Consolidating Financial Statements | 3 Months Ended |
Dec. 28, 2014 |
Consolidating Financial Statements [Abstract] | |
Consolidating Financial Statements | 15 CONSOLIDATING FINANCIAL STATEMENTS |
Spectrum Brands Inc., with its domestic subsidiaries and SB/RH Holdings, LLC (the “Parent”) as guarantors, has issued the 6.375% Notes and the 6.625% Notes under the 2020/22 Indenture, the 6.75% Notes under the 2020 Indenture and the 6.125% Notes under the 2024 Indenture. See Note 6, “Debt,” for further information on the 6.375% Notes and the 6.625% Notes under the 2020/22 Indenture, the 6.75% Notes under the 2020 Indenture and the 6.125% Notes under the 2024 Indenture. |
The following consolidating financial statements illustrate the components of the consolidated financial statements of the Company. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Earnings of subsidiaries are therefore reflected in the Company’s and Guarantor Subsidiaries investment accounts and earnings. The elimination entries presented herein eliminate investments in subsidiaries and intercompany balances and transactions. |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Financial Position |
28-Dec-14 |
(Unaudited) |
(Amounts in millions) |
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | | Subsidiaries | | Eliminations | | Total |
ASSETS |
Current assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 302.6 | | $ | 8.2 | | $ | 97.6 | | $ | — | | $ | 408.4 |
Receivables: | | | | | | | | | | | | | | | |
Trade accounts receivables, net of allowances | | | 64.6 | | | 129.4 | | | 295.7 | | | — | | | 489.7 |
Intercompany receivables | | | 175.2 | | | 815.9 | | | 540.0 | | | -1,530.30 | | | 0.8 |
Other | | | 7.0 | | | 7.9 | | | 72.2 | | | — | | | 87.1 |
Inventories | | | 111.2 | | | 345.6 | | | 252.4 | | | -7.3 | | | 701.9 |
Deferred income taxes | | | -6.7 | | | 26.1 | | | 10.7 | | | 1.6 | | | 31.7 |
Prepaid expenses and other | | | 24.5 | | | 16.8 | | | 28.4 | | | -0.3 | | | 69.4 |
Total current assets | | | 678.4 | | | 1,349.9 | | | 1,297.0 | | | -1,536.30 | | | 1,789.0 |
Property, plant and equipment, net | | | 144.7 | | | 108.1 | | | 167.0 | | | — | | | 419.8 |
Long-term intercompany receivables | | | 1.7 | | | 88.7 | | | 67.9 | | | -158.3 | | | — |
Deferred charges and other | | | 274.8 | | | -268 | | | 30.6 | | | — | | | 37.4 |
Goodwill | | | 130.7 | | | 974.6 | | | 359.6 | | | — | | | 1,464.9 |
Intangible assets, net | | | 659.1 | | | 982.3 | | | 425.3 | | | — | | | 2,066.7 |
Debt issuance costs | | | 50.8 | | | — | | | 4.2 | | | — | | | 55.0 |
Investments in subsidiaries | | | 3,662.1 | | | 1,312.4 | | | 0.4 | | | -4,974.90 | | | — |
Total assets | | $ | 5,602.3 | | $ | 4,548.0 | | $ | 2,352.0 | | $ | -6,669.50 | | $ | 5,832.8 |
| | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 71.5 | | $ | 5.4 | | $ | 37.5 | | $ | — | | $ | 114.4 |
Accounts payable | | | 94.1 | | | 154.5 | | | 199.1 | | | — | | | 447.7 |
Intercompany accounts payable | | | 1,251.9 | | | 883.2 | | | 52.0 | | | -2,187.10 | | | — |
Accrued liabilities: | | | | | | | | | | | | | | | |
Wages and benefits | | | 13.0 | | | 12.0 | | | 40.4 | | | — | | | 65.4 |
Income taxes payable | | | — | | | 0.4 | | | 21.3 | | | — | | | 21.7 |
Accrued interest | | | 20.5 | | | — | | | 0.8 | | | — | | | 21.3 |
Other | | | 35.3 | | | 35.9 | | | 89.1 | | | — | | | 160.3 |
Total current liabilities | | | 1,486.3 | | | 1,091.4 | | | 440.2 | | | -2,187.10 | | | 830.8 |
Long-term debt, net of current maturities | | | 2,971.0 | | | 8.0 | | | 331.2 | | | — | | | 3,310.2 |
Long-term intercompany debt | | | 15.5 | | | -600.9 | | | 87.1 | | | 498.3 | | | — |
Employee benefit obligations, net of current portion | | | 9.7 | | | — | | | 68.6 | | | — | | | 78.3 |
Deferred income taxes | | | 19.3 | | | 386.5 | | | 101.6 | | | — | | | 507.4 |
Other | | | 8.4 | | | 0.9 | | | 10.9 | | | — | | | 20.2 |
Total liabilities | | | 4,510.2 | | | 885.9 | | | 1,039.6 | | | -1,688.80 | | | 4,746.9 |
Shareholders’ equity: | | | | | | | | | | | | | | | |
Other equity | | | 1,432.0 | | | 2,712.5 | | | 1,288.2 | | | -4,006.90 | | | 1,425.8 |
Retained earnings (accumulated deficit) | | | -295 | | | 976.1 | | | 46.4 | | | -1,022.50 | | | -295 |
Accumulated other comprehensive income (loss) | | | -94.6 | | | -81.9 | | | -77.6 | | | 159.5 | | | -94.6 |
Total shareholders’ equity | | | 1,042.4 | | | 3,606.7 | | | 1,257.0 | | | -4,869.90 | | | 1,036.2 |
Non-controlling interest | | | 49.7 | | | 55.4 | | | 55.4 | | | -110.8 | | | 49.7 |
Total equity | | | 1,092.1 | | | 3,662.1 | | | 1,312.4 | | | -4,980.70 | | | 1,085.9 |
Total liabilities and shareholders’ equity | | $ | 5,602.3 | | $ | 4,548.0 | | $ | 2,352.0 | | $ | -6,669.50 | | $ | 5,832.8 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Financial Position |
September 30, 2014 |
(Unaudited) |
(Amounts in millions) |
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
ASSETS |
Current assets: | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 4.8 | | $ | 11.2 | | $ | 176.9 | | $ | — | | $ | 192.9 |
Receivables: | | | | | | | | | | | | | | | |
Trade accounts receivables, net of allowances | | | 48.3 | | | 157.6 | | | 233.1 | | | — | | | 439.0 |
Intercompany receivables | | | 106.9 | | | 937.3 | | | 587.0 | | | -1,631.20 | | | — |
Other | | | 2.3 | | | 8.3 | | | 65.8 | | | — | | | 76.4 |
Inventories | | | 77.7 | | | 313.0 | | | 240.4 | | | -6.6 | | | 624.5 |
Deferred income taxes | | | -10.1 | | | 34.3 | | | 11.1 | | | 1.4 | | | 36.7 |
Prepaid expenses and other | | | 19.2 | | | 14.4 | | | 29.9 | | | -0.1 | | | 63.4 |
Total current assets | | | 249.1 | | | 1,476.1 | | | 1,344.2 | | | -1,636.50 | | | 1,432.9 |
Property, plant and equipment, net | | | 137.7 | | | 115.3 | | | 175.9 | | | — | | | 428.9 |
Long term intercompany receivables | | | 0.7 | | | 107.2 | | | 41.6 | | | -149.5 | | | — |
Deferred charges and other | | | 126.4 | | | -118 | | | 28.9 | | | — | | | 37.3 |
Goodwill | | | 67.7 | | | 1,030.7 | | | 371.2 | | | — | | | 1,469.6 |
Intangible assets, net | | | 494.0 | | | 1,151.7 | | | 445.8 | | | — | | | 2,091.5 |
Debt issuance costs | | | 46.6 | | | — | | | 4.5 | | | — | | | 51.1 |
Investments in subsidiaries | | | 4,076.3 | | | 1,279.0 | | | 0.4 | | | -5,355.70 | | | — |
Total assets | | $ | 5,198.5 | | $ | 5,042.0 | | $ | 2,412.5 | | $ | -7,141.70 | | $ | 5,511.3 |
| | | | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
Current liabilities: | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 75.2 | | $ | 6.9 | | $ | 30.5 | | $ | — | | $ | 112.6 |
Accounts payable | | | 76.0 | | | 202.5 | | | 241.2 | | | — | | | 519.7 |
Intercompany accounts payable | | | 1,366.0 | | | 830.0 | | | 81.2 | | | -2,277.20 | | | — |
Accrued liabilities: | | | | | | | | | | | | | | | |
Wages and benefits | | | 25.6 | | | 19.4 | | | 43.1 | | | — | | | 88.1 |
Income taxes payable | | | 1.3 | | | 0.2 | | | 17.0 | | | — | | | 18.5 |
Accrued interest | | | 34.9 | | | — | | | 0.5 | | | — | | | 35.4 |
Other | | | 21.5 | | | 52.7 | | | 82.1 | | | — | | | 156.3 |
Total current liabilities | | | 1,600.5 | | | 1,111.7 | | | 495.6 | | | -2,277.20 | | | 930.6 |
Long-term debt, net of current maturities | | | 2,539.2 | | | 8.9 | | | 346.0 | | | — | | | 2,894.1 |
Long-term intercompany debt | | | 16.4 | | | -617.8 | | | 105.2 | | | 496.2 | | | — |
Employee benefit obligations, net of current portion | | | 10.2 | | | — | | | 71.8 | | | — | | | 82.0 |
Deferred income taxes | | | -52.3 | | | 462.2 | | | 103.3 | | | — | | | 513.2 |
Other | | | 8.7 | | | 0.8 | | | 11.7 | | | — | | | 21.2 |
Total liabilities | | | 4,122.7 | | | 965.8 | | | 1,133.6 | | | -1,781.00 | | | 4,441.1 |
Shareholders’ equity: | | | | | | | | | | | | | | | |
Other equity | | | 1,419.5 | | | 3,296.9 | | | 1,284.8 | | | -4,587.40 | | | 1,413.8 |
Retained earnings (accumulated deficit) | | | -330 | | | 775.4 | | | -13.8 | | | -761.6 | | | -330 |
Accumulated other comprehensive income (loss) | | | -63.1 | | | -51 | | | -47 | | | 98.0 | | | -63.1 |
Total shareholders’ equity | | | 1,026.4 | | | 4,021.3 | | | 1,224.0 | | | -5,251.00 | | | 1,020.7 |
Non-controlling interest | | | 49.4 | | | 54.9 | | | 54.9 | | | -109.7 | | | 49.5 |
Total equity | | | 1,075.8 | | | 4,076.2 | | | 1,278.9 | | | -5,360.70 | | | 1,070.2 |
Total liabilities and shareholders’ equity | | $ | 5,198.5 | | $ | 5,042.0 | | $ | 2,412.5 | | $ | -7,141.70 | | $ | 5,511.3 |
|
|
|
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Three Month Period Ended December 28, 2014 |
(Unaudited) |
(Amounts in millions) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 258.5 | | $ | 359.7 | | $ | 673.3 | | $ | -223.7 | | $ | 1,067.8 |
Cost of goods sold | | | 188.7 | | | 240.5 | | | 491.2 | | | -223 | | | 697.4 |
Restructuring and related charges | | | — | | | — | | | 0.2 | | | — | | | 0.2 |
Gross profit | | | 69.8 | | | 119.2 | | | 181.9 | | | -0.7 | | | 370.2 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 23.2 | | | 55.3 | | | 81.3 | | | — | | | 159.8 |
General and administrative | | | 21.4 | | | 33.8 | | | 12.1 | | | — | | | 67.3 |
Research and development | | | 4.9 | | | 3.0 | | | 3.3 | | | — | | | 11.2 |
Acquisition and integration related charges | | | 4.0 | | | 2.9 | | | 1.2 | | | — | | | 8.1 |
Restructuring and related charges | | | 3.6 | | | 1.9 | | | 1.7 | | | — | | | 7.2 |
Total operating expense | | | 57.1 | | | 96.9 | | | 99.6 | | | — | | | 253.6 |
Operating income (loss) | | | 12.7 | | | 22.3 | | | 82.3 | | | -0.7 | | | 116.6 |
Interest expense | | | 38.4 | | | -0.1 | | | 6.1 | | | — | | | 44.4 |
Other (income) expense, net | | | -67.5 | | | -59.5 | | | 0.5 | | | 127.2 | | | 0.7 |
Income from continuing operations before income taxes | | | 41.8 | | | 81.9 | | | 75.7 | | | -127.9 | | | 71.5 |
Income tax expense (benefit) | | | -9.2 | | | 12.7 | | | 17.2 | | | -0.2 | | | 20.5 |
Net income (loss) | | | 51.0 | | | 69.2 | | | 58.5 | | | -127.7 | | | 51.0 |
Less: Net income (loss) attributable to non-controlling interest | | | 0.2 | | | 0.2 | | | 0.2 | | | -0.4 | | | 0.2 |
Net income (loss) attributable to controlling interest | | $ | 50.8 | | $ | 69.0 | | $ | 58.3 | | $ | -127.3 | | $ | 50.8 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Three Month Period Ended December 28, 2014 |
(Unaudited) |
(Amounts in millions) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net income | | $ | 51.0 | | $ | 69.2 | | $ | 58.5 | | $ | -127.7 | | $ | 51.0 |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation gain (loss) | | | -34.5 | | | -34.7 | | | -34.7 | | | 69.4 | | | -34.5 |
Unrealized gain (loss) on derivative instruments | | | 1.9 | | | 2.8 | | | 3.1 | | | -5.9 | | | 1.9 |
Defined benefit pension gain (loss) | | | 1.1 | | | 1.0 | | | 1.0 | | | -2 | | | 1.1 |
Other comprehensive income (loss) | | | -31.5 | | | -30.9 | | | -30.6 | | | 61.5 | | | -31.5 |
Comprehensive income | | | 19.5 | | | 38.3 | | | 27.9 | | | -66.2 | | | 19.5 |
Less: Comprehensive income (loss) attributable to non-controlling interest | | | 0.2 | | | 0.2 | | | 0.2 | | | -0.4 | | | 0.2 |
Comprehensive income (loss) attributable to controlling interest | | $ | 19.3 | | $ | 38.1 | | $ | 27.7 | | $ | -65.8 | | $ | 19.3 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Operations |
Three Month Period Ended December 29, 2013 |
(Unaudited) |
(Amounts in millions) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net sales | | $ | 183.1 | | $ | 440.0 | | $ | 695.4 | | $ | -217.9 | | $ | 1,100.6 |
Cost of goods sold | | | 130.6 | | | 305.6 | | | 499.0 | | | -217.5 | | | 717.7 |
Restructuring and related charges | | | — | | | 1.2 | | | 0.5 | | | — | | | 1.7 |
Gross profit | | | 52.5 | | | 133.2 | | | 195.9 | | | -0.4 | | | 381.2 |
Operating expenses: | | | | | | | | | | | | | | | |
Selling | | | 18.1 | | | 60.5 | | | 85.8 | | | -0.2 | | | 164.2 |
General and administrative | | | 15.4 | | | 36.6 | | | 20.4 | | | — | | | 72.4 |
Research and development | | | 4.0 | | | 3.5 | | | 3.3 | | | — | | | 10.8 |
Acquisition and integration related charges | | | 2.2 | | | 2.5 | | | 0.8 | | | — | | | 5.5 |
Restructuring and related charges | | | 1.8 | | | 0.5 | | | 0.5 | | | — | | | 2.8 |
Total operating expense | | | 41.5 | | | 103.6 | | | 110.8 | | | -0.2 | | | 255.7 |
Operating income | | | 11.0 | | | 29.6 | | | 85.1 | | | -0.2 | | | 125.5 |
Interest expense | | | 52.6 | | | — | | | 4.4 | | | — | | | 57.0 |
Other (income) expense, net | | | -54.6 | | | -67.8 | | | 0.3 | | | 123.0 | | | 0.9 |
Income (loss) from continuing operations before income taxes | | | 13.0 | | | 97.4 | | | 80.4 | | | -123.2 | | | 67.6 |
Income tax expense (benefit) | | | -41.9 | | | 42.6 | | | 12.0 | | | — | | | 12.7 |
Net income (loss) | | | 54.9 | | | 54.8 | | | 68.4 | | | -123.2 | | | 54.9 |
Less: Net income (loss) attributable to non-controlling interest | | | 0.1 | | | 0.1 | | | 0.1 | | | -0.2 | | | 0.1 |
Net income (loss) attributable to controlling interest | | $ | 54.8 | | $ | 54.7 | | $ | 68.3 | | $ | -123 | | $ | 54.8 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Comprehensive Income |
Three Month Period Ended December 29, 2013 |
(Unaudited) |
(Amounts in millions) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net income | | $ | 54.9 | | $ | 54.8 | | $ | 68.4 | | $ | -123.2 | | $ | 54.9 |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | |
Foreign currency translation gain (loss) | | | -0.2 | | | -0.2 | | | 0.2 | | | — | | | -0.2 |
Unrealized gain (loss) on derivative instruments | | | 1.4 | | | 0.8 | | | 0.6 | | | -1.4 | | | 1.4 |
Defined benefit pension gain (loss) | | | — | | | -0.1 | | | -0.1 | | | 0.2 | | | — |
Other comprehensive income (loss) | | | 1.2 | | | 0.5 | | | 0.7 | | | -1.2 | | | 1.2 |
Comprehensive income (loss) | | | 56.1 | | | 55.3 | | | 69.1 | | | -124.4 | | | 56.1 |
Less: Comprehensive income (loss) attributable to non-controlling interest | | | 0.2 | | | 0.2 | | | 0.2 | | | -0.4 | | | 0.2 |
Comprehensive income (loss) attributable to controlling interest | | $ | 55.9 | | $ | 55.1 | | $ | 68.9 | | $ | -124 | | $ | 55.9 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Cash Flows |
Three Month Period Ended December 28, 2014 |
(Unaudited) |
(Amounts in millions) |
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net cash provided (used) by operating activities | | $ | -91.2 | | $ | 43.3 | | $ | -436.9 | | $ | 331.5 | | $ | -153.3 |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | | -4.9 | | | -5.2 | | | -4.1 | | | — | | | -14.2 |
Acquisition of Tell Manufacturing, net of cash acquired | | | — | | | -29.2 | | | — | | | — | | | -29.2 |
Proceeds from sales of property, plant and equipment | | | 1.1 | | | — | | | — | | | — | | | 1.1 |
Other investing activities | | | — | | | — | | | -0.9 | | | — | | | -0.9 |
Net cash used by investing activities | | | -3.8 | | | -34.4 | | | -5 | | | — | | | -43.2 |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
Proceeds from issuance of 6.125% Notes | | | 250.0 | | | — | | | — | | | — | | | 250.0 |
Proceeds from Euro Term Loan Tranche B | | | 185.4 | | | — | | | — | | | — | | | 185.4 |
Debt issuance costs | | | -6.1 | | | — | | | — | | | — | | | -6.1 |
Other debt financing, net | | | — | | | — | | | 8.4 | | | — | | | 8.4 |
Reduction of other debt | | | — | | | — | | | -1.8 | | | — | | | -1.8 |
Cash dividends paid to parent | | | -15.9 | | | — | | | — | | | — | | | -15.9 |
Share based tax withholding payments, net of proceeds upon vesting | | | -1.7 | | | — | | | — | | | — | | | -1.7 |
Proceeds from (advances related to) intercompany transactions | | | -18.9 | | | -11.9 | | | 362.3 | | | -331.5 | | | — |
Net cash provided (used) by financing activities | | | 392.8 | | | -11.9 | | | 368.9 | | | -331.5 | | | 418.3 |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | -6.3 | | | — | | | -6.3 |
Net increase (decrease) in cash and cash equivalents | | | 297.8 | | | -3 | | | -79.3 | | | — | | | 215.5 |
Cash and cash equivalents, beginning of period | | | 4.8 | | | 11.2 | | | 176.9 | | | — | | | 192.9 |
Cash and cash equivalents, end of period | | $ | 302.6 | | $ | 8.2 | | $ | 97.6 | | $ | — | | $ | 408.4 |
|
SB/RH HOLDINGS, LLC AND SUBSIDIARIES |
Condensed Consolidating Statement of Cash Flows |
Three Month Period Ended December 29, 2013 |
(Unaudited) |
(Amounts in millions) |
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | Parent without | | | | | | | | | | | | |
| | consolidated | | Guarantor | | Nonguarantor | | | | | Consolidated |
| | entities | | Subsidiaries | | Subsidiaries | | Eliminations | | Total |
Net cash provided (used) by operating activities | | $ | 248.3 | | $ | -356.5 | | $ | -28.8 | | $ | 1.0 | | $ | -136 |
Cash flows from investing activities: | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment | | | -6.4 | | | -4.2 | | | -5.3 | | | — | | | -15.9 |
Net cash used by investing activities | | | -6.4 | | | -4.2 | | | -5.3 | | | — | | | -15.9 |
Cash flows from financing activities: | | | | | | | | | | | | | | | |
Proceeds from issuance of Term Loan | | | 214.9 | | | — | | | 308.8 | | | — | | | 523.7 |
Payment of senior credit facilities, excluding ABL revolving credit facility | | | -513.3 | | | — | | | — | | | — | | | -513.3 |
Debt issuance costs | | | — | | | — | | | -4.7 | | | — | | | -4.7 |
Other debt financing, net | | | — | | | — | | | 4.1 | | | — | | | 4.1 |
Reduction of other debt | | | — | | | — | | | -0.5 | | | — | | | -0.5 |
ABL revolving credit facility, net | | | 110.0 | | | — | | | — | | | — | | | 110.0 |
Cash dividends paid to parent | | | -13 | | | — | | | — | | | — | | | -13 |
Share based tax withholding payments, net of proceeds upon vesting | | | -17.8 | | | -4.6 | | | -2.3 | | | — | | | -24.7 |
Advances related to intercompany transactions | | | -3.4 | | | 366.9 | | | -362.5 | | | -1 | | | — |
Net cash provided (used) by financing activities | | | -222.6 | | | 362.3 | | | -57.1 | | | -1 | | | 81.6 |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | — | | | -0.5 | | | — | | | -0.5 |
Net increase (decrease) in cash and cash equivalents | | | 19.3 | | | 1.6 | | | -91.7 | | | — | | | -70.8 |
Cash and cash equivalents, beginning of period | | | 3.8 | | | 5.4 | | | 189.0 | | | — | | | 198.2 |
Cash and cash equivalents, end of period | | $ | 23.1 | | $ | 7.0 | | $ | 97.3 | | $ | — | | $ | 127.4 |
|
|