Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2014 |
Guarantees [Abstract] | |
Guarantor Financial Information | |
19. Guarantor Financial Information |
The following supplemental financial information sets forth for the Company, its subsidiaries that have issued certain debt securities (the “Issuers”) and its guarantor and non-guarantor subsidiaries, all as defined in the credit agreements, the consolidating balance sheet as of December 31, 2014 and 2013 and consolidating statements of operations and cash flows for the years ended December 31, 2014, 2013 and 2012. The Senior Notes are jointly and severally guaranteed on an unconditional basis by Nielsen and subject to certain exceptions, each of the direct and indirect wholly-owned subsidiaries of Nielsen, including VNU Intermediate Holding B.V., Nielsen Holding and Finance B.V., VNU International B.V., TNC (US) Holdings, Inc., VNU Marketing Information, Inc. and ACN Holdings, Inc., and the wholly-owned subsidiaries thereof, including the wholly-owned U.S. subsidiaries of ACN Holdings, Inc., in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are Nielsen Finance LLC and Nielsen Finance Co., both wholly-owned subsidiaries of ACN Holdings, Inc. and subsidiary guarantors and The Nielsen Company (Luxembourg) S ar l., a wholly owned subsidiary of Nielsen Holding and Finance B.V. The historical financial information has been updated to reflect The Nielsen Company (Luxembourg) S ar l. as an issuer. |
Nielsen is a holding company and does not have any material assets or operations other than ownership of the capital stock of its direct and indirect subsidiaries. All of Nielsen’s operations are conducted through its subsidiaries, and, therefore, Nielsen is expected to continue to be dependent upon the cash flows of its subsidiaries to meet its obligations. |
|
|
|
Consolidating Statement of Comprehensive Income |
For the year ended December 31, 2014 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Revenues | | $ | — | | | $ | — | | | $ | 3,414 | | | $ | 2,874 | | | $ | — | | | $ | 6,288 | |
Cost of revenues, exclusive of depreciation and amortization shown separately below | | | — | | | | — | | | | 1,270 | | | | 1,350 | | | | — | | | | 2,620 | |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | | | 4 | | | | — | | | | 955 | | | | 958 | | | | — | | | | 1,917 | |
Depreciation and amortization | | | — | | | | — | | | | 448 | | | | 125 | | | | — | | | | 573 | |
Restructuring charges | | | — | | | | — | | | | 43 | | | | 46 | | | | — | | | | 89 | |
Operating (loss)/income | | | (4 | ) | | | — | | | | 698 | | | | 395 | | | | — | | | | 1,089 | |
Interest income | | | — | | | | 856 | | | | 46 | | | | 8 | | | | (907 | ) | | | 3 | |
Interest expense | | | — | | | | (283 | ) | | | (874 | ) | | | (50 | ) | | | 907 | | | | (300 | ) |
Foreign currency exchange transaction losses, net | | | — | | | | — | | | | (2 | ) | | | (69 | ) | | | — | | | | (71 | ) |
Other income/(expense), net | | | — | | | | 553 | | | | 200 | | | | (204 | ) | | | (649 | ) | | | (100 | ) |
(Loss)/income from continuing operations before income taxes and equity in net loss of affiliates | | | (4 | ) | | | 1,126 | | | | 68 | | | | 80 | | | | (649 | ) | | | 621 | |
Benefit/(provision) for income taxes | | | 7 | | | | (94 | ) | | | (92 | ) | | | (57 | ) | | | — | | | | (236 | ) |
Equity in net income/(loss) of subsidiaries | | | 381 | | | | (721 | ) | | | 408 | | | | — | | | | (68 | ) | | | — | |
Equity in net loss of affiliates | | | — | | | | — | | | | (3 | ) | | | (1 | ) | | | — | | | | (4 | ) |
Net income | | | 384 | | | | 311 | | | | 381 | | | | 22 | | | | (717 | ) | | | 381 | |
Less: net loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (3 | ) | | | — | | | | (3 | ) |
Net income attributable to controlling interests | | | 384 | | | | 311 | | | | 381 | | | | 25 | | | | (717 | ) | | | 384 | |
Total other comprehensive (loss)/income | | | (390 | ) | | | 799 | | | | (390 | ) | | | (490 | ) | | | 74 | | | | (397 | ) |
Total other comprehensive loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (7 | ) | | | — | | | | (7 | ) |
Total other comprehensive (loss)/income attributable to controlling interests | | | (390 | ) | | | 799 | | | | (390 | ) | | | (483 | ) | | | 74 | | | | (390 | ) |
Total comprehensive (loss)/income | | | (6 | ) | | | 1,110 | | | | (9 | ) | | | (468 | ) | | | (643 | ) | | | (16 | ) |
Total comprehensive loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (10 | ) | | | — | | | | (10 | ) |
Total comprehensive (loss)/income attributable to controlling interests | | $ | (6 | ) | | $ | 1,110 | | | $ | (9 | ) | | $ | (458 | ) | | $ | (643 | ) | | $ | (6 | ) |
|
|
|
|
|
Consolidating Statement of Comprehensive Income |
For the year ended December 31, 2013 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Revenues | | $ | — | | | $ | — | | | $ | 2,859 | | | $ | 2,844 | | | $ | — | | | $ | 5,703 | |
Cost of revenues, exclusive of depreciation and amortization shown separately below | | | — | | | | — | | | | 1,087 | | | | 1,311 | | | | — | | | | 2,398 | |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | | | 4 | | | | — | | | | 889 | | | | 922 | | | | — | | | | 1,815 | |
Depreciation and amortization | | | — | | | | — | | | | 386 | | | | 124 | | | | — | | | | 510 | |
Restructuring charges | | | — | | | | — | | | | 67 | | | | 52 | | | | — | | | | 119 | |
Operating (loss)/income | | | (4 | ) | | | — | | | | 430 | | | | 435 | | | | — | | | | 861 | |
Interest income | | | 1 | | | | 743 | | | | 58 | | | | 15 | | | | (815 | ) | | | 2 | |
Interest expense | | | (2 | ) | | | (300 | ) | | | (772 | ) | | | (50 | ) | | | 815 | | | | (309 | ) |
Foreign currency exchange transaction gains/(losses), net | | | — | | | | — | | | | 1 | | | | (26 | ) | | | 0 | | | | (25 | ) |
Other (expense)/income, net | | | — | | | | (21 | ) | | | 118 | | | | (106 | ) | | | 0 | | | | (9 | ) |
(Loss)/income from continuing operations before income taxes and equity in net (loss)/income of affiliates | | | (5 | ) | | | 422 | | | | (165 | ) | | | 268 | | | | — | | | | 520 | |
(Provision)/benefit for income taxes | | | (1 | ) | | | (95 | ) | | | 82 | | | | (77 | ) | | | — | | | | (91 | ) |
Equity in net income of subsidiaries | | | 746 | | | | 421 | | | | 522 | | | | — | | | | (1,689 | ) | | | — | |
Equity in net (loss)/income of affiliates | | | — | | | | — | | | | (1 | ) | | | 3 | | | | — | | | | 2 | |
Income from continuing operations | | | 740 | | | | 748 | | | | 438 | | | | 194 | | | | (1,689 | ) | | | 431 | |
Income/(loss) from discontinued operations, net of tax | | | — | | | | — | | | | 308 | | | | (3 | ) | | | — | | | | 305 | |
Net income | | | 740 | | | | 748 | | | | 746 | | | | 191 | | | | (1,689 | ) | | | 736 | |
Less: net loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (4 | ) | | | — | | | | (4 | ) |
Net income attributable to controlling interests | | | 740 | | | | 748 | | | | 746 | | | | 195 | | | | (1,689 | ) | | | 740 | |
Total other comprehensive (loss)/income | | | (54 | ) | | | (39 | ) | | | (54 | ) | | | 32 | | | | 63 | | | | (52 | ) |
Total other comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | 2 | | | | — | | | | 2 | |
Total other comprehensive (loss)/income attributable to controlling interests | | | (54 | ) | | | (39 | ) | | | (54 | ) | | | 30 | | | | 63 | | | | (54 | ) |
Total comprehensive income | | | 686 | | | | 709 | | | | 692 | | | | 223 | | | | (1,626 | ) | | | 684 | |
Total comprehensive loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (2 | ) | | | — | | | | (2 | ) |
Total comprehensive income attributable to controlling interests | | $ | 686 | | | $ | 709 | | | $ | 692 | | | $ | 225 | | | $ | (1,626 | ) | | $ | 686 | |
|
|
|
Consolidating Statement of Comprehensive Income |
For the year ended December 31, 2012 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Revenues | | $ | — | | | $ | — | | | $ | 2,640 | | | $ | 2,767 | | | $ | — | | | $ | 5,407 | |
Cost of revenues, exclusive of depreciation and amortization shown separately below | | | — | | | | — | | | | 970 | | | | 1,255 | | | | — | | | | 2,225 | |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | | | 2 | | | | — | | | | 817 | | | | 905 | | | | — | | | | 1,724 | |
Depreciation and amortization | | | — | | | | — | | | | 377 | | | | 116 | | | | — | | | | 493 | |
Restructuring charges | | | — | | | | — | | | | 28 | | | | 57 | | | | — | | | | 85 | |
Operating (loss)/income | | | (2 | ) | | | — | | | | 448 | | | | 434 | | | | — | | | | 880 | |
Interest income | | | — | | | | 695 | | | | 59 | | | | 28 | | | | (778 | ) | | | 4 | |
Interest expense | | | (23 | ) | | | (367 | ) | | | (717 | ) | | | (61 | ) | | | 778 | | | | (390 | ) |
Foreign currency exchange transaction losses, net | | | (1 | ) | | | — | | | | (2 | ) | | | (14 | ) | | | — | | | | (17 | ) |
Other (expense)/income, net | | | — | | | | (121 | ) | | | 148 | | | | (145 | ) | | | — | | | | (118 | ) |
(Loss)/income from continuing operations before income taxes and equity in net income/(loss) of affiliates | | | (26 | ) | | | 207 | | | | (64 | ) | | | 242 | | | | — | | | | 359 | |
Benefit/(provision) for income taxes | | | 2 | | | | (32 | ) | | | (11 | ) | | | (81 | ) | | | — | | | | (122 | ) |
Equity in net income of subsidiaries | | | 297 | | | | 142 | | | | 332 | | | | — | | | | (771 | ) | | | — | |
Equity in net income of affiliates | | | — | | | | — | | | | 3 | | | | 2 | | | | — | | | | 5 | |
Income from continuing operations | | | 273 | | | | 317 | | | | 260 | | | | 163 | | | | (771 | ) | | | 242 | |
Income/(loss) from discontinued operations, net of tax | | | — | | | | — | | | | 37 | | | | (7 | ) | | | — | | | | 30 | |
Net income | | | 273 | | | | 317 | | | | 297 | | | | 156 | | | | (771 | ) | | | 272 | |
Less: net loss attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | (1 | ) | | | — | | | | (1 | ) |
Net income attributable to controlling interests | | | 273 | | | | 317 | | | | 297 | | | | 157 | | | | (771 | ) | | | 273 | |
Total other comprehensive (loss)/income | | | (34 | ) | | | (28 | ) | | | (34 | ) | | | 37 | | | | 28 | | | | (31 | ) |
Total other comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | 3 | | | | — | | | | 3 | |
Total other comprehensive (loss)/income attributable to controlling interest | | | (34 | ) | | | (28 | ) | | | (34 | ) | | | 34 | | | | 28 | | | | (34 | ) |
Total comprehensive income | | | 239 | | | | 289 | | | | 263 | | | | 193 | | | | (743 | ) | | | 241 | |
Total comprehensive income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | 2 | | | | — | | | | 2 | |
Total comprehensive income attributable to controlling interests | | $ | 239 | | | $ | 289 | | | $ | 263 | | | $ | 191 | | | $ | (743 | ) | | $ | 239 | |
|
|
|
|
|
Consolidating Balance Sheet |
December 31, 2014 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 49 | | | $ | 1 | | | $ | (51 | ) | | $ | 274 | | | $ | — | | | $ | 273 | |
Trade and other receivables, net | | | 1 | | | | — | | | | 526 | | | | 714 | | | | — | | | | 1,241 | |
Prepaid expenses and other current assets | | | — | | | | 8 | | | | 339 | | | | 158 | | | | — | | | | 505 | |
Intercompany receivables | | | 1 | | | | 228 | | | | 141 | | | | 190 | | | | (560 | ) | | | — | |
Total current assets | | | 51 | | | | 237 | | | | 955 | | | | 1,336 | | | | (560 | ) | | | 2,019 | |
Non-current assets | | | — | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | — | | | | — | | | | 335 | | | | 198 | | | | — | | | | 533 | |
Goodwill | | | — | | | | — | | | | 5,588 | | | | 2,083 | | | | — | | | | 7,671 | |
Other intangible assets, net | | | — | | | | — | | | | 4,318 | | | | 397 | | | | — | | | | 4,715 | |
Deferred tax assets | | | 1 | | | | — | | | | 25 | | | | 57 | | | | — | | | | 83 | |
Other non-current assets | | | — | | | | 44 | | | | 171 | | | | 140 | | | | — | | | | 355 | |
Equity investment in subsidiaries | | | 5,017 | | | | 1,124 | | | | 6,548 | | | | — | | | | (12,689 | ) | | | — | |
Intercompany receivables | | | — | | | | 10,493 | | | | 560 | | | | 191 | | | | (11,244 | ) | | | — | |
Total assets | | $ | 5,069 | | | $ | 11,898 | | | $ | 18,500 | | | $ | 4,402 | | | $ | (24,493 | ) | | $ | 15,376 | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other current liabilities | | $ | 10 | | | $ | 44 | | | $ | 418 | | | $ | 563 | | | $ | — | | | $ | 1,035 | |
Deferred revenues | | | — | | | | — | | | | 159 | | | | 145 | | | | — | | | | 304 | |
Income tax liabilities | | | 1 | | | | — | | | | 18 | | | | 43 | | | | — | | | | 62 | |
Current portion of long-term debt, capital lease obligations and short-term borrowings | | | — | | | | 98 | | | | 298 | | | | 1 | | | | — | | | | 397 | |
Intercompany payables | | | — | | | | — | | | | 428 | | | | 132 | | | | (560 | ) | | | — | |
Total current liabilities | | | 11 | | | | 142 | | | | 1,321 | | | | 884 | | | | (560 | ) | | | 1,798 | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt and capital lease obligations | | | — | | | | 6,358 | | | | 87 | | | | 20 | | | | — | | | | 6,465 | |
Deferred tax liabilities | | | — | | | | 74 | | | | 895 | | | | 56 | | | | — | | | | 1,025 | |
Intercompany loans | | | — | | | | 61 | | | | 10,613 | | | | 570 | | | | (11,244 | ) | | | — | |
Other non-current liabilities | | | 2 | | | | 2 | | | | 567 | | | | 384 | | | | — | | | | 955 | |
Total liabilities | | | 13 | | | | 6,637 | | | | 13,483 | | | | 1,914 | | | | (11,804 | ) | | | 10,243 | |
Total stockholders’ equity | | | 5,056 | | | | 5,261 | | | | 5,017 | | | | 2,411 | | | | (12,689 | ) | | | 5,056 | |
Noncontrolling interests | | | — | | | | — | | | | — | | | | 77 | | | | — | | | | 77 | |
Total equity | | | 5,056 | | | | 5,261 | | | | 5,017 | | | | 2,488 | | | | (12,689 | ) | | | 5,133 | |
Total liabilities and equity | | $ | 5,069 | | | $ | 11,898 | | | $ | 18,500 | | | $ | 4,402 | | | $ | (24,493 | ) | | $ | 15,376 | |
|
|
|
Consolidating Balance Sheet |
December 31, 2013 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 12 | | | $ | — | | | $ | 205 | | | $ | 347 | | | $ | — | | | $ | 564 | |
Trade and other receivables, net | | | 2 | | | | — | | | | 447 | | | | 747 | | | | — | | | | 1,196 | |
Prepaid expenses and other current assets | | | — | | | | 11 | | | | 225 | | | | 138 | | | | — | | | | 374 | |
Intercompany receivables | | | — | | | | 190 | | | | 169 | | | | 176 | | | | (535 | ) | | | — | |
Total current assets | | | 14 | | | | 201 | | | | 1,046 | | | | 1,408 | | | | (535 | ) | | | 2,134 | |
Non-current assets | | | — | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net | | | — | | | | — | | | | 327 | | | | 233 | | | | — | | | | 560 | |
Goodwill | | | — | | | | — | | | | 5,493 | | | | 2,191 | | | | — | | | | 7,684 | |
Other intangible assets, net | | | — | | | | — | | | | 4,360 | | | | 421 | | | | — | | | | 4,781 | |
Deferred tax assets | | | — | | | | 7 | | | | 58 | | | | 50 | | | | — | | | | 115 | |
Other non-current assets | | | — | | | | 39 | | | | 99 | | | | 118 | | | | — | | | | 256 | |
Equity investment in subsidiaries | | | 5,728 | | | | 2,020 | | | | 7,631 | | | | — | | | | (15,379 | ) | | | — | |
Intercompany receivables | | | — | | | | 10,224 | | | | 495 | | | | 1,289 | | | | (12,008 | ) | | | — | |
Total assets | | $ | 5,742 | | | $ | 12,491 | | | $ | 19,509 | | | $ | 5,710 | | | $ | (27,922 | ) | | $ | 15,530 | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other current liabilities | | $ | 6 | | | $ | 47 | | | $ | 367 | | | $ | 606 | | | $ | — | | | $ | 1,026 | |
Deferred revenues | | | — | | | | — | | | | 154 | | | | 152 | | | | — | | | | 306 | |
Income tax liabilities | | | — | | | | — | | | | 13 | | | | 42 | | | | — | | | | 55 | |
Current portion of long-term debt, capital lease obligations and short-term borrowings | | | — | | | | 136 | | | | 11 | | | | 1 | | | | — | | | | 148 | |
Intercompany payables | | | — | | | | 5 | | | | 377 | | | | 153 | | | | (535 | ) | | | — | |
Total current liabilities | | | 6 | | | | 188 | | | | 922 | | | | 954 | | | | (535 | ) | | | 1,535 | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt and capital lease obligations | | | — | | | | 6,388 | | | | 86 | | | | 18 | | | | — | | | | 6,492 | |
Deferred tax liabilities | | | — | | | | 74 | | | | 720 | | | | 70 | | | | — | | | | 864 | |
Intercompany loans | | | — | | | | — | | | | 11,513 | | | | 495 | | | | (12,008 | ) | | | — | |
Other non-current liabilities | | | 7 | | | | 8 | | | | 540 | | | | 277 | | | | — | | | | 832 | |
Total liabilities | | | 13 | | | | 6,658 | | | | 13,781 | | | | 1,814 | | | | (12,543 | ) | | | 9,723 | |
Total stockholders’ equity | | | 5,729 | | | | 5,833 | | | | 5,728 | | | | 3,818 | | | | (15,379 | ) | | | 5,729 | |
Noncontrolling interests | | | — | | | | — | | | | — | | | | 78 | | | | — | | | | 78 | |
Total equity | | | 5,729 | | | | 5,833 | | | | 5,728 | | | | 3,896 | | | | (15,379 | ) | | | 5,807 | |
Total liabilities and equity | | $ | 5,742 | | | $ | 12,491 | | | $ | 19,509 | | | $ | 5,710 | | | $ | (27,922 | ) | | $ | 15,530 | |
|
|
|
|
|
Consolidating Statement of Cash Flows |
For the year ended December 31, 2014 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Consolidated | | | | | |
Net cash (used in)/provided by operating activities | | $ | (4 | ) | | $ | 523 | | | $ | 379 | | | $ | 195 | | | $ | 1,093 | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of subsidiaries and affiliates, net of cash acquired | | | — | | | | — | | | | (201 | ) | | | (113 | ) | | | (314 | ) | | | | |
Proceeds from sale of subsidiaries and affiliates, net | | | — | | | | — | | | | — | | | | (6 | ) | | | (6 | ) | | | | |
Additions to property, plant and equipment and other assets | | | — | | | | — | | | | (109 | ) | | | (54 | ) | | | (163 | ) | | | | |
Additions to intangible assets | | | — | | | | — | | | | (222 | ) | | | (27 | ) | | | (249 | ) | | | | |
Other investing activities | | | — | | | | — | | | | (1 | ) | | | 1 | | | | — | | | | | |
Net cash used in investing activities | | | — | | | | — | | | | (533 | ) | | | (199 | ) | | | (732 | ) | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Net borrowings under revolving credit facility | | | — | | | | — | | | | 280 | | | | — | | | | 280 | | | | | |
Proceeds from issuances of debt, net of issuance costs | | | — | | | | 4,544 | | | | — | | | | — | | | | 4,544 | | | | | |
Repayments of debt | | | — | | | | (4,597 | ) | | | — | | | | (1 | ) | | | (4,598 | ) | | | | |
Cash dividends paid to stockholders | | | (356 | ) | | | — | | | | — | | | | — | | | | (356 | ) | | | | |
Repurchase of common stock | | | (466 | ) | | | | | | | | | | | | | | | (466 | ) | | | | |
Proceeds from exercise of stock options | | | 112 | | | | — | | | | (6 | ) | | | (3 | ) | | | 103 | | | | | |
Other financing activities | | | 751 | | | | (469 | ) | | | (376 | ) | | | 2 | | | | (92 | ) | | | | |
Net cash provided by/(used in) financing activities | | | 41 | | | | (522 | ) | | | (102 | ) | | | (2 | ) | | | (585 | ) | | | | |
Effect of exchange-rate changes on cash and cash equivalents | | | — | | | | — | | | | — | | | | (67 | ) | | | (67 | ) | | | | |
Net increase/(decrease) in cash and cash equivalents | | | 37 | | | | 1 | | | | (256 | ) | | | (73 | ) | | | (291 | ) | | | | |
Cash and cash equivalents at beginning of period | | | 12 | | | | — | | | | 205 | | | | 347 | | | | 564 | | | | | |
Cash and cash equivalents at end of period | | $ | 49 | | | $ | 1 | | | $ | (51 | ) | | $ | 274 | | | $ | 273 | | | | | |
|
|
|
|
|
Consolidating Statement of Cash Flows |
For the year ended December 31, 2013 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Consolidated | | | | | |
Net cash provided by operating activities | | $ | 1 | | | $ | 539 | | | $ | 40 | | | $ | 321 | | | $ | 901 | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of subsidiaries and affiliates, net of cash acquired | | | — | | | | — | | | | (1,242 | ) | | | (7 | ) | | | (1,249 | ) | | | | |
Proceeds from sale of subsidiaries and affiliates, net | | | — | | | | — | | | | 935 | | | | — | | | | 935 | | | | | |
Additions to property, plant and equipment and other assets | | | — | | | | — | | | | (56 | ) | | | (74 | ) | | | (130 | ) | | | | |
Additions to intangible assets | | | — | | | | — | | | | (218 | ) | | | (26 | ) | | | (244 | ) | | | | |
Other investing activities | | | | | | | | | | | | | | | 1 | | | | 1 | | | | | |
Net cash used in investing activities | | | — | | | | — | | | | (581 | ) | | | (106 | ) | | | (687 | ) | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuances of debt, net of issuance costs | | | — | | | | 2,481 | | | | — | | | | 4 | | | | 2,485 | | | | | |
Repayments of debt | | | — | | | | (2,171 | ) | | | — | | | | — | | | | (2,171 | ) | | | | |
Decrease in other short-term borrowings | | | — | | | | — | | | | — | | | | (5 | ) | | | (5 | ) | | | | |
Cash dividends paid to shareholders | | | (265 | ) | | | — | | | | — | | | | — | | | | (265 | ) | | | | |
Repurchase of common stock | | | (11 | ) | | | — | | | | — | | | | — | | | | (11 | ) | | | | |
Proceeds from exercise of stock options | | | 95 | | | | — | | | | (3 | ) | | | (7 | ) | | | 85 | | | | | |
Other financing activities | | | 191 | | | | (849 | ) | | | 727 | | | | (104 | ) | | | (35 | ) | | | | |
Net cash (used in)/provided by financing activities | | | 10 | | | | (539 | ) | | | 724 | | | | (112 | ) | | | 83 | | | | | |
Effect of exchange-rate changes on cash and cash equivalents | | | — | | | | — | | | | (2 | ) | | | (19 | ) | | | (21 | ) | | | | |
Net increase in cash and cash equivalents | | | 11 | | | | — | | | | 181 | | | | 84 | | | | 276 | | | | | |
Cash and cash equivalents at beginning of period | | | 1 | | | | — | | | | 24 | | | | 263 | | | | 288 | | | | | |
Cash and cash equivalents at end of period | | $ | 12 | | | $ | — | | | $ | 205 | | | $ | 347 | | | $ | 564 | | | | | |
|
|
|
|
|
Consolidating Statement of Cash Flows |
For the year ended December 31, 2012 |
|
(IN MILLIONS) | | Parent | | | Issuers | | | Guarantor | | | Non-Guarantor | | | Consolidated | | | | | |
Net cash (used in)/provided by operating activities | | $ | (18 | ) | | $ | 253 | | | $ | 176 | | | $ | 373 | | | $ | 784 | | | | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of subsidiaries and affiliates, net of cash acquired | | | — | | | | — | | | | (142 | ) | | | (18 | ) | | | (160 | ) | | | | |
Proceeds from sale of subsidiaries and affiliates, net | | | — | | | | — | | | | (4 | ) | | | — | | | | (4 | ) | | | | |
Additions to property, plant and equipment and other assets | | | — | | | | — | | | | (59 | ) | | | (73 | ) | | | (132 | ) | | | | |
Additions to intangible assets | | | — | | | | — | | | | (204 | ) | | | (22 | ) | | | (226 | ) | | | | |
Net cash used in investing activities | | | — | | | | — | | | | (409 | ) | | | (113 | ) | | | (522 | ) | | | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuances of debt, net of issuance costs | | | — | | | | 1,998 | | | | — | | | | — | | | | 1,998 | | | | | |
Repayments of debt | | | — | | | | (2,120 | ) | | | (110 | ) | | | — | | | | (2,230 | ) | | | | |
Increase in other short-term borrowings | | | — | | | | — | | | | — | | | | 3 | | | | 3 | | | | | |
Proceeds from exercise of stock options | | | 34 | | | | — | | | | (3 | ) | | | (2 | ) | | | 29 | | | | | |
Other financing activities | | | (15 | ) | | | (131 | ) | | | 336 | | | | (288 | ) | | | (98 | ) | | | | |
Net cash provided by/(used in) financing activities | | | 19 | | | | (253 | ) | | | 223 | | | | (287 | ) | | | (298 | ) | | | | |
Effect of exchange-rate changes on cash and cash equivalents | | | — | | | | — | | | | — | | | | 5 | | | | 5 | | | | | |
Net increase/(decrease) in cash and cash equivalents | | | 1 | | | | — | | | | (10 | ) | | | (22 | ) | | | (31 | ) | | | | |
Cash and cash equivalents at beginning of period | | | — | | | | — | | | | 34 | | | | 285 | | | | 319 | | | | | |
Cash and cash equivalents at end of period | | $ | 1 | | | $ | — | | | $ | 24 | | | $ | 263 | | | $ | 288 | | | | | |
|
|