Condensed Consolidating Supplemental Guarantor Information (Notes) | 9 Months Ended |
Sep. 30, 2014 |
Condensed Consolidating Supplemental Guarantor Information [Abstract] | ' |
Condensed Consolidating Supplemental Guarantor Information | ' |
16. CONDENSED CONSOLIDATING SUPPLEMENTAL GUARANTOR INFORMATION |
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The Company's 5.00% Notes, 4.625% Notes, 5.875% Notes and 6.375% Notes are guaranteed by the Company's subsidiary, NCR International, Inc. (Guarantor Subsidiary), which is 100% owned by the Company and has guaranteed fully and unconditionally the obligations to pay principal and interest for these senior unsecured notes. Refer to Note 6, "Debt Obligations," for additional information. |
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Pursuant to registration rights agreements entered into in connection with the offerings of the 5.00% and 4.625% Notes, the Company completed registered offers to exchange the 5.00% and 4.625% Notes on May 30, 2013. |
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In connection with the offerings of the 5.875% and 6.375% Notes, the Company and the Guarantor Subsidiary entered into registration rights agreements with the initial purchasers of such Notes. On June 6, 2014, the Company filed registration statements on Forms S-4 with the SEC with respect to registered offers to exchange the Notes. The registration statements were each declared effective on June 20, 2014, and the exchange offers closed on July 22, 2014. |
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In connection with the registration statements for the exchange offers of the 5.00% Notes, 4.625% Notes, 5.875% Notes and 6.375% Notes, the Company is required to comply with Rule 3-10 of SEC Regulation S-X (Rule 3-10), and has therefore included the accompanying Condensed Consolidating Financial Statements in accordance with Rule 3-10(f) of SEC Regulation S-X. |
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The following supplemental information sets forth, on a consolidating basis, the condensed statements of operations and comprehensive income (loss), the condensed balance sheets and the condensed statements of cash flows for the parent issuer of these senior unsecured notes, for the Guarantor Subsidiary and for the Company and all of its consolidated subsidiaries (amounts in millions): |
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Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) |
For the three months ended September 30, 2014 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Product revenue | $ | 269 | | | $ | 27 | | | $ | 614 | | | $ | (189 | ) | | $ | 721 | |
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Service revenue | 304 | | | 7 | | | 615 | | | — | | | 926 | |
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Total revenue | 573 | | | 34 | | | 1,229 | | | (189 | ) | | 1,647 | |
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Cost of products | 211 | | | 15 | | | 510 | | | (189 | ) | | 547 | |
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Cost of services | 224 | | | 3 | | | 469 | | | — | | | 696 | |
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Selling, general and administrative expenses | 84 | | | 1 | | | 147 | | | — | | | 232 | |
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Research and development expenses | 29 | | | — | | | 30 | | | — | | | 59 | |
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Restructuring-related charges | 26 | | | 1 | | | 45 | | | — | | | 72 | |
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Total operating expenses | 574 | | | 20 | | | 1,201 | | | (189 | ) | | 1,606 | |
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Income (loss) from operations | (1 | ) | | 14 | | | 28 | | | — | | | 41 | |
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Interest expense | (46 | ) | | (1 | ) | | (18 | ) | | 19 | | | (46 | ) |
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Other (expense) income, net | 5 | | | — | | | — | | | (19 | ) | | (14 | ) |
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Income (loss) from continuing operations before income taxes | (42 | ) | | 13 | | | 10 | | | — | | | (19 | ) |
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Income tax expense (benefit) | (116 | ) | | 16 | | | 81 | | | — | | | (19 | ) |
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Income (loss) from continuing operations before earnings in subsidiaries | 74 | | | (3 | ) | | (71 | ) | | — | | | — | |
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Equity in earnings of consolidated subsidiaries | (74 | ) | | (13 | ) | | — | | | 87 | | | — | |
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Income (loss) from continuing operations | — | | | (16 | ) | | (71 | ) | | 87 | | | — | |
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Income (loss) from discontinued operations, net of tax | 15 | | | — | | | — | | | — | | | 15 | |
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Net income (loss) | $ | 15 | | | $ | (16 | ) | | $ | (71 | ) | | $ | 87 | | | $ | 15 | |
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Net income (loss) attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
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Net income (loss) attributable to NCR | $ | 15 | | | $ | (16 | ) | | $ | (71 | ) | | $ | 87 | | | $ | 15 | |
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Total comprehensive income (loss) | (31 | ) | | (65 | ) | | (118 | ) | | 181 | | | (33 | ) |
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Less comprehensive income (loss) attributable to noncontrolling interests | — | | | — | | | (2 | ) | | — | | | (2 | ) |
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Comprehensive income (loss) attributable to NCR common stockholders | $ | (31 | ) | | $ | (65 | ) | | $ | (116 | ) | | $ | 181 | | | $ | (31 | ) |
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Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) |
For the three months ended September 30, 2013 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Product revenue | $ | 271 | | | $ | 21 | | | $ | 482 | | | $ | (73 | ) | | $ | 701 | |
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Service revenue | 317 | | | 6 | | | 484 | | | — | | | 807 | |
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Total revenue | 588 | | | 27 | | | 966 | | | (73 | ) | | 1,508 | |
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Cost of products | 204 | | | 5 | | | 388 | | | (73 | ) | | 524 | |
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Cost of services | 217 | | | 3 | | | 349 | | | — | | | 569 | |
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Selling, general and administrative expenses | 115 | | | 1 | | | 101 | | | — | | | 217 | |
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Research and development expenses | 28 | | | — | | | 25 | | | — | | | 53 | |
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Total operating expenses | 564 | | | 9 | | | 863 | | | (73 | ) | | 1,363 | |
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Income (loss) from operations | 24 | | | 18 | | | 103 | | | — | | | 145 | |
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Interest expense | (24 | ) | | — | | | — | | | 1 | | | (23 | ) |
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Other (expense) income, net | (9 | ) | | (3 | ) | | 10 | | | (1 | ) | | (3 | ) |
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Income (loss) from continuing operations before income taxes | (9 | ) | | 15 | | | 113 | | | — | | | 119 | |
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Income tax expense (benefit) | (3 | ) | | 6 | | | 16 | | | — | | | 19 | |
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Income (loss) from continuing operations before earnings in subsidiaries | (6 | ) | | 9 | | | 97 | | | — | | | 100 | |
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Equity in earnings of consolidated subsidiaries | 104 | | | 93 | | | — | | | (197 | ) | | — | |
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Income (loss) from continuing operations | 98 | | | 102 | | | 97 | | | (197 | ) | | 100 | |
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Income (loss) from discontinued operations, net of tax | — | | | — | | | — | | | — | | | — | |
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Net income (loss) | $ | 98 | | | $ | 102 | | | $ | 97 | | | $ | (197 | ) | | $ | 100 | |
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Net income (loss) attributable to noncontrolling interests | — | | | — | | | 2 | | | — | | | 2 | |
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Net income (loss) attributable to NCR | $ | 98 | | | $ | 102 | | | $ | 95 | | | $ | (197 | ) | | $ | 98 | |
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Total comprehensive income (loss) | 87 | | | 22 | | | 93 | | | (114 | ) | | 88 | |
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Less comprehensive income (loss) attributable to noncontrolling interests | — | | | — | | | 1 | | | — | | | 1 | |
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Comprehensive income (loss) attributable to NCR common stockholders | $ | 87 | | | $ | 22 | | | $ | 92 | | | $ | (114 | ) | | $ | 87 | |
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Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) |
For the nine months ended September 30, 2014 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Product revenue | $ | 754 | | | $ | 76 | | | $ | 1,530 | | | $ | (283 | ) | | $ | 2,077 | |
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Service revenue | 933 | | | 21 | | | 1,792 | | | — | | | 2,746 | |
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Total revenue | 1,687 | | | 97 | | | 3,322 | | | (283 | ) | | 4,823 | |
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Cost of products | 594 | | | 32 | | | 1,211 | | | (283 | ) | | 1,554 | |
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Cost of services | 695 | | | 9 | | | 1,265 | | | — | | | 1,969 | |
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Selling, general and administrative expenses | 342 | | | 1 | | | 381 | | | — | | | 724 | |
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Research and development expenses | 80 | | | — | | | 106 | | | — | | | 186 | |
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Restructuring-related charges | 26 | | | 1 | | | 45 | | | — | | | 72 | |
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Total operating expenses | 1,737 | | | 43 | | | 3,008 | | | (283 | ) | | 4,505 | |
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Income (loss) from operations | (50 | ) | | 54 | | | 314 | | | — | | | 318 | |
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Interest expense | (133 | ) | | (1 | ) | | (55 | ) | | 54 | | | (135 | ) |
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Other (expense) income, net | 29 | | | (3 | ) | | 4 | | | (54 | ) | | (24 | ) |
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Income (loss) from continuing operations before income taxes | (154 | ) | | 50 | | | 263 | | | — | | | 159 | |
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Income tax expense (benefit) | (156 | ) | | 36 | | | 134 | | | — | | | 14 | |
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Income (loss) from continuing operations before earnings in subsidiaries | 2 | | | 14 | | | 129 | | | — | | | 145 | |
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Equity in earnings of consolidated subsidiaries | 141 | | | 171 | | | — | | | (312 | ) | | — | |
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Income (loss) from continuing operations | 143 | | | 185 | | | 129 | | | (312 | ) | | 145 | |
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Income (loss) from discontinued operations, net of tax | 15 | | | — | | | — | | | — | | | 15 | |
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Net income (loss) | $ | 158 | | | $ | 185 | | | $ | 129 | | | $ | (312 | ) | | $ | 160 | |
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Net income (loss) attributable to noncontrolling interests | — | | | — | | | 2 | | | — | | | 2 | |
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Net income (loss) attributable to NCR | $ | 158 | | | $ | 185 | | | $ | 127 | | | $ | (312 | ) | | $ | 158 | |
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Total comprehensive income (loss) | 136 | | | 150 | | | 103 | | | (253 | ) | | 136 | |
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Less comprehensive income (loss) attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | |
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Comprehensive income (loss) attributable to NCR common stockholders | $ | 136 | | | $ | 150 | | | $ | 103 | | | $ | (253 | ) | | $ | 136 | |
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Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) |
For the nine months ended September 30, 2013 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Product revenue | $ | 822 | | | $ | 58 | | | $ | 1,421 | | | $ | (190 | ) | | $ | 2,111 | |
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Service revenue | 917 | | | 18 | | | 1,407 | | | — | | | 2,342 | |
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Total revenue | 1,739 | | | 76 | | | 2,828 | | | (190 | ) | | 4,453 | |
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Cost of products | 621 | | | 11 | | | 1,135 | | | (190 | ) | | 1,577 | |
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Cost of services | 648 | | | 8 | | | 1,010 | | | — | | | 1,666 | |
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Selling, general and administrative expenses | 375 | | | 3 | | | 300 | | | — | | | 678 | |
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Research and development expenses | 61 | | | — | | | 102 | | | — | | | 163 | |
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Total operating expenses | 1,705 | | | 22 | | | 2,547 | | | (190 | ) | | 4,084 | |
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Income (loss) from operations | 34 | | | 54 | | | 281 | | | — | | | 369 | |
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Interest expense | (71 | ) | | (1 | ) | | (2 | ) | | 4 | | | (70 | ) |
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Other (expense) income, net | (19 | ) | | (3 | ) | | 22 | | | (4 | ) | | (4 | ) |
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Income (loss) from continuing operations before income taxes | (56 | ) | | 50 | | | 301 | | | — | | | 295 | |
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Income tax expense (benefit) | (25 | ) | | 12 | | | 57 | | | — | | | 44 | |
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Income (loss) from continuing operations before earnings in subsidiaries | (31 | ) | | 38 | | | 244 | | | — | | | 251 | |
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Equity in earnings of consolidated subsidiaries | 277 | | | 214 | | | — | | | (491 | ) | | — | |
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Income (loss) from continuing operations | 246 | | | 252 | | | 244 | | | (491 | ) | | 251 | |
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Income (loss) from discontinued operations, net of tax | (1 | ) | | — | | | — | | | — | | | (1 | ) |
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Net income (loss) | $ | 245 | | | $ | 252 | | | $ | 244 | | | $ | (491 | ) | | $ | 250 | |
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Net income (loss) attributable to noncontrolling interests | — | | | — | | | 5 | | | — | | | 5 | |
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Net income (loss) attributable to NCR | $ | 245 | | | $ | 252 | | | $ | 239 | | | $ | (491 | ) | | $ | 245 | |
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Total comprehensive income (loss) | 209 | | | 212 | | | 175 | | | (386 | ) | | 210 | |
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Less comprehensive income (loss) attributable to noncontrolling interests | — | | | — | | | 1 | | | — | | | 1 | |
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Comprehensive income (loss) attributable to NCR common stockholders | $ | 209 | | | $ | 212 | | | $ | 174 | | | $ | (386 | ) | | $ | 209 | |
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Condensed Consolidating Balance Sheet |
30-Sep-14 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets | | | | | | | | | |
Current assets | | | | | | | | | |
Cash and cash equivalents | 20 | | | 8 | | | 396 | | | — | | | 424 | |
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Accounts receivable, net | 427 | | | 26 | | | 1,001 | | | — | | | 1,454 | |
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Inventories | 270 | | | 5 | | | 502 | | | — | | | 777 | |
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Due from affiliates | 1,379 | | | 999 | | | 306 | | | (2,684 | ) | | — | |
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Other current assets | 361 | | | 27 | | | 247 | | | (78 | ) | | 557 | |
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Total current assets | 2,457 | | | 1,065 | | | 2,452 | | | (2,762 | ) | | 3,212 | |
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Property, plant and equipment, net | 160 | | | 1 | | | 237 | | | — | | | 398 | |
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Goodwill | 872 | | | — | | | 1,901 | | | — | | | 2,773 | |
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Intangibles, net | 206 | | | — | | | 756 | | | — | | | 962 | |
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Prepaid pension cost | — | | | — | | | 506 | | | — | | | 506 | |
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Deferred income taxes | 303 | | | 72 | | | 46 | | | (176 | ) | | 245 | |
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Investments in subsidiaries | 3,460 | | | 2,059 | | | — | | | (5,519 | ) | | — | |
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Due from affiliates | 27 | | | 20 | | | 44 | | | (91 | ) | | — | |
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Other assets | 353 | | | 46 | | | 115 | | | — | | | 514 | |
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Total assets | $ | 7,838 | | | $ | 3,263 | | | $ | 6,057 | | | $ | (8,548 | ) | | $ | 8,610 | |
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Liabilities and stockholders’ equity | | | | | | | | | |
Current liabilities | | | | | | | | | |
Short-term borrowings | 77 | | | — | | | 8 | | | — | | | 85 | |
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Accounts payable | 242 | | | 1 | | | 462 | | | — | | | 705 | |
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Payroll and benefits liabilities | 84 | | | — | | | 119 | | | — | | | 203 | |
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Deferred service revenue and customer deposits | 162 | | | 20 | | | 347 | | | — | | | 529 | |
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Due to affiliates | 1,173 | | | 126 | | | 1,385 | | | (2,684 | ) | | — | |
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Other current liabilities | 197 | | | 6 | | | 361 | | | (78 | ) | | 486 | |
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Total current liabilities | 1,935 | | | 153 | | | 2,682 | | | (2,762 | ) | | 2,008 | |
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Long-term debt | 3,641 | | | — | | | 19 | | | — | | | 3,660 | |
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Pension and indemnity plan liabilities | 243 | | | — | | | 270 | | | — | | | 513 | |
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Postretirement and postemployment benefits liabilities | 24 | | | — | | | 148 | | | — | | | 172 | |
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Income tax accruals | 3 | | | 10 | | | 176 | | | — | | | 189 | |
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Environmental liabilities | 48 | | | — | | | — | | | — | | | 48 | |
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Due to affiliates | 17 | | | 44 | | | 30 | | | (91 | ) | | — | |
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Other liabilities | 9 | | | — | | | 243 | | | (176 | ) | | 76 | |
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Total liabilities | 5,920 | | | 207 | | | 3,568 | | | (3,029 | ) | | 6,666 | |
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Redeemable noncontrolling interest | — | | | — | | | 12 | | | — | | | 12 | |
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Stockholders’ equity | | | | | | | | | | | | | | |
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Total NCR stockholders’ equity | 1,918 | | | 3,056 | | | 2,463 | | | (5,519 | ) | | 1,918 | |
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Noncontrolling interests in subsidiaries | — | | | — | | | 14 | | | — | | | 14 | |
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Total stockholders’ equity | 1,918 | | | 3,056 | | | 2,477 | | | (5,519 | ) | | 1,932 | |
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Total liabilities and stockholders’ equity | $ | 7,838 | | | $ | 3,263 | | | $ | 6,057 | | | $ | (8,548 | ) | | $ | 8,610 | |
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Condensed Consolidating Balance Sheet |
31-Dec-13 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Assets | | | | | | | | | |
Current assets | | | | | | | | | |
Cash and cash equivalents | 75 | | | 11 | | | 442 | | | — | | | 528 | |
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Restricted cash | 1,114 | | | — | | | — | | | — | | | 1,114 | |
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Accounts receivable, net | 424 | | | 14 | | | 901 | | | — | | | 1,339 | |
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Inventories | 319 | | | 11 | | | 460 | | | — | | | 790 | |
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Due from affiliates | 333 | | | 854 | | | 298 | | | (1,485 | ) | | — | |
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Other current assets | 360 | | | 25 | | | 209 | | | (26 | ) | | 568 | |
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Total current assets | 2,625 | | | 915 | | | 2,310 | | | (1,511 | ) | | 4,339 | |
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Property, plant and equipment, net | 146 | | | 1 | | | 205 | | | — | | | 352 | |
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Goodwill | 872 | | | — | | | 662 | | | — | | | 1,534 | |
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Intangibles, net | 234 | | | — | | | 260 | | | — | | | 494 | |
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Prepaid pension cost | — | | | — | | | 478 | | | — | | | 478 | |
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Deferred income taxes | 321 | | | 68 | | | 52 | | | — | | | 441 | |
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Investments in subsidiaries | 2,665 | | | 1,927 | | | — | | | (4,592 | ) | | — | |
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Due from affiliates | 28 | | | 20 | | | 45 | | | (93 | ) | | — | |
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Other assets | 334 | | | 40 | | | 96 | | | — | | | 470 | |
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Total assets | $ | 7,225 | | | $ | 2,971 | | | $ | 4,108 | | | $ | (6,196 | ) | | $ | 8,108 | |
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Liabilities and stockholders’ equity | | | | | | | | | |
Current liabilities | | | | | | | | | |
Short-term borrowings | 28 | | | — | | | 6 | | | — | | | 34 | |
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Accounts payable | 254 | | | 1 | | | 415 | | | — | | | 670 | |
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Payroll and benefits liabilities | 78 | | | 1 | | | 112 | | | — | | | 191 | |
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Deferred service revenue and customer deposits | 155 | | | 12 | | | 358 | | | — | | | 525 | |
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Due to affiliates | 1,007 | | | 123 | | | 355 | | | (1,485 | ) | | — | |
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Other current liabilities | 219 | | | 7 | | | 261 | | | (26 | ) | | 461 | |
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Total current liabilities | 1,741 | | | 144 | | | 1,507 | | | (1,511 | ) | | 1,881 | |
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Long-term debt | 3,296 | | | — | | | 24 | | | — | | | 3,320 | |
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Pension and indemnity plan liabilities | 234 | | | — | | | 298 | | | — | | | 532 | |
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Postretirement and postemployment benefits liabilities | 25 | | | — | | | 144 | | | — | | | 169 | |
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Income tax accruals | 4 | | | 10 | | | 175 | | | — | | | 189 | |
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Environmental liabilities | 121 | | | — | | | — | | | — | | | 121 | |
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Due to affiliates | 17 | | | 44 | | | 32 | | | (93 | ) | | — | |
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Other liabilities | 18 | | | — | | | 81 | | | — | | | 99 | |
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Total liabilities | 5,456 | | | 198 | | | 2,261 | | | (1,604 | ) | | 6,311 | |
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Redeemable noncontrolling interest | — | | | — | | | 14 | | | — | | | 14 | |
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Stockholders’ equity | | | | | | | | | |
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Total NCR stockholders’ equity | 1,769 | | | 2,773 | | | 1,819 | | | (4,592 | ) | | 1,769 | |
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Noncontrolling interests in subsidiaries | — | | | — | | | 14 | | | — | | | 14 | |
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Total stockholders’ equity | 1,769 | | | 2,773 | | | 1,833 | | | (4,592 | ) | | 1,783 | |
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Total liabilities and stockholders’ equity | $ | 7,225 | | | $ | 2,971 | | | $ | 4,108 | | | $ | (6,196 | ) | | $ | 8,108 | |
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Condensed Consolidating Statement of Cash Flows |
For the nine months ended September 30, 2014 |
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(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net cash provided by (used in) operating activities | $ | 146 | | | $ | (90 | ) | | $ | 208 | | | $ | (29 | ) | | $ | 235 | |
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Investing activities | | | | | | | | | |
Expenditures for property, plant and equipment | (40 | ) | | — | | | (48 | ) | | — | | | (88 | ) |
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Additions to capitalized software | (62 | ) | | — | | | (47 | ) | | — | | | (109 | ) |
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Business acquisitions, net of cash acquired | (1,647 | ) | | — | | | — | | | — | | | (1,647 | ) |
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Proceeds from (payments of) intercompany notes | 40 | | | 87 | | | — | | | (127 | ) | | — | |
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Investments in equity affiliates | (2 | ) | | — | | | — | | | 2 | | | — | |
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Changes in restricted cash | 1,114 | | | — | | | — | | | — | | | 1,114 | |
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Other investing activities, net | (3 | ) | | — | | | 7 | | | — | | | 4 | |
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Net cash provided by (used in) investing activities | (600 | ) | | 87 | | | (88 | ) | | (125 | ) | | (726 | ) |
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Financing activities | | | | | | | | | |
Tax withholding payments on behalf of employees | (28 | ) | | — | | | — | | | — | | | (28 | ) |
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Short term borrowings, net | — | | | — | | | 2 | | | — | | | 2 | |
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Proceeds from employee stock plans | 10 | | | — | | | — | | | — | | | 10 | |
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Equity contribution | — | | | — | | | 2 | | | (2 | ) | | — | |
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Payments on term credit facility | (20 | ) | | — | | | — | | | — | | | (20 | ) |
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Borrowings on term credit facility | 250 | | | — | | | — | | | — | | | 250 | |
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Payments on revolving credit facility | (528 | ) | | — | | | — | | | — | | | (528 | ) |
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Borrowings on revolving credit facility | 690 | | | — | | | — | | | — | | | 690 | |
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Debt issuance cost | (3 | ) | | — | | | — | | | — | | | (3 | ) |
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Borrowings (repayments) of intercompany notes | — | | | — | | | (127 | ) | | 127 | | | — | |
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Dividend distribution to consolidated subsidiaries | — | | | — | | | (29 | ) | | 29 | | | — | |
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Other financing activities | — | | | — | | | (3 | ) | | — | | | (3 | ) |
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Net cash provided by (used in) financing activities | 371 | | | — | | | (155 | ) | | 154 | | | 370 | |
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Cash flows from discontinued operations | | | | | | | | | |
Net cash (used in) provided by operating activities | 28 | | | — | | | — | | | — | | | 28 | |
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Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | (11 | ) | | — | | | (11 | ) |
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Increase (decrease) in cash and cash equivalents | (55 | ) | | (3 | ) | | (46 | ) | | — | | | (104 | ) |
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Cash and cash equivalents at beginning of period | 75 | | | 11 | | | 442 | | | — | | | 528 | |
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Cash and cash equivalents at end of period | $ | 20 | | | $ | 8 | | | $ | 396 | | | $ | — | | | $ | 424 | |
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Condensed Consolidating Statement of Cash Flows |
For the nine months ended September 30, 2013 |
| | | | | | | | | |
(in millions) | Parent Issuer | | Guarantor Subsidiary | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated |
Net cash provided by (used in) operating activities | $ | (78 | ) | | $ | 18 | | | $ | 105 | | | $ | (29 | ) | | $ | 16 | |
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Investing activities | | | | | | | | | |
Expenditures for property, plant and equipment | (26 | ) | | — | | | (54 | ) | | — | | | (80 | ) |
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Proceeds from sales of property, plant and equipment | 2 | | | — | | | 8 | | | — | | | 10 | |
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Additions to capitalized software | (53 | ) | | — | | | (22 | ) | | — | | | (75 | ) |
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Business acquisitions, net of cash acquired | (24 | ) | | — | | | (672 | ) | | — | | | (696 | ) |
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Proceeds from (payments of) intercompany notes | (302 | ) | | — | | | — | | | 302 | | | — | |
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Investments in equity affiliates | (277 | ) | | — | | | — | | | 277 | | | — | |
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Other investing activities, net | 5 | | | — | | | — | | | — | | | 5 | |
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Net cash provided by (used in) investing activities | (675 | ) | | — | | | (740 | ) | | 579 | | | (836 | ) |
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Financing activities | | | | | | | | | |
Tax withholding payments on behalf of employees | (28 | ) | | — | | | — | | | — | | | (28 | ) |
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Proceeds from employee stock plans | 52 | | | — | | | — | | | — | | | 52 | |
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Equity contribution | — | | | — | | | 277 | | | (277 | ) | | — | |
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Short term borrowings, net | — | | | — | | | (1 | ) | | — | | | (1 | ) |
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Payments on term credit facility | (35 | ) | | — | | | — | | | — | | | (35 | ) |
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Borrowings on term credit facility | 300 | | | — | | | — | | | — | | | 300 | |
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Payments on revolving credit facility | (845 | ) | | — | | | — | | | — | | | (845 | ) |
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Borrowings on revolving credit facility | 845 | | | — | | | — | | | — | | | 845 | |
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Debt issuance costs | (12 | ) | | — | | | — | | | — | | | (12 | ) |
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Dividend distribution to consolidated subsidiaries | — | | | — | | | (29 | ) | | 29 | | | — | |
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Borrowings (repayments) of intercompany notes | — | | | — | | | 302 | | | (302 | ) | | — | |
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Net cash provided by (used in) financing activities | 277 | | | — | | | 549 | | | (550 | ) | | 276 | |
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Cash flows from discontinued operations | | | | | | | | | |
Net cash (used in) provided by operating activities | (51 | ) | | — | | | — | | | — | | | (51 | ) |
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Effect of exchange rate changes on cash and cash equivalents | — | | | (2 | ) | | (12 | ) | | — | | | (14 | ) |
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Increase (decrease) in cash and cash equivalents | (527 | ) | | 16 | | | (98 | ) | | — | | | (609 | ) |
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Cash and cash equivalents at beginning of period | 571 | | | 6 | | | 492 | | | — | | | 1,069 | |
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Cash and cash equivalents at end of period | $ | 44 | | | $ | 22 | | | $ | 394 | | | $ | — | | | $ | 460 | |
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