. The following condensed consolidating financial information as of June 30, 2018 and December 31, 2017, and for the quarters and six months ended June 30, 2018 and June 30, 2017 present: (i) the financial position, results of operation and cash flows for each of (a) Parent, (b) the Guarantor Subsidiaries on a combined basis and (c) the Non-Guarantor Subsidiaries on a combined basis; (ii) the "Consolidating Adjustments," which represent the adjustments necessary to eliminate the investments in our subsidiaries, other intercompany balances and other intercompany sales and cost of sales among Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries; and (iii) the resulting totals, reflecting information for us on a consolidated basis, as reported. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein. CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) June 30, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 161.0 |  |  | $ | 3.0 |  |  | $ | — |  |  | $ | 164.0 |
Short-term investments |  | — |  |  | 71.9 |  |  | — |  |  | — |  |  | 71.9 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 183.5 |  |  | 7.7 |  |  | — |  |  | 191.2 |
Intercompany loans receivable |  | 65.6 |  |  | 0.1 |  |  | 1.5 |  |  | (67.2 | ) |  | — |
Other |  | — |  |  | 18.5 |  |  | 0.4 |  |  | — |  |  | 18.9 |
Contract assets |  | — |  |  | 49.4 |  |  | 3.2 |  |  | — |  |  | 52.6 |
Inventories |  | — |  |  | 169.6 |  |  | 7.6 |  |  | — |  |  | 177.2 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 28.4 |  |  | 0.9 |  |  | (0.4 | ) |  | 29.0 |
Total current assets |  | 65.7 |  |  | 682.4 |  |  | 24.3 |  |  | (67.6 | ) |  | 704.8 |
Investments in and advances to subsidiaries |  | 1,071.4 |  |  | 50.0 |  |  | — |  |  | (1,121.4 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 554.6 |  |  | 29.6 |  |  | — |  |  | 584.2 |
Long-term intercompany loans receivable |  | — |  |  | — |  |  | 10.5 |  |  | (10.5 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 46.8 |  |  | — |  |  | 4.7 |  |  | 51.5 |
Intangible assets, net |  | — |  |  | 24.3 |  |  | — |  |  | — |  |  | 24.3 |
Goodwill |  | — |  |  | 18.8 |  |  | — |  |  | — |  |  | 18.8 |
Other assets |  | — |  |  | 40.2 |  |  | — |  |  | — |  |  | 40.2 |
Total |  | $ | 1,137.1 |  |  | $ | 1,417.1 |  |  | $ | 64.4 |  |  | $ | (1,194.8 | ) |  | $ | 1,423.8 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 3.3 |  |  | $ | 119.8 |  |  | $ | 8.9 |  |  | $ | — |  |  | $ | 132.0 |
Intercompany loans payable |  | — |  |  | 67.1 |  |  | 0.1 |  |  | (67.2 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 30.7 |  |  | 1.5 |  |  | — |  |  | 32.2 |
Other accrued liabilities |  | 2.8 |  |  | 30.6 |  |  | 0.1 |  |  | (3.6 | ) |  | 29.9 |
Total current liabilities |  | 6.1 |  |  | 248.2 |  |  | 10.6 |  |  | (70.8 | ) |  | 194.1 |
Net liabilities of Salaried VEBA |  | — |  |  | 31.8 |  |  | — |  |  | — |  |  | 31.8 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Long-term intercompany loans payable |  | — |  |  | 10.5 |  |  | — |  |  | (10.5 | ) |  | — |
Long-term liabilities |  | — |  |  | 60.5 |  |  | 2.1 |  |  | — |  |  | 62.6 |
Long-term debt |  | 370.0 |  |  | — |  |  | — |  |  | — |  |  | 370.0 |
Total liabilities |  | 376.1 |  |  | 351.0 |  |  | 17.0 |  |  | (81.3 | ) |  | 662.8 |
Total stockholders' equity |  | 761.0 |  |  | 1,066.1 |  |  | 47.4 |  |  | (1,113.5 | ) |  | 761.0 |
Total |  | $ | 1,137.1 |  |  | $ | 1,417.1 |  |  | $ | 64.4 |  |  | $ | (1,194.8 | ) |  | $ | 1,423.8 |
CONDENSED CONSOLIDATING BALANCE SHEET (In millions of dollars) December 31, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | — |  |  | $ | 48.4 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 51.1 |
Short-term investments |  | — |  |  | 183.7 |  |  | — |  |  | — |  |  | 183.7 |
Receivables: |  |  |  |  |  |  |  |  |  |
Trade receivables, net |  | — |  |  | 160.1 |  |  | 4.9 |  |  | — |  |  | 165.0 |
Intercompany receivables |  | 22.8 |  |  | 0.1 |  |  | 0.7 |  |  | (23.6 | ) |  | — |
Other |  | — |  |  | 14.7 |  |  | 0.8 |  |  | — |  |  | 15.5 |
Inventories |  | — |  |  | 198.7 |  |  | 9.2 |  |  | — |  |  | 207.9 |
Prepaid expenses and other current assets |  | 0.1 |  |  | 32.9 |  |  | 0.4 |  |  | — |  |  | 33.4 |
Total current assets |  | 22.9 |  |  | 638.6 |  |  | 18.7 |  |  | (23.6 | ) |  | 656.6 |
Investments in and advances to subsidiaries |  | 1,097.7 |  |  | 48.2 |  |  | — |  |  | (1,145.9 | ) |  | — |
Property, plant and equipment, net |  | — |  |  | 541.2 |  |  | 30.2 |  |  | — |  |  | 571.4 |
Long-term intercompany receivables |  | — |  |  | — |  |  | 12.4 |  |  | (12.4 | ) |  | — |
Deferred tax assets, net |  | — |  |  | 67.3 |  |  | — |  |  | 4.7 |  |  | 72.0 |
Intangible assets, net |  | — |  |  | 25.0 |  |  | — |  |  | — |  |  | 25.0 |
Goodwill |  | — |  |  | 18.8 |  |  | — |  |  | — |  |  | 18.8 |
Other assets |  | — |  |  | 41.4 |  |  | — |  |  | — |  |  | 41.4 |
Total |  | $ | 1,120.6 |  |  | $ | 1,380.5 |  |  | $ | 61.3 |  |  | $ | (1,177.2 | ) |  | $ | 1,385.2 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 1.9 |  |  | $ | 81.4 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 90.0 |
Intercompany payable |  | — |  |  | 23.5 |  |  | 0.1 |  |  | (23.6 | ) |  | — |
Accrued salaries, wages and related expenses |  | — |  |  | 41.0 |  |  | 1.6 |  |  | — |  |  | 42.6 |
Other accrued liabilities |  | 2.8 |  |  | 46.2 |  |  | 1.0 |  |  | (9.5 | ) |  | 40.5 |
Total current liabilities |  | 4.7 |  |  | 192.1 |  |  | 9.4 |  |  | (33.1 | ) |  | 173.1 |
Net liabilities of Salaried VEBA |  | — |  |  | 31.9 |  |  | — |  |  | — |  |  | 31.9 |
Deferred tax liabilities |  | — |  |  | — |  |  | 4.3 |  |  | — |  |  | 4.3 |
Long-term intercompany payable |  | — |  |  | 12.4 |  |  | — |  |  | (12.4 | ) |  | — |
Long-term liabilities |  | — |  |  | 58.0 |  |  | 2.0 |  |  | — |  |  | 60.0 |
Long-term debt |  | 369.6 |  |  | — |  |  | — |  |  | — |  |  | 369.6 |
Total liabilities |  | 374.3 |  |  | 294.4 |  |  | 15.7 |  |  | (45.5 | ) |  | 638.9 |
Total stockholders' equity |  | 746.3 |  |  | 1,086.1 |  |  | 45.6 |  |  | (1,131.7 | ) |  | 746.3 |
Total |  | $ | 1,120.6 |  |  | $ | 1,380.5 |  |  | $ | 61.3 |  |  | $ | (1,177.2 | ) |  | $ | 1,385.2 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended June 30, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 404.7 |  |  | $ | 37.1 |  |  | $ | (26.4 | ) |  | $ | 415.4 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 335.6 |  |  | 32.9 |  |  | (25.1 | ) |  | 343.4 |
Depreciation and amortization |  | — |  |  | 10.4 |  |  | 0.5 |  |  | — |  |  | 10.9 |
Selling, general, administrative, research and development |  | 1.6 |  |  | 23.7 |  |  | 2.3 |  |  | (1.2 | ) |  | 26.4 |
Total costs and expenses |  | 1.6 |  |  | 369.7 |  |  | 35.7 |  |  | (26.3 | ) |  | 380.7 |
Operating (loss) income |  | (1.6 | ) |  | 35.0 |  |  | 1.4 |  |  | (0.1 | ) |  | 34.7 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (5.3 | ) |  | (0.6 | ) |  | — |  |  | 0.2 |  |  | (5.7 | )
Other expense, net |  | — |  |  | (0.3 | ) |  | — |  |  | (0.2 | ) |  | (0.5 | )
(Loss) income before income taxes |  | (6.9 | ) |  | 34.1 |  |  | 1.4 |  |  | (0.1 | ) |  | 28.5 |
Income tax provision |  | — |  |  | (9.2 | ) |  | (0.3 | ) |  | 1.7 |  |  | (7.8 | )
Earnings in equity of subsidiaries |  | 27.6 |  |  | 1.1 |  |  | — |  |  | (28.7 | ) |  | — |
Net income |  | $ | 20.7 |  |  | $ | 26.0 |  |  | $ | 1.1 |  |  | $ | (27.1 | ) |  | $ | 20.7 |
Comprehensive income |  | $ | 27.1 |  |  | $ | 32.4 |  |  | $ | 1.1 |  |  | $ | (33.5 | ) |  | $ | 27.1 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Quarter Ended June 30, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 347.0 |  |  | $ | 29.8 |  |  | $ | (20.5 | ) |  | $ | 356.3 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items1 |  | — |  |  | 283.5 |  |  | 25.7 |  |  | (19.6 | ) |  | 289.6 |
Depreciation and amortization |  | — |  |  | 9.0 |  |  | 0.5 |  |  | — |  |  | 9.5 |
Selling, general, administrative, research and development2 |  | 1.5 |  |  | 22.8 |  |  | 2.5 |  |  | (0.5 | ) |  | 26.3 |
Goodwill impairment |  | — |  |  | 18.4 |  |  | — |  |  | — |  |  | 18.4 |
Total costs and expenses |  | 1.5 |  |  | 333.7 |  |  | 28.7 |  |  | (20.1 | ) |  | 343.8 |
Operating (loss) income |  | (1.5 | ) |  | 13.3 |  |  | 1.1 |  |  | (0.4 | ) |  | 12.5 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (4.6 | ) |  | (0.9 | ) |  | — |  |  | — |  |  | (5.5 | )
Other (expense) income, net |  | — |  |  | (0.3 | ) |  | 0.2 |  |  | — |  |  | (0.1 | )
(Loss) income before income taxes |  | (6.1 | ) |  | 12.1 |  |  | 1.3 |  |  | (0.4 | ) |  | 6.9 |
Income tax provision |  | — |  |  | (4.2 | ) |  | (0.3 | ) |  | 2.3 |  |  | (2.2 | )
Earnings in equity of subsidiaries |  | 10.8 |  |  | 0.6 |  |  | — |  |  | (11.4 | ) |  | — |
Net income |  | $ | 4.7 |  |  | $ | 8.5 |  |  | $ | 1.0 |  |  | $ | (9.5 | ) |  | $ | 4.7 |
Comprehensive income |  | $ | 5.8 |  |  | $ | 9.6 |  |  | $ | 1.0 |  |  | $ | (10.6 | ) |  | $ | 5.8 |
____________________
1 | See Note 4 for discussion of our adoption of ASU 2017-12 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Unrealized loss (gain) on derivative instruments and now included within Cost of products sold, excluding depreciation and amortization and other items.
2 | See Note 1 for discussion of our adoption of ASU 2017-07 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Selling, general, administrative, research and development and now included within Other (expense) income.
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Six Months Ended June 30, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 782.6 |  |  | $ | 69.6 |  |  | $ | (48.8 | ) |  | $ | 803.4 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items |  | — |  |  | 645.0 |  |  | 62.0 |  |  | (46.9 | ) |  | 660.1 |
Depreciation and amortization |  | — |  |  | 20.3 |  |  | 1.1 |  |  | — |  |  | 21.4 |
Selling, general, administrative, research and development |  | 2.7 |  |  | 45.0 |  |  | 4.2 |  |  | (1.9 | ) |  | 50.0 |
Other operating charges, net |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total costs and expenses |  | 2.7 |  |  | 710.4 |  |  | 67.3 |  |  | (48.8 | ) |  | 731.6 |
Operating (loss) income |  | (2.7 | ) |  | 72.2 |  |  | 2.3 |  |  | — |  |  | 71.8 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (10.5 | ) |  | (1.1 | ) |  | — |  |  | 0.3 |  |  | (11.3 | )
Other (expense) income, net |  | — |  |  | (0.2 | ) |  | 0.1 |  |  | (0.3 | ) |  | (0.4 | )
(Loss) income before income taxes |  | (13.2 | ) |  | 70.9 |  |  | 2.4 |  |  | — |  |  | 60.1 |
Income tax provision |  | — |  |  | (16.3 | ) |  | (0.6 | ) |  | 3.2 |  |  | (13.7 | )
Earnings in equity of subsidiaries |  | 59.6 |  |  | 1.8 |  |  | — |  |  | (61.4 | ) |  | — |
Net income |  | $ | 46.4 |  |  | $ | 56.4 |  |  | $ | 1.8 |  |  | $ | (58.2 | ) |  | $ | 46.4 |
Comprehensive income |  | $ | 44.5 |  |  | $ | 54.5 |  |  | $ | 1.8 |  |  | $ | (56.3 | ) |  | $ | 44.5 |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (In millions of dollars) Six Months Ended June 30, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Net sales |  | $ | — |  |  | $ | 693.8 |  |  | $ | 59.1 |  |  | $ | (41.3 | ) |  | $ | 711.6 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Cost of products sold, excluding depreciation and amortization and other items1 |  | — |  |  | 541.0 |  |  | 51.0 |  |  | (39.7 | ) |  | 552.3 |
Depreciation and amortization |  | — |  |  | 18.0 |  |  | 1.1 |  |  | — |  |  | 19.1 |
Selling, general, administrative, research and development2 |  | 2.4 |  |  | 43.7 |  |  | 4.9 |  |  | (1.0 | ) |  | 50.0 |
Goodwill impairment |  | — |  |  | 18.4 |  |  | — |  |  | — |  |  | 18.4 |
Total costs and expenses |  | 2.4 |  |  | 621.1 |  |  | 57.0 |  |  | (40.7 | ) |  | 639.8 |
Operating (loss) income |  | (2.4 | ) |  | 72.7 |  |  | 2.1 |  |  | (0.6 | ) |  | 71.8 |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense |  | (10.3 | ) |  | (0.8 | ) |  | — |  |  | — |  |  | (11.1 | )
Other income, net |  | — |  |  | 0.5 |  |  | 0.2 |  |  | — |  |  | 0.7 |
(Loss) income before income taxes |  | (12.7 | ) |  | 72.4 |  |  | 2.3 |  |  | (0.6 | ) |  | 61.4 |
Income tax provision |  | — |  |  | (25.0 | ) |  | (0.5 | ) |  | 4.8 |  |  | (20.7 | )
Earnings in equity of subsidiaries |  | 53.4 |  |  | 1.2 |  |  | — |  |  | (54.6 | ) |  | — |
Net income |  | $ | 40.7 |  |  | $ | 48.6 |  |  | $ | 1.8 |  |  | $ | (50.4 | ) |  | $ | 40.7 |
Comprehensive income |  | $ | 43.1 |  |  | $ | 51.0 |  |  | $ | 1.8 |  |  | $ | (52.8 | ) |  | $ | 43.1 |
____________________
1 | See Note 4 for discussion of our adoption of ASU 2017-12 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Unrealized loss (gain) on derivative instruments and now included within Cost of products sold, excluding depreciation and amortization and other items.
2 | See Note 1 for discussion of our adoption of ASU 2017-07 and the related reclassification of amounts previously presented in the Statements of Consolidated Income within Selling, general, administrative, research and development and now included within Other (expense) income.
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2018
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | 87.9 |  |  | $ | 96.3 |  |  | $ | (0.2 | ) |  | $ | (100.0 | ) |  | $ | 84.0 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (35.2 | ) |  | (0.6 | ) |  | — |  |  | (35.8 | )
Purchase of available for sale securities |  | — |  |  | (24.0 | ) |  | — |  |  | — |  |  | (24.0 | )
Purchase of equity securities |  | — |  |  | (0.9 | ) |  | — |  |  | — |  |  | (0.9 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 136.6 |  |  | — |  |  | — |  |  | 136.6 |
Intercompany loans receivable |  | (42.8 | ) |  | — |  |  | 1.1 |  |  | 41.7 |  |  | — |
Net cash (used in) provided by investing activities |  | (42.8 | ) |  | 76.5 |  |  | 0.5 |  |  | 41.7 |  |  | 75.9 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of capital lease |  | — |  |  | (0.3 | ) |  | — |  |  | — |  |  | (0.3 | )
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares |  | (6.9 | ) |  | — |  |  | — |  |  | — |  |  | (6.9 | )
Repurchase of common stock |  | (18.9 | ) |  | — |  |  | — |  |  | — |  |  | (18.9 | )
Cash dividends paid to Parent |  | — |  |  | (100.0 | ) |  | — |  |  | 100.0 |  |  | — |
Cash dividends and dividend equivalents paid |  | (19.3 | ) |  | — |  |  | — |  |  | — |  |  | (19.3 | )
Intercompany loans payable |  | — |  |  | 41.7 |  |  | — |  |  | (41.7 | ) |  | — |
Net cash used in financing activities |  | (45.1 | ) |  | (58.6 | ) |  | — |  |  | 58.3 |  |  | (45.4 | )
Net increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | 114.2 |  |  | 0.3 |  |  | — |  |  | 114.5 |
Cash, cash equivalents and restricted cash at beginning of period |  | — |  |  | 61.3 |  |  | 3.0 |  |  | — |  |  | 64.3 |
Cash, cash equivalents and restricted cash at end of period |  | $ | — |  |  | $ | 175.5 |  |  | $ | 3.3 |  |  | $ | — |  |  | $ | 178.8 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (In millions of dollars) Six Months Ended June 30, 2017
|  | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities |  | $ | (12.3 | ) |  | $ | 82.5 |  |  | $ | 2.9 |  |  | $ | — |  |  | $ | 73.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  |  | (39.5 | ) |  | (0.2 | ) |  | — |  |  | (39.7 | )
Purchase of available for sale securities |  | — |  |  | (128.0 | ) |  | — |  |  | — |  |  | (128.0 | )
Proceeds from disposition of available for sale securities |  | — |  |  | 184.2 |  |  | — |  |  | — |  |  | 184.2 |
Intercompany loans receivable |  | 99.1 |  |  | (0.1 | ) |  | 2.2 |  |  | (101.2 | ) |  | — |
Net cash provided by investing activities |  | 99.1 |  |  | 16.6 |  |  | 2.0 |  |  | (101.2 | ) |  | 16.5 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Repayment of capital lease |  | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Cancellation of shares to cover employees' tax withholdings upon vesting of non-vested shares |  | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Repurchase of common stock |  | (64.4 | ) |  | — |  |  | — |  |  | — |  |  | (64.4 | )
Cash dividends and dividend equivalents paid |  | (17.9 | ) |  | — |  |  | — |  |  | — |  |  | (17.9 | )
Intercompany loans payable |  | — |  |  | (101.2 | ) |  | — |  |  | 101.2 |  |  | — |
Net cash used in financing activities |  | (86.8 | ) |  | (101.3 | ) |  | — |  |  | 101.2 |  |  | (86.9 | )
Net (decrease) increase in cash, cash equivalents and restricted cash during the period |  | — |  |  | (2.2 | ) |  | 4.9 |  |  | — |  |  | 2.7 |
Cash, cash equivalents and restricted cash at beginning of period |  | — |  |  | 65.1 |  |  | 2.6 |  |  | — |  |  | 67.7 |
Cash, cash equivalents and restricted cash at end of period |  | $ | — |  |  | $ | 62.9 |  |  | $ | 7.5 |  |  | $ | — |  |  | $ | 70.4 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=96868048&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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