Supplemental Guarantor Subsidiaries Information | 3 Months Ended |
Mar. 31, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Supplemental Guarantor Subsidiaries Information | ' |
Supplemental Guarantor Subsidiaries Information |
BWAY Intermediate and certain subsidiaries of BWAY Holding (collectively with BWAY Intermediate, 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 the BWAY Guarantors that is a subsidiary of BWAY Holding is a direct or indirect domestic subsidiary that is 100% owned. Our Canadian subsidiaries do not guarantee the 2018 Notes. |
In the following tables, we present consolidating supplemental financial information for BWAY Intermediate (parent guarantor), BWAY Holding (issuer), the guarantor subsidiaries of BWAY Holding, the non-guarantor subsidiaries of BWAY Holding, and applicable eliminations. 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 the 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 issuance costs, and related interest expense to the guarantor subsidiaries. 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 |
Supplemental Unaudited Condensed Consolidating Balance Sheet |
As of March 31, 2014 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 16.4 | | | $ | 3 | | | $ | — | | | $ | 19.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Accounts receivable, net | | — | | | — | | | 173.5 | | | 24.9 | | | — | | | 198.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Inventories | | — | | | — | | | 129.9 | | | 17.4 | | | — | | | 147.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred tax assets | | — | | | — | | | 28.2 | | | 1.4 | | | — | | | 29.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - current | | — | | | 8.8 | | | — | | | — | | | (8.8 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other current assets | | — | | | — | | | 23.8 | | | 2.8 | | | — | | | 26.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total current assets | | — | | | 8.8 | | | 371.8 | | | 49.5 | | | (8.8 | ) | | 421.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Property, plant and equipment, net | | — | | | — | | | 301.2 | | | 49.9 | | | — | | | 351.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Goodwill | | — | | | — | | | 577.8 | | | — | | | — | | | 577.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other intangible assets, net | | — | | | — | | | 610.7 | | | 30.7 | | | — | | | 641.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred debt issuance costs | | — | | | 21.4 | | | — | | | — | | | — | | | 21.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other assets | | — | | | — | | | 5.2 | | | 0.2 | | | — | | | 5.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party note receivable | | — | | | — | | | 16.9 | | | — | | | (16.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - non-current | | — | | | 914.2 | | | 4 | | | — | | | (918.2 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Investment in subsidiaries | | 548.2 | | | 548.2 | | | 71.7 | | | — | | | (1,168.1 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total assets | | $ | 548.2 | | | $ | 1,492.60 | | | $ | 1,959.30 | | | $ | 130.3 | | | $ | (2,112.0 | ) | | $ | 2,018.40 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Liabilities and Shareholder’s Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 124.2 | | | $ | 16 | | | $ | — | | | $ | 140.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other current liabilities | | — | | | 1.5 | | | 45.7 | | | 5.3 | | | — | | | 52.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Current portion of long-term debt | | — | | | 7.3 | | | — | | | — | | | — | | | 7.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - current | | — | | | — | | | 8.8 | | | — | | | (8.8 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total current liabilities | | — | | | 8.8 | | | 178.7 | | | 21.3 | | | (8.8 | ) | | 200 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Long-term debt | | — | | | 935.6 | | | — | | | — | | | — | | | 935.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party note payable | | — | | | — | | | — | | | 16.9 | | | (16.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred tax liabilities | | — | | | — | | | 282.5 | | | 14.6 | | | — | | | 297.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - non-current | | — | | | — | | | 914.2 | | | 4 | | | (918.2 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other liabilities | | — | | | — | | | 35.7 | | | 1.8 | | | — | | | 37.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total shareholder’s equity | | 548.2 | | | 548.2 | | | 548.2 | | | 71.7 | | | (1,168.1 | ) | | 548.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total liabilities and shareholder’s equity | | $ | 548.2 | | | $ | 1,492.60 | | | $ | 1,959.30 | | | $ | 130.3 | | | $ | (2,112.0 | ) | | $ | 2,018.40 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
BWAY Intermediate Company, Inc. and Subsidiaries |
Supplemental Unaudited Condensed Consolidating Balance Sheet |
As of December 31, 2013 |
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 32.4 | | | $ | 7.9 | | | $ | — | | | $ | 40.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Accounts receivable, net | | — | | | — | | | 125.4 | | | 16.1 | | | — | | | 141.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Inventories | | — | | | — | | | 148.9 | | | 18.9 | | | — | | | 167.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred tax assets | | — | | | — | | | 28.2 | | | 1.5 | | | — | | | 29.7 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - current | | — | | | 11.1 | | | — | | | — | | | (11.1 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other current assets | | — | | | — | | | 21.6 | | | 0.9 | | | — | | | 22.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total current assets | | — | | | 11.1 | | | 356.5 | | | 45.3 | | | (11.1 | ) | | 401.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Property, plant and equipment, net | | — | | | — | | | 298.4 | | | 51.2 | | | — | | | 349.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Goodwill | | — | | | — | | | 577.8 | | | — | | | — | | | 577.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other intangible assets, net | | — | | | — | | | 628.5 | | | 31.5 | | | — | | | 660 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred debt issuance costs | | — | | | 22.9 | | | — | | | — | | | — | | | 22.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other assets | | — | | | — | | | 5.2 | | | — | | | — | | | 5.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party note receivable | | — | | | — | | | 16.9 | | | — | | | (16.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - non-current | | — | | | 915.3 | | | 3.1 | | | — | | | (918.4 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Investment in subsidiaries | | 546.2 | | | 546.2 | | | 72.5 | | | — | | | (1,164.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total assets | | $ | 546.2 | | | $ | 1,495.50 | | | $ | 1,958.90 | | | $ | 128 | | | $ | (2,111.3 | ) | | $ | 2,017.30 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Liabilities and Shareholder’s Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | — | | | $ | 117 | | | $ | 14.7 | | | $ | — | | | $ | 131.7 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other current liabilities | | — | | | 3.8 | | | 47.2 | | | 3.9 | | | — | | | 54.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Current portion of long-term debt | | — | | | 7.3 | | | — | | | — | | | — | | | 7.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - current | | — | | | — | | | 11.1 | | | — | | | (11.1 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total current liabilities | | — | | | 11.1 | | | 175.3 | | | 18.6 | | | (11.1 | ) | | 193.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Long-term debt | | — | | | 938.2 | | | — | | | — | | | — | | | 938.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party note payable | | — | | | — | | | — | | | 16.9 | | | (16.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Deferred tax liabilities | | — | | | — | | | 284.7 | | | 15.1 | | | — | | | 299.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Intercompany - non-current | | — | | | — | | | 915.3 | | | 3.1 | | | (918.4 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other liabilities | | — | | | — | | | 37.4 | | | 1.8 | | | — | | | 39.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total shareholder’s equity | | 546.2 | | | 546.2 | | | 546.2 | | | 72.5 | | | (1,164.9 | ) | | 546.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total liabilities and shareholder’s equity | | $ | 546.2 | | | $ | 1,495.50 | | | $ | 1,958.90 | | | $ | 128 | | | $ | (2,111.3 | ) | | $ | 2,017.30 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
BWAY Intermediate Company, Inc. and Subsidiaries |
Supplemental Unaudited Condensed Consolidating |
Statement of Operations and Comprehensive Loss Information |
For the three months ended March 31, 2014 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 339.8 | | | $ | 31.5 | | | $ | — | | | $ | 371.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization) | | — | | | — | | | 281.9 | | | 29 | | | — | | | 310.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Depreciation and amortization | | — | | | — | | | 31.5 | | | 3.1 | | | — | | | 34.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Selling and administrative | | — | | | — | | | 5.9 | | | 0.5 | | | — | | | 6.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restructuring | | — | | | — | | | 0.3 | | | — | | | — | | | 0.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest | | — | | | 14.3 | | | 0.1 | | | — | | | — | | | 14.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party interest (income) expense | | — | | | (14.3 | ) | | 14.3 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Business acquisition costs | | — | | | — | | | 0.2 | | | — | | | — | | | 0.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Management fee | | — | | | — | | | 1.3 | | | — | | | — | | | 1.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party management fee | | — | | | — | | | (0.9 | ) | | 0.9 | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other expense | | — | | | — | | | 0.1 | | | 0.1 | | | — | | | 0.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total costs and expenses | | — | | | — | | | 334.7 | | | 33.6 | | | — | | | 368.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Income (loss) before income taxes | | — | | | — | | | 5.1 | | | (2.1 | ) | | — | | | 3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Provision for (benefit from) income taxes | | — | | | — | | | 2.3 | | | (1.2 | ) | | — | | | 1.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity in income (loss) of subsidiaries | | 1.9 | | | 1.9 | | | (0.9 | ) | | — | | | (2.9 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net income (loss) | | $ | 1.9 | | | $ | 1.9 | | | $ | 1.9 | | | $ | (0.9 | ) | | $ | (2.9 | ) | | $ | 1.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Comprehensive loss | | $ | (1.3 | ) | | $ | (1.3 | ) | | $ | (1.3 | ) | | $ | (4.1 | ) | | $ | 6.7 | | | $ | (1.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
BWAY Intermediate Company, Inc. and Subsidiaries |
Supplemental Unaudited Condensed Consolidating Statement of |
Operations and Comprehensive Loss Information |
For the three months ended March 31, 2013 (Revised) |
|
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 323.5 | | | $ | 30.5 | | | $ | — | | | $ | 354 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cost and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold (excluding depreciation and amortization | | — | | | — | | | 271.5 | | | 26 | | | — | | | 297.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Depreciation and amortization | | — | | | — | | | 31.1 | | | 3.4 | | | — | | | 34.5 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Selling and administrative | | — | | | — | | | 8.3 | | | 0.8 | | | — | | | 9.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restructuring | | — | | | — | | | 1.4 | | | 0.2 | | | — | | | 1.6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Interest | | — | | | 13.6 | | | 0.2 | | | — | | | — | | | 13.8 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Related party interest (income) expense | | — | | | (13.6 | ) | | 13.1 | | | 0.5 | | | — | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Business acquisition costs | | — | | | — | | | 4.7 | | | — | | | — | | | 4.7 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Management fee | | — | | | — | | | 1.3 | | | — | | | — | | | 1.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Other income | | — | | | — | | | (0.1 | ) | | (0.1 | ) | | — | | | (0.2 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total costs and expenses | | — | | | — | | | 331.5 | | | 30.8 | | | — | | | 362.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Loss before income taxes | | — | | | — | | | (8.0 | ) | | (0.3 | ) | | — | | | (8.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
(Benefit from) provision for income taxes | | — | | | — | | | (4.1 | ) | | 0.6 | | | — | | | (3.5 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Equity in loss of subsidiaries | | (4.8 | ) | | (4.8 | ) | | (0.9 | ) | | — | | | 10.5 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net loss | | $ | (4.8 | ) | | $ | (4.8 | ) | | $ | (4.8 | ) | | $ | (0.9 | ) | | $ | 10.5 | | | $ | (4.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Comprehensive loss | | $ | (7.3 | ) | | $ | (7.3 | ) | | $ | (7.3 | ) | | $ | (3.4 | ) | | $ | 18 | | | $ | (7.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
BWAY Intermediate Company, Inc. and Subsidiaries |
Supplemental Unaudited Condensed Consolidating Statement of |
Cash Flows Information |
For the three months ended March 31, 2014 |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | — | | | $ | — | | | $ | 1.7 | | | $ | 3.2 | | | $ | — | | | $ | 4.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (15.7 | ) | | (7.2 | ) | | — | | | (22.9 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net proceeds from disposition of equipment | | — | | | — | | | 0.1 | | | — | | | — | | | 0.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | 1.8 | | | — | | | — | | | (1.8 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | — | | | 1.8 | | | (15.6 | ) | | (7.2 | ) | | (1.8 | ) | | (22.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of secured debt | | — | | | (1.8 | ) | | — | | | — | | | — | | | (1.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Proceeds from revolving credit facility borrowings | | — | | | 6 | | | — | | | — | | | — | | | 6 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments of revolving credit facility borrowings | | — | | | (6.0 | ) | | — | | | — | | | — | | | (6.0 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Principal payments under capital lease obligations | | — | | | — | | | (0.3 | ) | | — | | | — | | | (0.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | — | | | (1.8 | ) | | — | | | 1.8 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash used in financing activities | | — | | | (1.8 | ) | | (2.1 | ) | | — | | | 1.8 | | | (2.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | (0.9 | ) | | — | | | (0.9 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net decrease in cash and cash equivalents | | — | | | — | | | (16.0 | ) | | (4.9 | ) | | — | | | (20.9 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | — | | | — | | | 32.4 | | | 7.9 | | | — | | | 40.3 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | — | | | $ | 16.4 | | | $ | 3 | | | $ | — | | | $ | 19.4 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
BWAY Intermediate Company, Inc. and Subsidiaries |
Supplemental Unaudited Condensed Consolidating Statement of |
Cash Flows Information |
For the three months ended March 31, 2013 |
(Revised) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
($ in millions) | | BWAY | | BWAY | | Guarantor | | Non | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | |
Intermediate | Holding | Subsidiaries | Guarantor | | | | | | | | | | | | | | | | |
(Parent) | (Issuer) | | Subsidiaries | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | $ | — | | | $ | — | | | $ | 11.5 | | | $ | 3.6 | | | $ | — | | | $ | 15.1 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | — | | | — | | | (13.8 | ) | | — | | | — | | | (13.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash paid for acquisitions, net of cash acquired | | — | | | — | | | (265.3 | ) | | — | | | — | | | (265.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Return of equity from subsidiaries | | 1.6 | | | 1.6 | | | — | | | — | | | (3.2 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | (270.8 | ) | | — | | | — | | | 270.8 | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | 1.6 | | | (269.2 | ) | | (279.1 | ) | | — | | | 267.6 | | | (279.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of secured debt | | — | | | 261 | | | — | | | — | | | — | | | 261 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments of secured debt | | — | | | (1.8 | ) | | — | | | — | | | — | | | (1.8 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Proceeds from revolving credit facility borrowings | | — | | | 69.2 | | | — | | | — | | | — | | | 69.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Repayments from revolving credit facility borrowings | | — | | | (48.5 | ) | | — | | | — | | | — | | | (48.5 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Principal repayments under capital lease obligations | | — | | | — | | | (0.3 | ) | | — | | | — | | | (0.3 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Payment of debt issuance costs | | — | | | (9.1 | ) | | — | | | — | | | — | | | (9.1 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Dividend paid to Parent | | (1.6 | ) | | (1.6 | ) | | (1.6 | ) | | — | | | 3.2 | | | (1.6 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Change in intercompany | | — | | | — | | | 270.8 | | | — | | | (270.8 | ) | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | (1.6 | ) | | 269.2 | | | 268.9 | | | — | | | (267.6 | ) | | 268.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | (0.2 | ) | | — | | | (0.2 | ) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | | — | | | — | | | 1.3 | | | 3.4 | | | — | | | 4.7 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, beginning of period | | — | | | — | | | 0.5 | | | 1.7 | | | — | | | 2.2 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | — | | | $ | 1.8 | | | $ | 5.1 | | | $ | — | | | $ | 6.9 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Beginning in the second quarter of 2013, we revised the presentation of certain intercompany debt related transactions between the issuer and guarantor subsidiaries as well as the presentation of a debt balance between guarantor and non guarantor subsidiaries as intercompany on certain of the previously issued supplemental condensed consolidating balance sheets and related condensed consolidating statements of operations and condensed consolidating statements of cash flows. The revisions to this supplemental information did not impact any amounts reported in our previously issued consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. 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. |
The tables below present, for each line item of each statement that we revised, a comparison of the adjusted balance with the originally reported balance. The adjusted balances below do not include certain other adjustments related to i) the Platinum Merger and Ropak Acquisition measurement period adjustments and ii) a revision for the correction of an immaterial error to increase accounts payable and other current assets, both of which are discussed in Note 5, "Merger / Acquisition Measurement Period Revisions" of the Notes to Consolidated Financial Statements included in the Annual Report. Those adjustments that impact the comparative statement of operations for the three months ended March 31, 2013 are also summarized in Note 1. The adjusted balances in the tables below include only those amounts in the previously reported supplemental disclosure that were directly impacted by the change in presentation. |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the three months ended March 31, 2013 |
| | 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 |
Statement of Operations | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Interest | | $ | — | | | $ | — | | | $ | 4.3 | | | $ | 13.6 | | | $ | 9.5 | | | $ | 0.2 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
|
Related party interest (income) expense | | $ | — | | | $ | — | | | $ | — | | | $ | (13.6 | ) | | $ | — | | | $ | 13.1 | | | $ | — | | | $ | 0.5 | | | $ | — | | | $ | — | |
|
(Benefit from) provision for income taxes | | $ | — | | | $ | — | | | $ | (1.6 | ) | | $ | — | | | $ | 1 | | | $ | (0.6 | ) | | $ | 0.6 | | | $ | 0.6 | | | $ | — | | | $ | — | |
|
Equity in income (loss) of subsidiaries | | $ | 2.6 | | | $ | (4.8 | ) | | $ | 5.3 | | | $ | (4.8 | ) | | $ | 0.9 | | | $ | (0.9 | ) | | $ | — | | | $ | — | | | $ | (8.8 | ) | | $ | 10.5 | |
|
| | | | | | | | | | | | | | | | | | | | |
Statement of Cash Flows | | | | | | | | | | | | | | | | | | | | |
Return of equity from subsidiaries | | $ | — | | | $ | 1.6 | | | $ | — | | | $ | 1.6 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (3.2 | ) |
|
Dividend paid to Parent | | $ | — | | | $ | (1.6 | ) | | $ | — | | | $ | (1.6 | ) | | $ | (1.6 | ) | | $ | (1.6 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | 3.2 | |
|