Supplemental Guarantor Subsidiaries Information | 9 Months Ended |
Sep. 30, 2013 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Supplemental Guarantor Subsidiaries Information | ' |
Supplemental Guarantor Subsidiaries Information |
BWAY Intermediate, BWAY Holding and certain of BWAY Holding’s subsidiaries (BWAY Holding and certain of its subsidiaries collectively, the “BWAY Guarantors”) have guaranteed the 2018 Notes on a senior unsecured basis. These guarantees are joint and several obligations of the BWAY Guarantors, each of which is a 100% owned subsidiary of BWAY Intermediate. ICL and Ropak Canada, our foreign subsidiaries, do not guarantee the 2018 Notes. |
In the following tables, we present consolidating supplemental financial information for BWAY Holding (issuer of the 2018 Notes), BWAY Intermediate (parent guarantor of the issuer), BWAY Holding’s domestic guarantor subsidiaries and the non-guarantor subsidiary together with eliminations as of and for the periods indicated. As discussed immediately after the following tables, we have revised the presentation of certain historical debt transactions in comparative prior period tables below (where noted) as compared to its original presentation. |
We have prepared the following information using the equity method of accounting and certain financing arrangements have been pushed down through intercompany transactions including third party debt, debt issue costs, and related interest expense to BWAY. For example, interest expense associated with the debt of BWAY Holding is included in the interest expense of its guarantor subsidiaries, which are paying the interest. In addition, we have pushed-down the benefit from income taxes associated with BWAY Holding’s debt to the guarantor subsidiaries. The amounts pushed-down to the subsidiaries are reflected in the parent entity’s equity in income or loss of subsidiaries. |
BWAY Intermediate Company, Inc. and Subsidiaries (Successor) |
Supplemental Unaudited Condensed Consolidating Balance Sheet |
As of September 30, 2013 |
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($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 22.7 | | | $ | 5.8 | | | $ | — | | | $ | 28.5 | | | | | | | | | | | | | | | | | |
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Accounts receivable, net | | — | | | — | | | 157.6 | | | 21.4 | | | — | | | 179 | | | | | | | | | | | | | | | | | |
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Inventories | | — | | | — | | | 117.6 | | | 15.9 | | | — | | | 133.5 | | | | | | | | | | | | | | | | | |
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Other current assets | | — | | | — | | | 70 | | | (0.1 | ) | | — | | | 69.9 | | | | | | | | | | | | | | | | | |
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Total current assets | | — | | | — | | | 367.9 | | | 43 | | | — | | | 410.9 | | | | | | | | | | | | | | | | | |
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Property, plant and equipment | | — | | | — | | | 329.7 | | | 23.6 | | | — | | | 353.3 | | | | | | | | | | | | | | | | | |
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Goodwill | | — | | | — | | | 590.3 | | | — | | | — | | | 590.3 | | | | | | | | | | | | | | | | | |
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Other intangible assets, net | | — | | | — | | | 672.2 | | | 8.1 | | | — | | | 680.3 | | | | | | | | | | | | | | | | | |
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Deferred debt issuance costs | | — | | | 24.4 | | | — | | | — | | | — | | | 24.4 | | | | | | | | | | | | | | | | | |
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Other assets | | — | | | — | | | 6.2 | | | 0.1 | | | — | | | 6.3 | | | | | | | | | | | | | | | | | |
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Related party note receivable | | — | | | — | | | 35 | | | — | | | (35.0 | ) | | — | | | | | | | | | | | | | | | | | |
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Intercompany | | — | | | 956.9 | | | 26.3 | | | — | | | (983.2 | ) | | — | | | | | | | | | | | | | | | | | |
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Investment in subsidiaries | | 560.7 | | | 560.7 | | | 17.3 | | | — | | | (1,138.7 | ) | | — | | | | | | | | | | | | | | | | | |
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Total assets | | $ | 560.7 | | | $ | 1,542.00 | | | $ | 2,044.90 | | | $ | 74.8 | | | $ | (2,156.9 | ) | | $ | 2,065.50 | | | | | | | | | | | | | | | | | |
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Liabilities and Shareholder’s Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 92.1 | | | $ | 14.9 | | | $ | — | | | $ | 107 | | | | | | | | | | | | | | | | | |
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Other current liabilities | | — | | | 8.8 | | | 46.3 | | | 3.6 | | | — | | | 58.7 | | | | | | | | | | | | | | | | | |
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Current portion of long-term debt | | — | | | 7.3 | | | — | | | — | | | — | | | 7.3 | | | | | | | | | | | | | | | | | |
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Total current liabilities | | — | | | 16.1 | | | 138.4 | | | 18.5 | | | — | | | 173 | | | | | | | | | | | | | | | | | |
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Long-term debt | | — | | | 940.8 | | | — | | | — | | | — | | | 940.8 | | | | | | | | | | | | | | | | | |
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Related party note payable | | — | | | — | | | — | | | 35 | | | (35.0 | ) | | — | | | | | | | | | | | | | | | | | |
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Deferred income taxes | | — | | | — | | | 345.1 | | | 0.2 | | | — | | | 345.3 | | | | | | | | | | | | | | | | | |
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Intercompany | | — | | | 24.4 | | | 956.9 | | | 1.9 | | | (983.2 | ) | | — | | | | | | | | | | | | | | | | | |
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Other liabilities | | — | | | — | | | 43.8 | | | 1.9 | | | — | | | 45.7 | | | | | | | | | | | | | | | | | |
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Total shareholder’s equity | | 560.7 | | | 560.7 | | | 560.7 | | | 17.3 | | | (1,138.7 | ) | | 560.7 | | | | | | | | | | | | | | | | | |
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Total liabilities and shareholder’s equity | | $ | 560.7 | | | $ | 1,542.00 | | | $ | 2,044.90 | | | $ | 74.8 | | | $ | (2,156.9 | ) | | $ | 2,065.50 | | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Successor) |
Supplemental Unaudited Condensed Consolidating Balance Sheet |
As of December 31, 2012 (Revised) |
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($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 0.5 | | | $ | 1.7 | | | $ | — | | | $ | 2.2 | | | | | | | | | | | | | | | | | |
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Accounts receivable, net | | — | | | — | | | 98.9 | | | 3.4 | | | — | | | 102.3 | | | | | | | | | | | | | | | | | |
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Inventories | | — | | | — | | | 122.9 | | | 2.6 | | | — | | | 125.5 | | | | | | | | | | | | | | | | | |
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Other current assets | | — | | | — | | | 62.4 | | | 1.1 | | | — | | | 63.5 | | | | | | | | | | | | | | | | | |
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Total current assets | | — | | | — | | | 284.7 | | | 8.8 | | | — | | | 293.5 | | | | | | | | | | | | | | | | | |
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Property, plant and equipment | | — | | | — | | | 241.1 | | | 5 | | | — | | | 246.1 | | | | | | | | | | | | | | | | | |
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Goodwill | | — | | | — | | | 501.6 | | | — | | | — | | | 501.6 | | | | | | | | | | | | | | | | | |
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Other intangible assets, net | | — | | | — | | | 640.8 | | | 9.3 | | | — | | | 650.1 | | | | | | | | | | | | | | | | | |
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Deferred debt issuance costs | | — | | | 19.7 | | | — | | | — | | | — | | | 19.7 | | | | | | | | | | | | | | | | | |
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Other assets | | — | | | — | | | 4.1 | | | — | | | — | | | 4.1 | | | | | | | | | | | | | | | | | |
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Related party note receivable | | — | | | — | | | 35 | | | — | | | (35.0 | ) | | — | | | | | | | | | | | | | | | | | |
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Intercompany | | — | | | 701 | | | 20 | | | 0.3 | | | (721.3 | ) | | — | | | | | | | | | | | | | | | | | |
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Investment in subsidiaries | | 573.9 | | | 573.9 | | | (16.2 | ) | | — | | | (1,131.6 | ) | | — | | | | | | | | | | | | | | | | | |
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Total assets | | $ | 573.9 | | | $ | 1,294.60 | | | $ | 1,711.10 | | | $ | 23.4 | | | $ | (1,887.9 | ) | | $ | 1,715.10 | | | | | | | | | | | | | | | | | |
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Liabilities and Shareholder’s Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 69.7 | | | $ | 3.1 | | | $ | — | | | $ | 72.8 | | | | | | | | | | | | | | | | | |
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Other current liabilities | | — | | | 2.6 | | | 38.1 | | | 1.1 | | | — | | | 41.8 | | | | | | | | | | | | | | | | | |
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Current portion of long-term debt | | — | | | 4.7 | | | — | | | — | | | — | | | 4.7 | | | | | | | | | | | | | | | | | |
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Total current liabilities | | — | | | 7.3 | | | 107.8 | | | 4.2 | | | — | | | 119.3 | | | | | | | | | | | | | | | | | |
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Long-term debt | | — | | | 693.7 | | | — | | | — | | | — | | | 693.7 | | | | | | | | | | | | | | | | | |
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Related party note payable | | — | | | — | | | — | | | 35 | | | (35.0 | ) | | — | | | | | | | | | | | | | | | | | |
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Deferred tax liabilities | | — | | | — | | | 284.2 | | | — | | | — | | | 284.2 | | | | | | | | | | | | | | | | | |
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Intercompany | | — | | | 19.7 | | | 701.3 | | | 0.3 | | | (721.3 | ) | | — | | | | | | | | | | | | | | | | | |
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Other liabilities | | — | | | — | | | 43.9 | | | 0.1 | | | — | | | 44 | | | | | | | | | | | | | | | | | |
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Total shareholder’s equity | | 573.9 | | | 573.9 | | | 573.9 | | | (16.2 | ) | | (1,131.6 | ) | | 573.9 | | | | | | | | | | | | | | | | | |
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Total liabilities and shareholder’s equity | | $ | 573.9 | | | $ | 1,294.60 | | | $ | 1,711.10 | | | $ | 23.4 | | | $ | (1,887.9 | ) | | $ | 1,715.10 | | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Successor) |
Supplemental Unaudited Condensed Consolidating |
Statement of Operations and Comprehensive Income Information |
For the three months ended September 30, 2013 |
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($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 327.1 | | | $ | 37.3 | | | $ | — | | | $ | 364.4 | | | | | | | | | | | | | | | | | |
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Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization) | | — | | | — | | | 268 | | | 32.6 | | | — | | | 300.6 | | | | | | | | | | | | | | | | | |
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Depreciation and amortization | | — | | | — | | | 34.5 | | | 2 | | | — | | | 36.5 | | | | | | | | | | | | | | | | | |
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Selling and administrative | | — | | | — | | | 7.9 | | | 0.7 | | | — | | | 8.6 | | | | | | | | | | | | | | | | | |
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Restructuring | | — | | | — | | | 2.5 | | | 1.2 | | | — | | | 3.7 | | | | | | | | | | | | | | | | | |
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Interest | | — | | | 14.5 | | | 0.1 | | | — | | | — | | | 14.6 | | | | | | | | | | | | | | | | | |
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Related party interest (income) expense | | — | | | (14.5 | ) | | 14 | | | 0.5 | | | — | | | — | | | | | | | | | | | | | | | | | |
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Business acquisition costs | | — | | | — | | | 0.5 | | | — | | | — | | | 0.5 | | | | | | | | | | | | | | | | | |
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Management fee | | — | | | — | | | 1.3 | | | — | | | — | | | 1.3 | | | | | | | | | | | | | | | | | |
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Gain on disposition of equipment | | — | | | — | | | (0.7 | ) | | — | | | — | | | (0.7 | ) | | | | | | | | | | | | | | | | |
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Other (income) expense | | — | | | — | | | (0.7 | ) | | (0.1 | ) | | — | | | (0.8 | ) | | | | | | | | | | | | | | | | |
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Total costs and expenses | | — | | | — | | | 327.4 | | | 36.9 | | | — | | | 364.3 | | | | | | | | | | | | | | | | | |
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Income before income taxes | | — | | | — | | | (0.3 | ) | | 0.4 | | | — | | | 0.1 | | | | | | | | | | | | | | | | | |
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Provision for income taxes | | — | | | — | | | (0.4 | ) | | 0.8 | | | — | | | 0.4 | | | | | | | | | | | | | | | | | |
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Equity in income (loss) of subsidiaries | | (0.3 | ) | | (0.3 | ) | | (0.4 | ) | | — | | | 1 | | | — | | | | | | | | | | | | | | | | | |
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Net income (loss) | | $ | (0.3 | ) | | $ | (0.3 | ) | | $ | (0.3 | ) | | $ | (0.4 | ) | | $ | 1 | | | $ | (0.3 | ) | | | | | | | | | | | | | | | | |
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Comprehensive (loss) income | | $ | — | | | $ | — | | | $ | — | | | $ | (0.1 | ) | | $ | 0.1 | | | $ | — | | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Successor) |
Supplemental Unaudited Condensed Consolidating Statement of |
Operations and Comprehensive Income Information |
For the nine months ended September 30, 2013 |
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($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 1,000.60 | | | $ | 110.3 | | | $ | — | | | $ | 1,110.90 | | | | | | | | | | | | | | | | | |
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Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization) | | — | | | — | | | 824.2 | | | 94.5 | | | — | | | 918.7 | | | | | | | | | | | | | | | | | |
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Depreciation and amortization | | — | | | — | | | 100.4 | | | 6.4 | | | — | | | 106.8 | | | | | | | | | | | | | | | | | |
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Selling and administrative | | — | | | — | | | 27.6 | | | 2.5 | | | — | | | 30.1 | | | | | | | | | | | | | | | | | |
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Restructuring | | — | | | — | | | 6.8 | | | 4 | | | — | | | 10.8 | | | | | | | | | | | | | | | | | |
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Interest | | — | | | 43.1 | | | 0.5 | | | — | | | — | | | 43.6 | | | | | | | | | | | | | | | | | |
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Related party interest (income) expense | | — | | | (43.1 | ) | | 41.5 | | | 1.6 | | | — | | | — | | | | | | | | | | | | | | | | | |
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Business acquisition costs | | — | | | — | | | 5.6 | | | — | | | — | | | 5.6 | | | | | | | | | | | | | | | | | |
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Management fee | | — | | | — | | | 3.8 | | | — | | | — | | | 3.8 | | | | | | | | | | | | | | | | | |
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Gain on disposition of equipment | | — | | | — | | | (0.9 | ) | | — | | | — | | | (0.9 | ) | | | | | | | | | | | | | | | | |
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Other (income) expense | | — | | | — | | | (1.2 | ) | | (0.5 | ) | | — | | | (1.7 | ) | | | | | | | | | | | | | | | | |
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Total costs and expenses | | — | | | — | | | 1,008.30 | | | 108.5 | | | — | | | 1,116.80 | | | | | | | | | | | | | | | | | |
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(Loss) income before income taxes | | — | | | — | | | (7.7 | ) | | 1.8 | | | — | | | (5.9 | ) | | | | | | | | | | | | | | | | |
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Provision for (benefit from) income taxes | | — | | | — | | | (3.9 | ) | | 2.6 | | | — | | | (1.3 | ) | | | | | | | | | | | | | | | | |
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Equity in income (loss) of subsidiary | | (4.6 | ) | | (4.6 | ) | | (0.8 | ) | | — | | | 10 | | | — | | | | | | | | | | | | | | | | | |
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Net income (loss) | | $ | (4.6 | ) | | $ | (4.6 | ) | | $ | (4.6 | ) | | $ | (0.8 | ) | | $ | 10 | | | $ | (4.6 | ) | | | | | | | | | | | | | | | | |
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Comprehensive income (loss) | | $ | (6.4 | ) | | $ | (6.4 | ) | | $ | (6.4 | ) | | $ | (2.6 | ) | | $ | 15.4 | | | $ | (6.4 | ) | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Predecessor) |
Supplemental Unaudited Condensed Consolidating Statement of |
Operations and Comprehensive Income Information |
For the three months ended September 30, 2012 |
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($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 283.9 | | | $ | 8.1 | | | $ | — | | | $ | 292 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization | | — | | | — | | | 237.7 | | | 6.9 | | | — | | | 244.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Depreciation and amortization | | — | | | — | | | 22.6 | | | 0.9 | | | — | | | 23.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Selling and administrative | | — | | | — | | | 6 | | | 0.2 | | | — | | | 6.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restructuring | | — | | | — | | | 0.2 | | | — | | | — | | | 0.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest | | — | | | 10.9 | | | 0.5 | | | 0.5 | | | — | | | 11.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party interest (income) expense | | — | | | (10.9 | ) | | 10.9 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Business acquisition costs | | — | | | — | | | 0.1 | | | — | | | — | | | 0.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Gain on sale of equipment | | — | | | — | | | 0.1 | | | — | | | — | | | 0.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other (income) expense | | — | | | — | | | (0.4 | ) | | (1.4 | ) | | — | | | (1.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total costs and expenses | | — | | | — | | | 277.7 | | | 7.1 | | | — | | | 284.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(Loss) income before income taxes | | — | | | — | | | 6.2 | | | 1 | | | — | | | 7.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | — | | | — | | | 3.4 | | | — | | | — | | | 3.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity in income (loss) of subsidiaries | | 3.8 | | | 3.8 | | | 1 | | | — | | | (8.6 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income (loss) | | $ | 3.8 | | | $ | 3.8 | | | $ | 3.8 | | | $ | 1 | | | $ | (8.6 | ) | | $ | 3.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 2.9 | | | $ | 2.9 | | | $ | 2.9 | | | $ | 0.4 | | | $ | (6.2 | ) | | $ | 2.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
BWAY Intermediate Company, Inc. and Subsidiaries (Predecessor) |
Supplemental Unaudited Condensed Consolidating Statement of |
Operations and Comprehensive Income Information |
For the nine months ended September 30, 2012 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 905.9 | | | $ | 25.5 | | | $ | — | | | $ | 931.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization | | — | | | — | | | 758.3 | | | 22.5 | | | — | | | 780.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Depreciation and amortization | | — | | | — | | | 64.2 | | | 2.7 | | | — | | | 66.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Selling and administrative | | — | | | — | | | 18.3 | | | 0.7 | | | — | | | 19 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restructuring | | — | | | — | | | 1.1 | | | 0.1 | | | — | | | 1.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest | | — | | | 33.8 | | | 1.1 | | | 1.4 | | | — | | | 36.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party interest (income) expense | | — | | | (33.8 | ) | | 33.8 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Business acquisition costs | | — | | | — | | | 0.3 | | | — | | | — | | | 0.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Gain on disposition of equipment | | — | | | — | | | (9.8 | ) | | — | | | — | | | (9.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other (income) expense | | — | | | — | | | (0.9 | ) | | (1.2 | ) | | — | | | (2.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total costs and expenses | | — | | | — | | | 866.4 | | | 26.2 | | | — | | | 892.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(Loss) income before income taxes | | — | | | — | | | 39.5 | | | (0.7 | ) | | — | | | 38.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Provision for income taxes | | — | | | — | | | 14.2 | | | — | | | — | | | 14.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity in income (loss) of subsidiaries | | 24.6 | | | 24.6 | | | (0.7 | ) | | — | | | (48.5 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income (loss) | | $ | 24.6 | | | $ | 24.6 | | | $ | 24.6 | | | $ | (0.7 | ) | | $ | (48.5 | ) | | $ | 24.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 23.7 | | | $ | 23.7 | | | $ | 23.7 | | | $ | (1.3 | ) | | $ | (46.1 | ) | | $ | 23.7 | | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Successor) |
Supplemental Unaudited Condensed Consolidating Statement of |
Cash Flows Information |
For the nine months ended September 30, 2013 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | $ | — | | | $ | — | | | $ | 108.1 | | | $ | 7.4 | | | $ | — | | | $ | 115.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (46.5 | ) | | (3.2 | ) | | — | | | (49.7 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash paid for acquisitions, net of cash acquired | | — | | | — | | | (265.2 | ) | | — | | | — | | | (265.2 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net proceeds from disposition of equipment | | — | | | — | | | 0.9 | | | — | | | — | | | 0.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Return of equity from subsidiaries | | 17.1 | | | 17.1 | | | — | | | — | | | (34.2 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | (242.8 | ) | | — | | | — | | | 242.8 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | 17.1 | | | (225.7 | ) | | (310.8 | ) | | (3.2 | ) | | 208.6 | | | (314.0 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of secured debt | | — | | | 261 | | | — | | | — | | | — | | | 261 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments of secured debt | | — | | | (5.5 | ) | | — | | | — | | | — | | | (5.5 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Proceeds from revolving credit facility borrowings | | — | | | 179.1 | | | — | | | — | | | — | | | 179.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments of revolving credit facility borrowings | | — | | | (182.7 | ) | | — | | | — | | | — | | | (182.7 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Principal payments under capital lease obligations | | — | | | — | | | (0.8 | ) | | — | | | — | | | (0.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Payment of debt issuance costs | | — | | | (9.1 | ) | | — | | | — | | | — | | | (9.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Dividend to Parent | | (17.1 | ) | | (17.1 | ) | | (17.1 | ) | | — | | | 34.2 | | | (17.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | — | | | 242.8 | | | — | | | (242.8 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | (17.1 | ) | | 225.7 | | | 224.9 | | | — | | | (208.6 | ) | | 224.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | (0.1 | ) | | — | | | (0.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | | — | | | — | | | 22.2 | | | 4.1 | | | — | | | 26.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | — | | | — | | | 0.5 | | | 1.7 | | | — | | | 2.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | — | | | $ | 22.7 | | | $ | 5.8 | | | $ | — | | | $ | 28.5 | | | | | | | | | | | | | | | | | |
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BWAY Intermediate Company, Inc. and Subsidiaries (Predecessor) |
Supplemental Unaudited Condensed Consolidating Statement of |
Cash Flows Information |
For the nine months ended September 30, 2012 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiary | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities | | $ | — | | | $ | — | | | $ | 158.2 | | | $ | 3.8 | | | $ | — | | | $ | 162 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (29.0 | ) | | (0.6 | ) | | — | | | (29.6 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash paid for acquisitions, net of cash acquired | | — | | | — | | | (0.2 | ) | | — | | | — | | | (0.2 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net proceeds from disposition of equipment | | — | | | — | | | 12.4 | | | — | | | — | | | 12.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other | | — | | | — | | | (0.1 | ) | | — | | | — | | | (0.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | 53 | | | — | | | — | | | (53.0 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | — | | | 53 | | | (16.9 | ) | | (0.6 | ) | | (53.0 | ) | | (17.5 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of secured debt | | — | | | (35.5 | ) | | — | | | (1.5 | ) | | — | | | (37.0 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Proceeds from revolving credit facility borrowings | | — | | | 16 | | | — | | | — | | | — | | | 16 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments from revolving credit facility borrowings | | — | | | (33.5 | ) | | — | | | — | | | — | | | (33.5 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Principal repayments under capital lease obligations | | — | | | — | | | (0.7 | ) | | — | | | — | | | (0.7 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | — | | | (53.0 | ) | | — | | | 53 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash used in financing activities | | — | | | (53.0 | ) | | (53.7 | ) | | (1.5 | ) | | 53 | | | (55.2 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | 0.1 | | | — | | | 0.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | | — | | | — | | | 87.6 | | | 1.8 | | | — | | | 89.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | — | | | — | | | 3.1 | | | 1.6 | | | — | | | 4.7 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | — | | | $ | 90.7 | | | $ | 3.4 | | | $ | — | | | $ | 94.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
In the second quarter of 2013, we revised the presentation of certain intercompany debt related transactions between the issuer and guarantor subsidiaries within the Condensed Consolidating Balance Sheet as of December 31, 2012. Additionally, we revised the presentation of a debt balance between guarantor and nonguarantor subsidiaries as intercompany on the Condensed Consolidating Balance Sheet as of December 31, 2012. The revisions to this supplemental information did not impact any amounts reported in our previously issued Consolidated Balance Sheet. In accordance with applicable accounting guidance, we assessed the materiality of the errors and concluded that the errors were not material to any of our previously issued financial statements. As comparative prior period supplemental guarantor subsidiaries financial information is presented in future filings, we will similarly revise such prior period information. |
The table below presents, for each line item of the Condensed Consolidating Balance Sheet as of December 31, 2012 that we revised, a comparison of the adjusted balance with the originally reported balance. The adjusted balances below do not include certain other adjustments reflected in our Condensed Consolidating Balance sheet as of December 31, 2012 above, but include only those amounts in the previously reported supplemental disclosure that were directly impacted by the change in presentation. |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 31, 2012 | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | BWAY Intermediate (Parent) | | BWAY Holding (Issuer) | | Guarantor Subsidiaries | | Non Guarantor Subsidiaries | | Eliminations |
($ in millions) | | As Reported | | As Adjusted | | As Reported | | As Adjusted | | As Reported | | As Adjusted | | As Reported | | As Adjusted | | As Reported | | As Adjusted |
Balance Sheet | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
Deferred debt issuance costs | | $ | — | | | $ | — | | | $ | — | | | $ | 19.7 | | | $ | 19.7 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
|
Other assets | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 39.1 | | | $ | 4.1 | | | $ | — | | | $ | — | | | $ | (35.0 | ) | | $ | — | |
|
Related party note receivable | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 35 | | | $ | — | | | $ | — | | | $ | — | | | $ | (35.0 | ) |
|
Intercompany | | $ | — | | | $ | — | | | $ | 699.3 | | | $ | 701 | | | $ | — | | | $ | 20 | | | $ | 0.3 | | | $ | 0.3 | | | $ | (699.6 | ) | | $ | (721.3 | ) |
|
Investment in subsidiaries | | $ | 574.2 | | | $ | 573.9 | | | $ | 574.2 | | | $ | 573.9 | | | $ | (16.2 | ) | | $ | (16.2 | ) | | $ | — | | | $ | — | | | $ | (1,132.2 | ) | | $ | (1,131.6 | ) |
|
| | | | | | | | | | | | | | | | | | | | |
Liabilities and | | | | | | | | | | | | | | | | | | | | |
Shareholder's Equity | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | |
Other current liabilities | | $ | — | | | $ | — | | | $ | 0.9 | | | $ | 2.6 | | | $ | 39.5 | | | $ | 38.1 | | | $ | 1.4 | | | $ | 1.1 | | | $ | — | | | $ | — | |
|
Long-term debt | | $ | — | | | $ | — | | | $ | 693.7 | | | $ | 693.7 | | | $ | — | | | $ | — | | | $ | 35 | | | $ | — | | | $ | (35.0 | ) | | $ | — | |
|
Related party note payable | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 35 | | | $ | — | | | $ | (35.0 | ) |
|
Intercompany | | $ | — | | | $ | — | | | $ | — | | | $ | 19.7 | | | $ | 699.6 | | | $ | 701.3 | | | $ | — | | | $ | 0.3 | | | $ | (699.6 | ) | | $ | (721.3 | ) |
|
Total shareholder's equity | | $ | 574.2 | | | $ | 573.9 | | | $ | 574.2 | | | $ | 573.9 | | | $ | 574.2 | | | $ | 574.2 | | | $ | (16.2 | ) | | $ | (16.2 | ) | | $ | (1,132.2 | ) | | $ | (1,131.6 | ) |
|