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Subsidiary Guarantors of 2020 Notes and 2022 Notes | 3 Months Ended
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Mar. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Subsidiary Guarantors of Senior Notes due 2013, Senior Notes due 2018 and Senior Notes due 2020 | Subsidiary Guarantors of 2020 Notes and 2022 Notes The following tables present condensed consolidating financial information for (a) The Manitowoc Company, Inc. (Parent); (b) the guarantors of the 2020 Notes and 2022 Notes, which include substantially all of the domestic, 100% owned subsidiaries of the company (Subsidiary Guarantors); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the 2020 Notes and 2022 Notes (Non-Guarantor Subsidiaries). Separate financial statements of the Subsidiary Guarantors are not presented because the guarantors are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions. The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 476.0 |  |  | $ | 419.9 |  |  | $ | (143.8 | ) |  | $ | 752.1 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 381.9 |  |  | 331.5 |  |  | (143.8 | ) |  | 569.6 |
Engineering, selling and administrative expenses | 18.0 |  |  | 76.2 |  |  | 64.4 |  |  | — |  |  | 158.6 |
Amortization expense | — |  |  | 7.4 |  |  | 1.2 |  |  | — |  |  | 8.6 |
Restructuring expense | — |  |  | 0.9 |  |  | 0.2 |  |  | — |  |  | 1.1 |
Separation expense | 1.5 |  |  | — |  |  | — |  |  | — |  |  | 1.5 |
Equity in loss (earnings) of subsidiaries | 66.2 |  |  | (9.0 | ) |  | — |  |  | (57.2 | ) |  | — |
Total costs and expenses | 85.7 |  |  | 457.4 |  |  | 397.3 |  |  | (201.0 | ) |  | 739.4 |
Operating (loss) earnings from continuing operations | (85.7 | ) |  | 18.6 |  |  | 22.6 |  |  | 57.2 |  |  | 12.7 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest expense | (21.5 | ) |  | (0.6 | ) |  | (1.5 | ) |  | — |  |  | (23.6 | )
Amortization of deferred financing fees | (1.1 | ) |  | — |  |  | — |  |  | — |  |  | (1.1 | )
Management fee income (expense) | 16.0 |  |  | (15.3 | ) |  | (0.7 | ) |  | — |  |  | — |
Other income (expense), net | 74.1 |  |  | (5.2 | ) |  | 5.4 |  |  | (71.8 | ) |  | 2.5 |
Total other income (expenses) | 67.5 |  |  | (21.1 | ) |  | 3.2 |  |  | (71.8 | ) |  | (22.2 | )
Earnings (loss) from continuing operations before taxes on earnings | (18.2 | ) |  | (2.5 | ) |  | 25.8 |  |  | (14.6 | ) |  | (9.5 | )
(Benefit) provision for taxes on income | (9.8 | ) |  | (1.1 | ) |  | 9.7 |  |  | — |  |  | (1.2 | )
(Loss) earnings from continuing operations | (8.4 | ) |  | (1.4 | ) |  | 16.1 |  |  | (14.6 | ) |  | (8.3 | )
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net (loss) earnings | (8.4 | ) |  | (1.5 | ) |  | 16.1 |  |  | (14.6 | ) |  | (8.4 | )
Less: Net earnings attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net (loss) earnings attributable to Manitowoc | $ | (8.4 | ) |  | $ | (1.5 | ) |  | $ | 16.1 |  |  | $ | (14.6 | ) |  | $ | (8.4 | )
Comprehensive (loss) income attributable to Manitowoc | $ | (73.9 | ) |  | $ | (7.4 | ) |  | $ | 35.2 |  |  | $ | (27.8 | ) |  | $ | (73.9 | )
The Manitowoc Company, Inc. Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 547.4 |  |  | $ | 430.7 |  |  | $ | (128.1 | ) |  | $ | 850.0 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 417.9 |  |  | 334.5 |  |  | (128.1 | ) |  | 624.3 |
Engineering, selling and administrative expenses | 15.2 |  |  | 73.1 |  |  | 73.0 |  |  | — |  |  | 161.3 |
Amortization expense | — |  |  | 7.4 |  |  | 1.4 |  |  | — |  |  | 8.8 |
Restructuring expense | — |  |  | 1.4 |  |  | 0.6 |  |  | — |  |  | 2.0 |
Equity in (earnings) loss of subsidiaries | (13.0 | ) |  | (9.4 | ) |  | — |  |  | 22.4 |  |  | — |
Total costs and expenses | 2.2 |  |  | 490.4 |  |  | 409.5 |  |  | (105.7 | ) |  | 796.4 |
Operating (loss) earnings from continuing operations | (2.2 | ) |  | 57.0 |  |  | 21.2 |  |  | (22.4 | ) |  | 53.6 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (16.7 | ) |  | (0.4 | ) |  | (2.2 | ) |  | — |  |  | (19.3 | )
Amortization of deferred financing fees | (1.2 | ) |  | — |  |  | — |  |  | — |  |  | (1.2 | )
Loss on debt extinguishment | (25.3 | ) |  | — |  |  | — |  |  | — |  |  | (25.3 | )
Management fee income (expense) | 15.4 |  |  | (17.0 | ) |  | 1.6 |  |  | — |  |  | — |
Other income (expense), net | 5.4 |  |  | (7.9 | ) |  | 3.3 |  |  | — |  |  | 0.8 |
Total other (expenses) income | (22.4 | ) |  | (25.3 | ) |  | 2.7 |  |  | — |  |  | (45.0 | )
(Loss) earnings from continuing operations before taxes on earnings | (24.6 | ) |  | 31.7 |  |  | 23.9 |  |  | (22.4 | ) |  | 8.6 |
(Benefit) provision for taxes on earnings | (15.8 | ) |  | 12.2 |  |  | 6.2 |  |  | — |  |  | 2.6 |
(Loss) earnings from continuing operations | (8.8 | ) |  | 19.5 |  |  | 17.7 |  |  | (22.4 | ) |  | 6.0 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations, net of income taxes | — |  |  | (0.1 | ) |  | (0.9 | ) |  | — |  |  | (1.0 | )
Loss on sale of discontinued operations, net of income taxes | — |  |  | — |  |  | (9.9 | ) |  | — |  |  | (9.9 | )
Net (loss) earnings | (8.8 | ) |  | 19.4 |  |  | 6.9 |  |  | (22.4 | ) |  | (4.9 | )
Less: Net loss attributable to noncontrolling interest | — |  |  | — |  |  | 3.9 |  |  | — |  |  | 3.9 |
Net (loss) earnings attributable to Manitowoc | $ | (8.8 | ) |  | $ | 19.4 |  |  | $ | 3.0 |  |  | $ | (22.4 | ) |  | $ | (8.8 | )
Comprehensive (loss) income attributable to Manitowoc | $ | (5.7 | ) |  | $ | 18.2 |  |  | $ | (1.6 | ) |  | $ | (16.6 | ) |  | $ | (5.7 | )
The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of March 31, 2015 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.9 |  |  | $ | 3.1 |  |  | $ | 63.2 |  |  | $ | — |  |  | $ | 68.2 |
Restricted cash | 2.8 |  |  | — |  |  | 20.6 |  |  | — |  |  | 23.4 |
Accounts receivable — net | 0.2 |  |  | — |  |  | 256.6 |  |  | (20.4 | ) |  | 236.4 |
Intercompany short term note receivable | — |  |  | — |  |  | 109.0 |  |  | (109.0 | ) |  | — |
Intercompany interest receivable | 43.3 |  |  | 3.2 |  |  | — |  |  | (46.5 | ) |  | — |
Inventories — net | — |  |  | 359.8 |  |  | 335.1 |  |  | — |  |  | 694.9 |
Deferred income taxes | 69.2 |  |  | — |  |  | 0.7 |  |  | — |  |  | 69.9 |
Other current assets | 4.1 |  |  | 6.7 |  |  | 147.6 |  |  | — |  |  | 158.4 |
Total current assets | 121.5 |  |  | 372.8 |  |  | 932.8 |  |  | (175.9 | ) |  | 1,251.2 |
Property, plant and equipment — net | 7.8 |  |  | 325.1 |  |  | 233.1 |  |  | — |  |  | 566.0 |
Goodwill | — |  |  | 960.5 |  |  | 222.9 |  |  | — |  |  | 1,183.4 |
Other intangible assets — net | — |  |  | 554.2 |  |  | 139.4 |  |  | — |  |  | 693.6 |
Intercompany long-term receivable | 805.0 |  |  | 195.3 |  |  | 848.7 |  |  | (1,849.0 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,516.0 |  |  | 674.8 |  |  | (2,190.8 | ) |  | — |
Other non-current assets | 65.0 |  |  | 3.2 |  |  | 54.5 |  |  | — |  |  | 122.7 |
Investment in affiliates | 4,293.3 |  |  | 3,654.8 |  |  | — |  |  | (7,948.1 | ) |  | — |
Total assets | $ | 5,292.6 |  |  | $ | 7,581.9 |  |  | $ | 3,106.2 |  |  | $ | (12,163.8 | ) |  | $ | 3,816.9 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 26.8 |  |  | $ | 400.9 |  |  | $ | 333.7 |  |  | $ | (20.4 | ) |  | $ | 741.0 |
Short-term borrowings and current portion of long-term debt | 26.7 |  |  | 4.1 |  |  | 35.7 |  |  | — |  |  | 66.5 |
Intercompany short term note payable | 109.0 |  |  | — |  |  | — |  |  | (109.0 | ) |  | — |
Intercompany interest payable | 3.2 |  |  | — |  |  | 43.3 |  |  | (46.5 | ) |  | — |
Product warranties | — |  |  | 42.4 |  |  | 30.1 |  |  | — |  |  | 72.5 |
Customer advances | — |  |  | 15.7 |  |  | 12.8 |  |  | — |  |  | 28.5 |
Product liabilities | — |  |  | 23.5 |  |  | 2.4 |  |  | — |  |  | 25.9 |
Total current liabilities | 165.7 |  |  | 486.6 |  |  | 458.0 |  |  | (175.9 | ) |  | 934.4 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,563.6 |  |  | 23.4 |  |  | 20.7 |  |  | — |  |  | 1,607.7 |
Deferred income taxes | 165.1 |  |  | — |  |  | 13.7 |  |  | — |  |  | 178.8 |
Pension obligations | 129.1 |  |  | 7.3 |  |  | 2.4 |  |  | — |  |  | 138.8 |
Postretirement health and other benefit obligations | 48.8 |  |  | 2.2 |  |  | 1.3 |  |  | — |  |  | 52.3 |
Long-term deferred revenue | — |  |  | 10.4 |  |  | 26.4 |  |  | — |  |  | 36.8 |
Intercompany long-term note payable | 191.0 |  |  | 814.7 |  |  | 843.3 |  |  | (1,849.0 | ) |  | — |
Intercompany accounts payable | 2,190.8 |  |  | — |  |  | — |  |  | (2,190.8 | ) |  | — |
Other non-current liabilities | 79.7 |  |  | 9.0 |  |  | 20.6 |  |  | — |  |  | 109.3 |
Total non-current liabilities | 4,368.1 |  |  | 867.0 |  |  | 928.4 |  |  | (4,039.8 | ) |  | 2,123.7 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity | 758.8 |  |  | 6,228.3 |  |  | 1,719.8 |  |  | (7,948.1 | ) |  | 758.8 |
Total liabilities and equity | $ | 5,292.6 |  |  | $ | 7,581.9 |  |  | $ | 3,106.2 |  |  | $ | (12,163.8 | ) |  | $ | 3,816.9 |
The Manitowoc Company, Inc. Condensed Consolidating Balance Sheet as of December 31, 2014 (In millions)
| Parent |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1.6 |  |  | $ | 3.3 |  |  | $ | 63.1 |  |  | $ | — |  |  | $ | 68.0 |
Restricted cash | 2.8 |  |  | — |  |  | 20.9 |  |  | — |  |  | 23.7 |
Accounts receivable — net | 0.1 |  |  | — |  |  | 233.6 |  |  | (6.3 | ) |  | 227.4 |
Intercompany short term note receivable | — |  |  | — |  |  | 201.7 |  |  | (201.7 | ) |  | — |
Intercompany interest receivable | 41.5 |  |  | 3.2 |  |  | — |  |  | (44.7 | ) |  | — |
Inventories — net | — |  |  | 306.3 |  |  | 338.2 |  |  | — |  |  | 644.5 |
Deferred income taxes | 67.1 |  |  | — |  |  | 4.2 |  |  | — |  |  | 71.3 |
Other current assets | 3.6 |  |  | 6.7 |  |  | 140.9 |  |  | — |  |  | 151.2 |
Current assets of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current assets | 116.7 |  |  | 319.5 |  |  | 1,002.6 |  |  | (252.7 | ) |  | 1,186.1 |
Property, plant and equipment — net | 7.7 |  |  | 325.8 |  |  | 257.5 |  |  | — |  |  | 591.0 |
Goodwill | — |  |  | 960.5 |  |  | 237.6 |  |  | — |  |  | 1,198.1 |
Other intangible assets — net | — |  |  | 561.6 |  |  | 153.1 |  |  | — |  |  | 714.7 |
Intercompany long-term notes receivable | 892.5 |  |  | 195.3 |  |  | 851.3 |  |  | (1,939.1 | ) |  | — |
Intercompany accounts receivable | — |  |  | 1,619.7 |  |  | 796.8 |  |  | (2,416.5 | ) |  | — |
Other non-current assets | 66.7 |  |  | 3.1 |  |  | 56.9 |  |  | — |  |  | 126.7 |
Long-term assets of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment in affiliates | 4,423.6 |  |  | 3,629.4 |  |  | — |  |  | (8,053.0 | ) |  | — |
Total assets | $ | 5,507.2 |  |  | $ | 7,614.9 |  |  | $ | 3,355.8 |  |  | $ | (12,661.3 | ) |  | $ | 3,816.6 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses | $ | 27.1 |  |  | $ | 420.8 |  |  | $ | 365.8 |  |  | $ | (6.3 | ) |  | $ | 807.4 |
Short-term borrowings and current portion of long-term debt | 24.1 |  |  | 2.8 |  |  | 53.4 |  |  | — |  |  | 80.3 |
Intercompany short term note payable | 201.7 |  |  | — |  |  | — |  |  | (201.7 | ) |  | — |
Intercompany interest payable | 3.2 |  |  | — |  |  | 41.5 |  |  | (44.7 | ) |  | — |
Product warranties | — |  |  | 45.2 |  |  | 32.5 |  |  | — |  |  | 77.7 |
Customer advances | — |  |  | 7.3 |  |  | 14.0 |  |  | — |  |  | 21.3 |
Product liabilities | — |  |  | 22.1 |  |  | 2.5 |  |  | — |  |  | 24.6 |
Current liabilities of discontinued operation | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total current liabilities | 256.1 |  |  | 498.2 |  |  | 509.7 |  |  | (252.7 | ) |  | 1,011.3 |
Non-Current Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt, less current portion | 1,393.0 |  |  | 25.3 |  |  | 24.9 |  |  | — |  |  | 1,443.2 |
Deferred income taxes | 165.2 |  |  | — |  |  | 21.0 |  |  | — |  |  | 186.2 |
Pension obligations | 129.1 |  |  | 7.9 |  |  | 4.0 |  |  | — |  |  | 141.0 |
Postretirement health and other benefit obligations | 49.5 |  |  | 2.1 |  |  | 1.5 |  |  | — |  |  | 53.1 |
Long-term deferred revenue | — |  |  | 10.7 |  |  | 27.2 |  |  | — |  |  | 37.9 |
Intercompany long-term note payable | 191.0 |  |  | 813.5 |  |  | 934.6 |  |  | (1,939.1 | ) |  | — |
Intercompany accounts payable | 2,416.5 |  |  | — |  |  | — |  |  | (2,416.5 | ) |  | — |
Other non-current liabilities | 82.7 |  |  | 11.5 |  |  | 25.6 |  |  | — |  |  | 119.8 |
Long-term liabilities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total non-current liabilities | 4,427.0 |  |  | 871.0 |  |  | 1,038.8 |  |  | (4,355.6 | ) |  | 1,981.2 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manitowoc stockholders' equity | 824.1 |  |  | 6,245.7 |  |  | 1,807.3 |  |  | (8,053.0 | ) |  | 824.1 |
Noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity | 824.1 |  |  | 6,245.7 |  |  | 1,807.3 |  |  | (8,053.0 | ) |  | 824.1 |
Total liabilities and equity | $ | 5,507.2 |  |  | $ | 7,614.9 |  |  | $ | 3,355.8 |  |  | $ | (12,661.3 | ) |  | $ | 3,816.6 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2015 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided by (used for) operating activities of continuing operations | $ | 52.1 |  |  | $ | (71.8 | ) |  | $ | (44.1 | ) |  | $ | (71.8 | ) |  | $ | (135.6 | )
Cash used for operating activities of discontinued operations | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Net cash provided (used for) by operating activities | 52.1 |  |  | (71.9 | ) |  | (44.1 | ) |  | (71.8 | ) |  | (135.7 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (0.4 | ) |  | (7.5 | ) |  | (3.8 | ) |  | — |  |  | (11.7 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |
Intercompany investments | (132.6 | ) |  | 64.2 |  |  | 237.1 |  |  | (168.7 | ) |  | — |
Net cash (used for) provided by investing activities | (133.0 | ) |  | 56.7 |  |  | 235.3 |  |  | (168.7 | ) |  | (9.7 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds on revolving credit facility—net | 175.0 |  |  | — |  |  | — |  |  | — |  |  | 175.0 |
Payments on long-term debt | (4.4 | ) |  | (0.5 | ) |  | (18.0 | ) |  | — |  |  | (22.9 | )
Proceeds from long-term debt | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Payments on notes financing—net | — |  |  | — |  |  | (5.5 | ) |  | — |  |  | (5.5 | )
Dividends paid |  |  |  | — |  |  | (71.8 | ) |  | 71.8 |  |  | — |
Exercises of stock options | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Intercompany financing | (92.8 | ) |  | 15.5 |  |  | (91.4 | ) |  | 168.7 |  |  | — |
Net cash provided by (used for) financing activities of continuing operations | 81.2 |  |  | 15.0 |  |  | (185.7 | ) |  | 240.5 |  |  | 151.0 |
Net cash used for financing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used for) financing activities | 81.2 |  |  | 15.0 |  |  | (185.7 | ) |  | 240.5 |  |  | 151.0 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (5.4 | ) |  | — |  |  | (5.4 | )
Net increase (decrease) in cash and cash equivalents | 0.3 |  |  | (0.2 | ) |  | 0.1 |  |  | — |  |  | 0.2 |
Balance at beginning of period | 1.6 |  |  | 3.3 |  |  | 63.1 |  |  | — |  |  | 68.0 |
Balance at end of period | $ | 1.9 |  |  | $ | 3.1 |  |  | $ | 63.2 |  |  | $ | — |  |  | $ | 68.2 |
The Manitowoc Company, Inc. Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2014 (In millions)
| Parent |  | Subsidiary Guarantors |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash used for operating activities of continuing operations | $ | (89.1 | ) |  | $ | (29.7 | ) |  | $ | (145.8 | ) |  | $ | — |  |  | $ | (264.6 | )
Cash used for operating activities of discontinued operations | — |  |  | (0.1 | ) |  | (6.7 | ) |  | — |  |  | (6.8 | )
Net cash used for operating activities | (89.1 | ) |  | (29.8 | ) |  | (152.5 | ) |  | — |  |  | (271.4 | )
Cash Flows from Investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (9.7 | ) |  | (7.0 | ) |  | — |  |  | (16.7 | )
Proceeds from sale of property, plant and equipment | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
Restricted cash | — |  |  | — |  |  | (13.2 | ) |  | — |  |  | (13.2 | )
Intercompany investments | (147.6 | ) |  | 43.8 |  |  | 173.3 |  |  | (69.5 | ) |  | — |
Net cash (used for) provided by investing activities of continuing operations | (147.6 | ) |  | 34.1 |  |  | 154.1 |  |  | (69.5 | ) |  | (28.9 | )
Net cash used for investing activities of discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net cash (used for) provided by investing activities | (147.6 | ) |  | 34.1 |  |  | 154.1 |  |  | (69.5 | ) |  | (28.9 | )
Cash Flows from Financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from revolving credit facility—net | 314.0 |  |  | — |  |  | — |  |  | — |  |  | 314.0 |
Payments on long-term debt | (562.6 | ) |  | (0.2 | ) |  | (7.9 | ) |  | — |  |  | (570.7 | )
Proceeds from long-term debt | 550.0 |  |  | — |  |  | 30.6 |  |  | — |  |  | 580.6 |
Payments on notes financing—net | — |  |  | — |  |  | (7.2 | ) |  | — |  |  | (7.2 | )
Exercises of stock options | 19.9 |  |  | — |  |  | — |  |  | — |  |  | 19.9 |
Intercompany financing | (76.2 | ) |  | (2.2 | ) |  | 8.9 |  |  | 69.5 |  |  | — |
Net cash provided by (used for) financing activities of continuing operations | 240.2 |  |  | (2.4 | ) |  | 24.4 |  |  | 69.5 |  |  | 331.7 |
Net cash used for financing activities of discontinued operations | — |  |  | — |  |  | (7.2 | ) |  | — |  |  | (7.2 | )
Net cash provided by (used for) financing activities | 240.2 |  |  | (2.4 | ) |  | 17.2 |  |  | 69.5 |  |  | 324.5 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Net increase in cash and cash equivalents | 3.5 |  |  | 1.9 |  |  | 18.5 |  |  | — |  |  | 23.9 |
Balance at beginning of period | 1.2 |  |  | 3.3 |  |  | 50.4 |  |  | — |  |  | 54.9 |
Balance at end of period | $ | 4.7 |  |  | $ | 5.2 |  |  | $ | 68.9 |  |  | $ | — |  |  | $ | 78.8 |

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