CONDENSED CONSOLIDATING FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2013 |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Condensed Financial Statements [Text Block] | ' |
31 | CONDENSED CONSOLIDATING FINANCIAL INFORMATION | | | | | | | | | | | | | | | | | | | |
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The following information is presented as required under Rule 3-10 of Regulation S-X, in connection with the company’s 2017 Notes and Floating Rate Notes. The company has not presented separate financial statements and other disclosures concerning the guarantor subsidiaries because management has determined that such information will not be material to the holders of the Notes; however, the following condensed consolidating financial information is being provided for each of the periods ended December 31, 2013, December 31, 2012, September 30, 2012 and December 31, 2011. Investments in subsidiaries are accounted for on an equity basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances. |
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Supplemental Consolidating Balance Sheet |
As at December 31, 2013 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 1.3 | | $ | 10.6 | | $ | 0.2 | | $ | – | | $ | 12.1 | | | | | |
Accounts receivable | | | 0.9 | | | 115.6 | | | – | | | – | | | 116.5 | | | | | |
Inventories | | | – | | | 140.2 | | | – | | | – | | | 140.2 | | | | | |
Prepaids and other | | | 0.6 | | | 3.9 | | | – | | | – | | | 4.5 | | | | | |
Assets held for sale | | | – | | | 5.7 | | | – | | | – | | | 5.7 | | | | | |
| | | 2.8 | | | 276 | | | 0.2 | | | – | | | 279 | | | | | |
Property, plant and equipment | | | 326.9 | | | 83.7 | | | 1.6 | | | – | | | 412.2 | | | | | |
Advances to related companies | | | 226.9 | | | 359.1 | | | -1.4 | | | -584.6 | | | – | | | | | |
Investments, net of equity in related companies | | | 152.9 | | | – | | | – | | | -152.9 | | | – | | | | | |
Other assets | | | – | | | 8.9 | | | – | | | – | | | 8.9 | | | | | |
| | $ | 709.5 | | $ | 727.7 | | $ | 0.4 | | $ | -737.5 | | $ | 700.1 | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 15.7 | | $ | 103.8 | | $ | 0.2 | | $ | – | | $ | 119.7 | | | | | |
Current portion of long-term debt | | | 2 | | | – | | | – | | | – | | | 2 | | | | | |
| | | 17.7 | | | 103.8 | | | 0.2 | | | – | | | 121.7 | | | | | |
Long-term debt | | | 301.8 | | | – | | | – | | | – | | | 301.8 | | | | | |
Advances from related companies | | | 359.6 | | | 224.5 | | | 0.5 | | | -584.6 | | | - | | | | | |
Employee future benefits | | | 12.6 | | | 242.3 | | | – | | | – | | | 254.9 | | | | | |
Other long-term obligations | | | 4.9 | | | 3.9 | | | – | | | – | | | 8.8 | | | | | |
| | | 696.6 | | | 574.5 | | | 0.7 | | | -584.6 | | | 687.2 | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 144.9 | | | – | | | – | | | – | | | 144.9 | | | | | |
Retained earnings (deficit) | | | -162.8 | | | 40.3 | | | 10.2 | | | -50.5 | | | -162.8 | | | | | |
Accumulated other comprehensive income (loss) | | | 30.8 | | | 13.2 | | | – | | | -13.2 | | | 30.8 | | | | | |
Predecessor equity | | | – | | | 99.7 | | | -10.5 | | | -89.2 | | | – | | | | | |
| | | 12.9 | | | 153.2 | | | -0.3 | | | -152.9 | | | 12.9 | | | | | |
| | $ | 709.5 | | $ | 727.7 | | $ | 0.4 | | $ | -737.5 | | $ | 700.1 | | | | | |
|
Supplemental Consolidating Statement of Earnings (Loss) |
For the year ended December 31, 2013 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Sales | | $ | – | | $ | 1,051.40 | | $ | 5.6 | | $ | -5.6 | | $ | 1,051.40 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Cost of sales, excluding depreciation and amortization | | | 17.5 | | | 957.7 | | | 1.3 | | | -5.6 | | | 970.9 | | | | | |
Depreciation and amortization | | | 36.7 | | | 8.7 | | | 1.6 | | | – | | | 47 | | | | | |
Selling, general and administrative | | | 18.2 | | | 15 | | | – | | | – | | | 33.2 | | | | | |
Restructuring | | | 0.9 | | | 0.3 | | | – | | | – | | | 1.2 | | | | | |
Impairment and other closure costs | | | 86.9 | | | – | | | – | | | – | | | 86.9 | | | | | |
| | | 160.2 | | | 981.7 | | | 2.9 | | | -5.6 | | | 1,139.20 | | | | | |
Operating earnings (loss) | | | -160.2 | | | 69.7 | | | 2.7 | | | – | | | -87.8 | | | | | |
Interest expense, net | | | -17.7 | | | -17.6 | | | -2.1 | | | – | | | -37.4 | | | | | |
Foreign exchange loss on long-term debt | | | -18.8 | | | – | | | – | | | – | | | -18.8 | | | | | |
Equity earnings in Partnership | | | 60.7 | | | – | | | – | | | -60.7 | | | - | | | | | |
Other income (expense), net | | | 6.8 | | | -18.3 | | | 14.2 | | | 12.2 | | | 14.9 | | | | | |
Earnings (loss) before reorganization items and income taxes | | | -129.2 | | | 33.8 | | | 14.8 | | | -48.5 | | | -129.1 | | | | | |
Reorganization items, net | | | -1.2 | | | – | | | – | | | – | | | -1.2 | | | | | |
Income (loss) before income taxes | | | -130.4 | | | 33.8 | | | 14.8 | | | -48.5 | | | -130.3 | | | | | |
Income tax expense (recovery) | | | - | | | 0.1 | | | -0.2 | | | 0.2 | | | 0.1 | | | | | |
Earnings (loss) from continuing operations | | | -130.4 | | | 33.7 | | | 15 | | | -48.7 | | | -130.4 | | | | | |
Earnings from discontinued operations, net of tax | | | 3.1 | | | 3.1 | | | – | | | -3.1 | | | 3.1 | | | | | |
Net earnings (loss) | | | -127.3 | | | 36.8 | | | 15 | | | -51.8 | | | -127.3 | | | | | |
Net earnings attributable to non-controlling interest | | | -0.3 | | | – | | | – | | | – | | | -0.3 | | | | | |
Net earnings (loss) attributable to the company | | $ | -127.6 | | $ | 36.8 | | $ | 15 | | $ | -51.8 | | $ | -127.6 | | | | | |
|
Supplemental Consolidating Statement of Cash Flows |
For the year ended December 31, 2013 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Cash flows provided (used) by: | | | | | | | | | | | | | | | | | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by operating activities | | $ | 52.5 | | $ | 34.3 | | $ | -22.9 | | $ | -71.4 | | $ | -7.5 | | | | | |
Investing | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | -16.5 | | | -6.7 | | | -0.2 | | | – | | | -23.4 | | | | | |
Proceeds from sale of property, plant and equipment | | | – | | | 0.8 | | | – | | | – | | | 0.8 | | | | | |
Proceeds from sale of non-core assets | | | 6.6 | | | -7.3 | | | 39.9 | | | 12.2 | | | 51.4 | | | | | |
Decrease in restricted cash | | | 0.7 | | | 2.4 | | | – | | | – | | | 3.1 | | | | | |
Decrease in other assets | | | 0.2 | | | -0.7 | | | – | | | – | | | -0.5 | | | | | |
Cash flows provided (used) by investing activities | | | -9 | | | -11.5 | | | 39.7 | | | 12.2 | | | 31.4 | | | | | |
Financing | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in advances to related companies | | | -12.7 | | | -23 | | | -23.5 | | | 59.2 | | | – | | | | | |
Decrease in revolving loan | | | -13.4 | | | – | | | – | | | – | | | -13.4 | | | | | |
Purchase of Floating Rate Notes | | | -15.8 | | | – | | | – | | | – | | | -15.8 | | | | | |
Decrease in long-term debt | | | -1.1 | | | – | | | – | | | – | | | -1.1 | | | | | |
Cash flows provided (used) by financing activities | | | -43 | | | -23 | | | -23.5 | | | 59.2 | | | -30.3 | | | | | |
Cash and cash equivalents, increase (decrease) in the period | | | 0.5 | | | -0.2 | | | -6.7 | | | – | | | -6.4 | | | | | |
Cash and cash equivalents, beginning of period | | | 0.8 | | | 10.8 | | | 6.9 | | | – | | | 18.5 | | | | | |
Cash and cash equivalents, end of period | | $ | 1.3 | | $ | 10.6 | | $ | 0.2 | | $ | – | | $ | 12.1 | | | | | |
|
Supplemental Consolidating Balance Sheet |
As at December 31, 2012 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.8 | | $ | 8.9 | | $ | 6.9 | | $ | – | | $ | 16.6 | | | | | |
Restricted cash | | | 0.7 | | | – | | | – | | | – | | | 0.7 | | | | | |
Accounts receivable | | | 2.3 | | | 111 | | | 0.7 | | | – | | | 114 | | | | | |
Inventories | | | – | | | 125 | | | – | | | – | | | 125 | | | | | |
Prepaids and other | | | 0.7 | | | 7.5 | | | 0.7 | | | – | | | 8.9 | | | | | |
Assets held for sale | | | – | | | 34.3 | | | – | | | – | | | 34.3 | | | | | |
| | | 4.5 | | | 286.7 | | | 8.3 | | | – | | | 299.5 | | | | | |
Property, plant and equipment | | | 387.1 | | | 76 | | | 148.5 | | | – | | | 611.6 | | | | | |
Goodwill | | | 56.7 | | | – | | | – | | | – | | | 56.7 | | | | | |
Advances to related companies | | | 234.2 | | | 348.2 | | | -0.8 | | | -581.6 | | | – | | | | | |
Investments, net of equity loss in related companies | | | 93.7 | | | – | | | – | | | -93.7 | | | – | | | | | |
Other assets | | | 24.3 | | | 9.7 | | | 0.6 | | | -23.6 | | | 11 | | | | | |
| | $ | 800.5 | | $ | 720.6 | | $ | 156.6 | | $ | -698.9 | | $ | 978.8 | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 27.9 | | $ | 76 | | $ | 9.9 | | $ | – | | $ | 113.8 | | | | | |
Current portion of long-term debt | | | 6.5 | | | 0.1 | | | – | | | – | | | 6.6 | | | | | |
Liabilities associated with assets held for sale | | | – | | | 15.2 | | | – | | | – | | | 15.2 | | | | | |
| | | 34.4 | | | 91.3 | | | 9.9 | | | – | | | 135.6 | | | | | |
Long-term debt | | | 308.2 | | | – | | | 113.8 | | | – | | | 422 | | | | | |
Advances from related companies | | | 320.4 | | | 236.6 | | | 24.6 | | | -581.6 | | | – | | | | | |
Employee future benefits | | | 9.7 | | | 280 | | | – | | | – | | | 289.7 | | | | | |
Other long-term obligations | | | 5.2 | | | 3.7 | | | – | | | – | | | 8.9 | | | | | |
Deferred credits | | | – | | | – | | | 23.6 | | | -23.6 | | | – | | | | | |
| | | 677.9 | | | 611.6 | | | 171.9 | | | -605.2 | | | 856.2 | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 144.9 | | | – | | | – | | | – | | | 144.9 | | | | | |
Additional paid-in capital | | | – | | | – | | | – | | | – | | | – | | | | | |
Retained earnings (deficit) | | | -35.2 | | | 3.5 | | | -4.8 | | | 1.3 | | | -35.2 | | | | | |
Accumulated other comprehensive income (loss) | | | 6.6 | | | 5.8 | | | – | | | -5.8 | | | 6.6 | | | | | |
Predecessor equity | | | – | | | 99.7 | | | -10.5 | | | -89.2 | | | – | | | | | |
| | | 116.3 | | | 109 | | | -15.3 | | | -93.7 | | | 116.3 | | | | | |
Non-controlling interest (deficit) | | | 6.3 | | | – | | | – | | | – | | | 6.3 | | | | | |
| | | 122.6 | | | 109 | | | -15.3 | | | -93.7 | | | 122.6 | | | | | |
| | $ | 800.5 | | $ | 720.6 | | $ | 156.6 | | $ | -698.9 | | $ | 978.8 | | | | | |
|
Supplemental Consolidating Statement of Earnings (Loss) |
For the three months ended December 31, 2012 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Sales | | $ | – | | $ | 260.6 | | $ | 4.6 | | $ | -4.7 | | $ | 260.5 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Cost of sales, excluding depreciation and amortization | | | 4.4 | | | 243.9 | | | 2 | | | -4.7 | | | 245.6 | | | | | |
Depreciation and amortization | | | 8.8 | | | 2.2 | | | 1.9 | | | – | | | 12.9 | | | | | |
Selling, general and administrative | | | 4.6 | | | 3.1 | | | – | | | – | | | 7.7 | | | | | |
| | | 17.8 | | | 249.2 | | | 3.9 | | | -4.7 | | | 266.2 | | | | | |
Operating earnings (loss) | | | -17.8 | | | 11.4 | | | 0.7 | | | – | | | -5.7 | | | | | |
Interest expense, net | | | -4.6 | | | -3.7 | | | -3.3 | | | – | | | -11.6 | | | | | |
Foreign exchange loss on long-term debt | | | -3.2 | | | – | | | – | | | – | | | -3.2 | | | | | |
Equity earnings in Partnership | | | 8.8 | | | – | | | – | | | -8.8 | | | – | | | | | |
Other income (expense), net | | | 1.4 | | | -1.1 | | | -0.2 | | | – | | | 0.1 | | | | | |
Earnings (loss) before reorganization items and income taxes | | | -15.4 | | | 6.6 | | | -2.8 | | | -8.8 | | | -20.4 | | | | | |
Reorganization items, net | | | -10.6 | | | 8.7 | | | -1.3 | | | – | | | -3.2 | | | | | |
Income (loss) before income taxes | | | -26 | | | 15.3 | | | -4.1 | | | -8.8 | | | -23.6 | | | | | |
Income tax expense (recovery) | | | 0.7 | | | 0.6 | | | -1.1 | | | – | | | 0.2 | | | | | |
Earnings (loss) from continuing operations | | | -26.7 | | | 14.7 | | | -3 | | | -8.8 | | | -23.8 | | | | | |
Earnings (loss) from discontinued operations, net of tax | | | -12.9 | | | -11.5 | | | -1.4 | | | 12.9 | | | -12.9 | | | | | |
Net earnings (loss) | | | -39.6 | | | 3.2 | | | -4.4 | | | 4.1 | | | -36.7 | | | | | |
Net (earnings) loss attributable to non-controlling interest | | | 1.5 | | | – | | | – | | | – | | | 1.5 | | | | | |
Net earnings (loss) before equity in earnings (loss) of subsidiaries | | | -38.1 | | | 3.2 | | | -4.4 | | | 4.1 | | | -35.2 | | | | | |
Equity in earnings (loss) of subsidiaries | | | 2.9 | | | – | | | – | | | -2.9 | | | – | | | | | |
Net earnings (loss) attributable to the company | | $ | -35.2 | | $ | 3.2 | | $ | -4.4 | | $ | 1.2 | | $ | -35.2 | | | | | |
|
Supplemental Consolidating Statement of Cash Flows |
For the three months ended December 31, 2012 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Cash flows provided (used) by: | | | | | | | | | | | | | | | | | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by operating activities | | $ | -90.5 | | $ | 160.9 | | $ | -22.2 | | $ | 3.9 | | $ | 52.1 | | | | | |
Investing | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | -4.2 | | | -3.2 | | | -3 | | | – | | | -10.4 | | | | | |
Proceeds from sale of property, plant and equipment | | | – | | | 0.8 | | | – | | | – | | | 0.8 | | | | | |
Decrease in restricted cash | | | 2.9 | | | 0.5 | | | – | | | – | | | 3.4 | | | | | |
Cash flows provided (used) by investing activities | | | -1.3 | | | -1.9 | | | -3 | | | – | | | -6.2 | | | | | |
Financing | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in advances to related companies | | | 132.3 | | | -153.8 | | | 25.4 | | | -3.9 | | | – | | | | | |
Decrease in revolving loan | | | -40 | | | – | | | – | | | – | | | -40 | | | | | |
Distribution received (paid) | | | – | | | 0.4 | | | -0.4 | | | – | | | – | | | | | |
Cash flows provided (used) by financing activities | | | 92.3 | | | -153.4 | | | 25 | | | -3.9 | | | -40 | | | | | |
Cash and cash equivalents, increase (decrease) in the period | | | 0.5 | | | 5.6 | | | -0.2 | | | – | | | 5.9 | | | | | |
Cash and cash equivalents, beginning of the period | | | 0.3 | | | 5.2 | | | 7.1 | | | – | | | 12.6 | | | | | |
Cash and cash equivalents, end of period | | $ | 0.8 | | $ | 10.8 | | $ | 6.9 | | $ | – | | $ | 18.5 | | | | | |
|
Supplemental Consolidating Balance Sheet |
As at September 30, 2012 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0.3 | | $ | 4.8 | | $ | 7.1 | | $ | – | | $ | 12.2 | | | | | |
Restricted cash | | | 3.6 | | | 0.1 | | | – | | | – | | | 3.7 | | | | | |
Accounts receivable | | | 1.9 | | | 138.8 | | | 0.1 | | | – | | | 140.8 | | | | | |
Inventories | | | – | | | 131.5 | | | – | | | – | | | 131.5 | | | | | |
Prepaids and other | | | 0.3 | | | 12.3 | | | 0.4 | | | – | | | 13 | | | | | |
Assets held for sale | | | – | | | 56.2 | | | – | | | – | | | 56.2 | | | | | |
| | | 6.1 | | | 343.7 | | | 7.6 | | | – | | | 357.4 | | | | | |
Property, plant and equipment | | | 390.5 | | | 76.2 | | | 147.4 | | | – | | | 614.1 | | | | | |
Goodwill | | | 56.7 | | | – | | | – | | | – | | | 56.7 | | | | | |
Advances to related companies | | | 239.7 | | | 295.9 | | | 1 | | | -536.6 | | | – | | | | | |
Investments, net of equity loss in | | | 89.2 | | | – | | | – | | | -89.2 | | | – | | | | | |
related companies | | | | |
Other assets | | | 25.1 | | | 10.8 | | | 0.6 | | | -24.6 | | | 11.9 | | | | | |
| | $ | 807.3 | | $ | 726.6 | | $ | 156.6 | | $ | -650.4 | | $ | 1,040.10 | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 15.7 | | $ | 75.6 | | $ | 6.2 | | $ | – | | $ | 97.5 | | | | | |
Current portion of long-term debt | | | 6.6 | | | 0.1 | | | – | | | – | | | 6.7 | | | | | |
Liabilities associated with assets held for sale | | | – | | | 14.9 | | | -0.1 | | | – | | | 14.8 | | | | | |
| | | 22.3 | | | 90.6 | | | 6.1 | | | – | | | 119 | | | | | |
Long-term debt | | | 345.1 | | | – | | | 113.8 | | | – | | | 458.9 | | | | | |
Advances from related companies | | | 271.3 | | | 242.7 | | | 22.6 | | | -536.6 | | | – | | | | | |
Employee future benefits | | | 10.4 | | | 290 | | | – | | | – | | | 300.4 | | | | | |
Other long-term obligations | | | 5.4 | | | 3.6 | | | – | | | – | | | 9 | | | | | |
Deferred income taxes | | | – | | | – | | | 24.6 | | | -24.6 | | | – | | | | | |
| | | 654.5 | | | 626.9 | | | 167.1 | | | -561.2 | | | 887.3 | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 144.9 | | | – | | | – | | | – | | | 144.9 | | | | | |
Additional paid-in capital | | | – | | | – | | | – | | | – | | | – | | | | | |
Retained earnings (deficit) | | | – | | | – | | | – | | | – | | | – | | | | | |
Accumulated other comprehensive income (loss) | | | – | | | – | | | – | | | – | | | – | | | | | |
Predecessor equity | | | – | | | 99.7 | | | -10.5 | | | -89.2 | | | – | | | | | |
| | | 144.9 | | | 99.7 | | | -10.5 | | | -89.2 | | | 144.9 | | | | | |
Non-controlling interest (deficit) | | | 7.9 | | | – | | | – | | | – | | | 7.9 | | | | | |
| | | 152.8 | | | 99.7 | | | -10.5 | | | -89.2 | | | 152.8 | | | | | |
| | $ | 807.3 | | $ | 726.6 | | $ | 156.6 | | $ | -650.4 | | $ | 1,040.10 | | | | | |
|
Supplemental Consolidating Statement of Earnings (Loss) |
For the nine months ended September 30, 2012 (predecessor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Sales | | $ | – | | $ | 797.7 | | $ | 15.6 | | $ | -15.6 | | $ | 797.7 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Cost of sales, excluding depreciation and amortization | | | 13.2 | | | 715.3 | | | 5.1 | | | -15.6 | | | 718 | | | | | |
Depreciation and amortization | | | 15.4 | | | 4.1 | | | 3.9 | | | – | | | 23.4 | | | | | |
Selling, general and administrative | | | 13.8 | | | 12.4 | | | – | | | – | | | 26.2 | | | | | |
Restructuring | | | 5.3 | | | – | | | – | | | – | | | 5.3 | | | | | |
| | | 47.7 | | | 731.8 | | | 9 | | | -15.6 | | | 772.9 | | | | | |
Operating earnings (loss) | | | -47.7 | | | 65.9 | | | 6.6 | | | – | | | 24.8 | | | | | |
Interest expense, net | | | -30.5 | | | -20 | | | -9.8 | | | – | | | -60.3 | | | | | |
Foreign exchange loss on long-term debt | | | 24 | | | – | | | – | | | – | | | 24 | | | | | |
Equity earnings in Partnership | | | 79.8 | | | – | | | – | | | -79.8 | | | – | | | | | |
Other income (expense), net | | | -53.1 | | | 54.6 | | | 51.6 | | | -55.7 | | | -2.6 | | | | | |
Earnings (loss) before reorganization items and income taxes | | | -27.5 | | | 100.5 | | | 48.4 | | | -135.5 | | | -14.1 | | | | | |
Reorganization items, net | | | 512.9 | | | 98.4 | | | 55.6 | | | – | | | 666.9 | | | | | |
Income (loss) before income taxes | | | 485.4 | | | 198.9 | | | 104 | | | -135.5 | | | 652.8 | | | | | |
Income tax expense (recovery) | | | 8.4 | | | -21.4 | | | 11.9 | | | – | | | -1.1 | | | | | |
Earnings (loss) from continuing operations | | | 477 | | | 220.3 | | | 92.1 | | | -135.5 | | | 653.9 | | | | | |
Earnings (loss) from discontinued operations, net of tax | | | -3.6 | | | -4.1 | | | 0.5 | | | 3.6 | | | -3.6 | | | | | |
Net earnings (loss) | | | 473.4 | | | 216.2 | | | 92.6 | | | -131.9 | | | 650.3 | | | | | |
Net (earnings) loss attributable to non-controlling interest | | | -31.9 | | | – | | | – | | | – | | | -31.9 | | | | | |
Net earnings (loss) before equity in earnings (loss) of subsidiaries | | $ | 441.5 | | $ | 216.2 | | $ | 92.6 | | $ | -131.9 | | $ | 618.4 | | | | | |
Equity in earnings (loss) of subsidiaries | | | 176.9 | | | – | | | – | | | -176.9 | | | – | | | | | |
Net earnings (loss) attributable to the company | | $ | 618.4 | | $ | 216.2 | | $ | 92.6 | | $ | -308.8 | | $ | 618.4 | | | | | |
|
Supplemental Consolidating Statement of Cash Flows |
For the nine months ended September 30, 2012 (successor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Cash flows provided (used) by: | | | | | | | | | | | | | | | | | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by operating activities | | $ | 119.1 | | $ | 27.5 | | $ | 38.2 | | $ | -228.8 | | $ | -44 | | | | | |
Investing | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | -4.9 | | | -4.6 | | | -2.7 | | | – | | | -12.2 | | | | | |
Proceeds from sale of property, plant and equipment | | | 5.5 | | | 6 | | | – | | | – | | | 11.5 | | | | | |
Increase in restricted cash | | | -3.6 | | | -2.8 | | | – | | | – | | | -6.4 | | | | | |
Decrease in other assets | | | 2.6 | | | 1 | | | 0.1 | | | – | | | 3.7 | | | | | |
Cash flows (used) by investing activities | | | -0.4 | | | -0.4 | | | -2.6 | | | – | | | -3.4 | | | | | |
Financing | | | | | | | | | | | | | | | | | | | | |
Increase (decrease) in advances to related companies | | | -155 | | | -95.4 | | | 21.6 | | | 228.8 | | | – | | | | | |
Increase in revolving loan | | | 16 | | | – | | | – | | | – | | | 16 | | | | | |
Proceeds on issuance of senior secured notes | | | 33.1 | | | – | | | – | | | – | | | 33.1 | | | | | |
Deferred financing costs | | | -9.3 | | | – | | | – | | | – | | | -9.3 | | | | | |
DIP financing costs | | | -3.8 | | | – | | | – | | | – | | | -3.8 | | | | | |
Decrease in other long-term debt | | | -0.7 | | | -0.2 | | | – | | | – | | | -0.9 | | | | | |
Share issuance costs | | | -0.2 | | | – | | | – | | | – | | | -0.2 | | | | | |
Distribution received (paid) | | | – | | | 56.3 | | | -56.3 | | | – | | | – | | | | | |
Cash flows provided (used) by financing activities | | | -119.9 | | | -39.3 | | | -34.7 | | | 228.8 | | | 34.9 | | | | | |
Cash and cash equivalents, increase (decrease) in the period | | | -1.2 | | | -12.2 | | | 0.9 | | | – | | | -12.5 | | | | | |
Cash and cash equivalents, beginning of the period | | | 1.5 | | | 17.4 | | | 6.2 | | | – | | | 25.1 | | | | | |
Cash and cash equivalents, end of period | | $ | 0.3 | | $ | 5.2 | | $ | 7.1 | | $ | – | | $ | 12.6 | | | | | |
|
Supplemental Consolidating Statement of Earnings (Loss) |
For the year ended December 31, 2011 (predecessor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Sales | | $ | – | | $ | 1,079.70 | | $ | 23.4 | | $ | -23.4 | | $ | 1,079.70 | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Cost of sales, excluding depreciation and amortization | | | 20.4 | | | 966.7 | | | 7 | | | -23.4 | | | 970.7 | | | | | |
Depreciation and amortization | | | 66.8 | | | 25.3 | | | 13.4 | | | – | | | 105.5 | | | | | |
Selling, general and administrative | | | 20.1 | | | 20.1 | | | 0.1 | | | – | | | 40.3 | | | | | |
Restructuring | | | 5.9 | | | – | | | – | | | – | | | 5.9 | | | | | |
Impairment and other closure costs | | | 496.2 | | | 165.6 | | | – | | | – | | | 661.8 | | | | | |
| | | 609.4 | | | 1,177.70 | | | 20.5 | | | -23.4 | | | 1,784.20 | | | | | |
Operating earnings (loss) | | | -609.4 | | | -98 | | | 2.9 | | | – | | | -704.5 | | | | | |
Interest expense, net | | | -33.3 | | | -28.6 | | | -11.3 | | | – | | | -73.2 | | | | | |
Foreign exchange gain on long-term debt | | | -9.7 | | | – | | | – | | | – | | | -9.7 | | | | | |
Equity earnings in Partnership | | | 61.8 | | | – | | | – | | | -61.8 | | | – | | | | | |
Other income (expense), net | | | 5.7 | | | -8.1 | | | 0.3 | | | – | | | -2.1 | | | | | |
Earnings (loss) before income taxes | | | -584.9 | | | -134.7 | | | -8.1 | | | -61.8 | | | -789.5 | | | | | |
Income tax expense (recovery) | | | -57.8 | | | 52.3 | | | -2.9 | | | – | | | -8.4 | | | | | |
Earnings (loss) from continuing operations | | | -527.1 | | | -187 | | | -5.2 | | | -61.8 | | | -781.1 | | | | | |
Earnings (loss) from discontinued operations, net of tax | | | -195.5 | | | -195.5 | | | – | | | 195.5 | | | -195.5 | | | | | |
Net earnings (loss) | | | -722.6 | | | -382.5 | | | -5.2 | | | 133.7 | | | -976.6 | | | | | |
Net (earnings) loss attributable to non-controlling interest | | | 2.6 | | | – | | | – | | | – | | | 2.6 | | | | | |
Net earnings (loss) before equity in earnings (loss) of subsidiaries | | $ | -720 | | $ | -382.5 | | $ | -5.2 | | $ | 133.7 | | $ | -974 | | | | | |
Equity in earnings (loss) of subsidiaries | | | -254 | | | – | | | – | | | 254 | | | – | | | | | |
Net earnings (loss) attributable to the company | | $ | -974 | | $ | -382.5 | | $ | -5.2 | | $ | 387.7 | | $ | -974 | | | | | |
|
Supplemental Condensed Consolidating Statement of Cash Flows |
For the year ended December 31, 2011 (predecessor) |
|
| | Catalyst Paper | | Subsidiary | | Subsidiary | | Eliminating | | Consolidated | | | | | |
Corporation | guarantors | non-guarantors | entries | Catalyst Paper | | | | |
| | | | Corporation | | | | |
Cash flows provided (used) by: | | | | | | | | | | | | | | | | | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
Cash flows provided (used) by operating activities | | $ | -427.3 | | $ | -37.2 | | $ | 5.3 | | $ | 387.7 | | $ | -71.5 | | | | | |
Investing | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | -7.8 | | | -11 | | | -0.9 | | | – | | | -19.7 | | | | | |
Proceeds from sale of property, plant and equipment | | | – | | | 1.2 | | | – | | | – | | | 1.2 | | | | | |
Decrease (increase) in other assets | | | -1.2 | | | 2 | | | – | | | – | | | 0.8 | | | | | |
Cash flows used by investing activities | | | -9 | | | -7.8 | | | -0.9 | | | – | | | -17.7 | | | | | |
Financing | | | | | | | | | | | | | | | | | | | | |
Increase in advances to related companies | | | 352.3 | | | 131.3 | | | – | | | -483.6 | | | – | | | | | |
Increase (decrease) in long-term obligations | | | – | | | 0.2 | | | -0.2 | | | – | | | – | | | | | |
Increase in revolving loan | | | 48 | | | – | | | – | | | – | | | 48 | | | | | |
Redemption of senior notes | | | -25.8 | | | – | | | – | | | – | | | -25.8 | | | | | |
Deferred financing costs | | | -2.4 | | | – | | | – | | | – | | | -2.4 | | | | | |
Decrease in other long-term debt | | | -0.9 | | | – | | | – | | | – | | | -0.9 | | | | | |
Distribution paid | | | – | | | -94.1 | | | -1.8 | | | 95.9 | | | – | | | | | |
Cash flows provided (used) by financing activities | | | 371.2 | | | 37.4 | | | -2 | | | -387.7 | | | 18.9 | | | | | |
Cash and cash equivalents, increase (decrease) during year | | | -65.1 | | | -7.6 | | | 2.4 | | | – | | | -70.3 | | | | | |
Cash and cash equivalents, beginning of year | | | 66.6 | | | 25 | | | 3.8 | | | – | | | 95.4 | | | | | |
Cash and cash equivalents, end of year | | $ | 1.5 | | $ | 17.4 | | $ | 6.2 | | $ | – | | $ | 25.1 | | | | | |
|
CONSOLIDATED BALANCE SHEETS |
(In millions of Canadian dollars) |
|
| | Successor | | | Predecessor | |
| | As at | | As at | | | As at | |
December 31, | September 30, | December 31, |
| | 2013 | | 2012 | | 2012 | | | 2011 | | 2010 | | 2009 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 12.1 | | $ | 16.6 | | $ | 12.2 | | | $ | 25.1 | | $ | 95.4 | | $ | 83.1 | |
Restricted cash | | | – | | | 0.7 | | | 3.7 | | | | – | | | – | | | – | |
Accounts receivable | | | 116.5 | | | 114 | | | 140.8 | | | | 134.9 | | | 120.6 | | | 101.5 | |
Inventories | | | 140.2 | | | 125 | | | 131.5 | | | | 146.9 | | | 139.9 | | | 178.3 | |
Prepaids and other | | | 4.5 | | | 8.9 | | | 13 | | | | 20 | | | 27.7 | | | 25.2 | |
Assets held for sale | | | 5.7 | | | 34.3 | | | 56.2 | | | | – | | | – | | | – | |
| | | 279 | | | 299.5 | | | 357.4 | | | | 326.9 | | | 383.6 | | | 388.1 | |
Property, plant and equipment | | | 412.2 | | | 611.6 | | | 614.1 | | | | 386.3 | | | 1,285.60 | | | 1,664.70 | |
Goodwill | | | – | | | 56.7 | | | 56.7 | | | | – | | | – | | | – | |
Other assets | | | 8.9 | | | 11 | | | 11.9 | | | | 24.4 | | | 27 | | | 38 | |
| | $ | 700.1 | | $ | 978.8 | | $ | 1,040.10 | | | $ | 737.6 | | $ | 1,696.20 | | $ | 2,090.80 | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | $ | 119.7 | | $ | 113.8 | | $ | 97.5 | | | $ | 174.5 | | $ | 171.6 | | $ | 173.3 | |
Current portion of long-term debt | | | 2 | | | 6.6 | | | 6.7 | | | | 466.8 | | | 27 | | | 1 | |
Liabilities associated with assets held for sale | | | – | | | 15.2 | | | 14.8 | | | | – | | | – | | | – | |
| | | 121.7 | | | 135.6 | | | 119 | | | | 641.3 | | | 198.6 | | | 174.3 | |
Long-term debt | | | 301.8 | | | 422 | | | 458.9 | | | | 375.5 | | | 783.9 | | | 774.6 | |
Employee future benefits | | | 254.9 | | | 289.7 | | | 300.4 | | | | 305.7 | | | 269.1 | | | 294.6 | |
Other long-term obligations | | | 8.8 | | | 8.9 | | | 9 | | | | 19.2 | | | 20.2 | | | 13.4 | |
Deferred income taxes/deferred credits | | | – | | | – | | | – | | | | 13.2 | | | 21 | | | 38.3 | |
| | | 687.2 | | | 856.2 | | | 887.3 | | | | 1,354.90 | | | 1,292.80 | | | 1,295.20 | |
Equity | | | | | | | | | | | | | | | | | | | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 144.9 | | | 144.9 | | | 144.9 | | | | 1,035.20 | | | 1,035.00 | | | 1,035.00 | |
Additional paid-in-capital | | | – | | | – | | | – | | | | 16.6 | | | 16.6 | | | 16.4 | |
Retained earnings (deficit) | | | -162.8 | | | -35.2 | | | – | | | | -1,556.00 | | | -582 | | | -185.1 | |
Accumulated other comprehensive income (loss) | | | 30.8 | | | 6.6 | | | – | | | | -89.4 | | | -46.1 | | | -52.7 | |
| | | 12.9 | | | 116.3 | | | 144.9 | | | | -593.6 | | | 423.5 | | | 813.6 | |
Non-controlling interest (deficit) | | | – | | | 6.3 | | | 7.9 | | | | -23.7 | | | -20.1 | | | -18 | |
| | | 12.9 | | | 122.6 | | | 152.8 | | | | -617.3 | | | 403.4 | | | 795.6 | |
| | $ | 700.1 | | $ | 978.8 | | $ | 1,040.10 | | | $ | 737.6 | | $ | 1,696.20 | | $ | 2,090.80 | |
|
CONSOLIDATED STATEMENTS OF EARNINGS |
(In millions of Canadian dollars) |
|
| | Successor | | | Predecessor | |
| | Year | | Three months | | | Nine months | | Years ended December 31, | |
ended | ended | ended |
December 31, | December 31, | September 30, |
| | 2013 | | 2012 | | | 2012 | | 2011 | | 2010 | | 2009 | |
Sales | | $ | 1,051.40 | | $ | 260.5 | | | $ | 797.7 | | $ | 1,079.70 | | $ | 1,051.40 | | $ | 1,077.70 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | |
Cost of sales, excluding depreciation and amortization | | | 970.9 | | | 245.6 | | | | 718 | | | 970.7 | | | 930.1 | | | 890 | |
Depreciation and amortization | | | 47 | | | 12.9 | | | | 23.4 | | | 105.5 | | | 109.7 | | | 137.3 | |
Selling, general and administrative | | | 33.2 | | | 7.7 | | | | 26.2 | | | 40.3 | | | 43.4 | | | 44.8 | |
Restructuring and change-of-control | | | 1.2 | | | – | | | | 5.3 | | | 5.9 | | | 25.3 | | | 17.9 | |
Impairment and other closure costs | | | 86.9 | | | – | | | | – | | | 661.8 | | | 294.5 | | | 17.4 | |
| | | 1,139.20 | | | 266.2 | | | | 772.9 | | | 1,784.20 | | | 1,403.00 | | | 1,107.40 | |
Operating earnings (loss) | | | -87.8 | | | -5.7 | | | | 24.8 | | | -704.5 | | | -351.6 | | | -29.7 | |
Interest expense, net | | | -37.4 | | | -11.6 | | | | -60.3 | | | -73.2 | | | -71.9 | | | -69.1 | |
Gain on cancellation of long-term debt | | | – | | | – | | | | – | | | – | | | – | | | 30.7 | |
Foreign exchange gain (loss) on long-term debt | | | -18.8 | | | -3.2 | | | | 24 | | | -9.7 | | | 27.6 | | | 75.3 | |
Other income (expense), net | | | 14.9 | | | 0.1 | | | | -2.6 | | | -2.1 | | | -2.6 | | | -28.6 | |
Loss before reorganization items and income taxes | | | -129.1 | | | -20.4 | | | | -14.1 | | | -789.5 | | | -398.5 | | | -21.4 | |
Reorganization items, net | | | -1.2 | | | -3.2 | | | | 666.9 | | | – | | | – | | | – | |
Income (loss) before income taxes | | | -130.3 | | | -23.6 | | | | 652.8 | | | -789.5 | | | -398.5 | | | -21.4 | |
Income tax expense (recovery) | | | 0.1 | | | 0.2 | | | | -1.1 | | | -8.4 | | | -19.8 | | | -23.1 | |
Earnings (loss) from continuing operations | | | -130.4 | | | -23.8 | | | | 653.9 | | | -781.1 | | | -378.7 | | | 1.7 | |
Gain (loss) from discontinued operations, net of tax | | | 3.1 | | | -12.9 | | | | -3.6 | | | -195.5 | | | -19.5 | | | -7.3 | |
Net earnings (loss) | | | -127.3 | | | -36.7 | | | | 650.3 | | | -976.6 | | | -398.2 | | | -5.6 | |
Net (earnings) loss attributable to non-controlling interest | | | -0.3 | | | 1.5 | | | | -31.9 | | | 2.6 | | | 1.3 | | | 1.2 | |
Net earnings (loss) attributable to the Company | | $ | -127.6 | | $ | -35.2 | | | $ | 618.4 | | $ | -974 | | $ | -396.9 | | $ | -4.4 | |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions of Canadian dollars) |
|
| | Successor | | | Predecessor | |
| | Year | | Three months | | | Nine months | | Years ended December 31, | |
ended | ended | ended |
December | December | September |
31, | 31, | 30, |
| | 2013 | | 2012 | | | 2012 | | 2011 | | 2010 | | 2009 | |
Cash flows provided (used) by: | | | | | | | | | | | | | | | | | | | | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net earnings (loss) | | $ | -127.3 | | $ | -36.7 | | | $ | 650.3 | | $ | -976.6 | | $ | -398.2 | | $ | -5.6 | |
Items not requiring (providing) cash: | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 47 | | | 12.9 | | | | 23.4 | | | 112.4 | | | 119.3 | | | 146.6 | |
Impairment and other closure costs | | | 86.9 | | | 8.2 | | | | 3.3 | | | 823.6 | | | 294.5 | | | 17.4 | |
Deferred income taxes | | | – | | | 0.1 | | | | -0.7 | | | -7.6 | | | -16.1 | | | -26.6 | |
Settlement gain on special pension portability election | | | -2.6 | | | – | | | | – | | | – | | | – | | | – | |
Foreign exchange loss (gain) on long-term debt | | | 18.8 | | | 3.2 | | | | -24 | | | 9.7 | | | -27.6 | | | -75.3 | |
Non-cash reorganization items | | | 0.5 | | | 2.4 | | | | -707.4 | | | – | | | – | | | – | |
Non-cash interest on compromised notes | | | – | | | – | | | | 48.4 | | | – | | | – | | | – | |
Gain on cancellation of long-term debt | | | – | | | – | | | | – | | | – | | | -0.6 | | | -30.7 | |
Employee future benefits, expense over (under) cash contributions | | | -7 | | | -3.4 | | | | -8.4 | | | -8 | | | -2.4 | | | 4.3 | |
Increase (decrease) in other long-term obligations | | | -0.2 | | | -0.1 | | | | – | | | -3.1 | | | -4.2 | | | -0.5 | |
Loss (gain) on disposal of property, plant and equipment | | | -0.6 | | | 0.4 | | | | -6.7 | | | -0.1 | | | -7.2 | | | 3.9 | |
Gain on disposal of non-core assets | | | -12.3 | | | – | | | | – | | | – | | | – | | | – | |
Loss on purchase of Floating Rate Notes | | | 2.2 | | | – | | | | – | | | – | | | – | | | – | |
Other | | | 1.9 | | | 0.2 | | | | 2.6 | | | -1.8 | | | 10.9 | | | 4.6 | |
Changes in non-cash working capital | | | -14.8 | | | 64.9 | | | | -24.8 | | | -20 | | | -12.5 | | | 65.5 | |
Cash flows provided (used) by operating activities | | | -7.5 | | | 52.1 | | | | -44 | | | -71.5 | | | -44.1 | | | 103.6 | |
Investing | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant and equipment | | | -23.4 | | | -10.4 | | | | -12.2 | | | -19.7 | | | -11.2 | | | -11.5 | |
Proceeds from sale of property, plant and equipment | | | 0.8 | | | 0.8 | | | | 11.5 | | | 1.2 | | | 7.9 | | | 4.5 | |
Proceeds from sale of non-core assets | | | 51.4 | | | – | | | | – | | | – | | | – | | | – | |
Decrease (increase) in restricted cash | | | 3.1 | | | 3.4 | | | | -6.4 | | | – | | | – | | | – | |
Decrease (increase) in other assets | | | -0.5 | | | – | | | | 3.7 | | | 0.8 | | | -1.2 | | | 4.1 | |
Cash flows provided (used) by investing activities | | | 31.4 | | | -6.2 | | | | -3.4 | | | -17.7 | | | -4.5 | | | -2.9 | |
Financing | | | | | | | | | | | | | | | | | | | | |
Share issue costs | | | – | | | – | | | | -0.2 | | | – | | | – | | | – | |
Increase (decrease) in revolving loan and loan payable | | | -13.4 | | | -40 | | | | 16 | | | 48 | | | -14.5 | | | -45.6 | |
Repayment of long-term debt | | | – | | | – | | | | – | | | -25.8 | | | – | | | -75.7 | |
Purchase of Floating Rate Notes | | | -15.8 | | | – | | | | – | | | – | | | – | | | – | |
Proceeds from long-term debt | | | – | | | – | | | | – | | | – | | | – | | | 95 | |
Proceeds on issuance of senior secured notes | | | – | | | – | | | | 33.1 | | | – | | | 98.4 | | | – | |
Note exchange costs | | | – | | | – | | | | – | | | – | | | -8.3 | | | -2.2 | |
Proceeds on termination of debt foreign currency contracts | | | – | | | – | | | | – | | | – | | | – | | | 34.7 | |
Settlement on purchase of debt securities | | | – | | | – | | | | – | | | – | | | -9.2 | | | -26.9 | |
Deferred financing costs | | | – | | | – | | | | -9.3 | | | -2.4 | | | -4.5 | | | -0.9 | |
DIP financing costs | | | – | | | – | | | | -3.8 | | | – | | | – | | | – | |
Increase (decrease) in other long-term debt | | | -1.1 | | | – | | | | -0.9 | | | -0.9 | | | -1 | | | -1 | |
Cash flows provided (used) by financing activities | | | -30.3 | | | -40 | | | | 34.9 | | | 18.9 | | | 60.9 | | | -22.6 | |
Cash and cash equivalents, increase (decrease) in the year | | | -6.4 | | | 5.9 | | | | -12.5 | | | -70.3 | | | 12.3 | | | 78.1 | |
Cash and cash equivalents, beginning of year | | | 18.5 | | | 12.6 | | | | 25.1 | | | 95.4 | | | 83.1 | | | 5 | |
Cash and cash equivalents, end of year | | $ | 12.1 | | $ | 18.5 | | | $ | 12.6 | | $ | 25.1 | | $ | 95.4 | | $ | 83.1 | |
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