Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
Condensed Consolidating Financial Information | ' |
Condensed Consolidating Financial Information |
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Certain of the Company’s 100% owned domestic subsidiaries are required to jointly and severally, fully and unconditionally guarantee the 6.75% Senior Unsecured Notes that are due in the year 2020. Rather than filing separate financial statements for each guarantor subsidiary with the SEC, the Company has elected to present the following condensed consolidating financial statements, which includes the condensed consolidating statements of comprehensive income and results of operations for the three and nine months ended September 30, 2014 and 2013, cash flows for the nine months ended September 30, 2014, and 2013, and financial position as of September 30, 2014 and December 31, 2013 of the Company and its guarantor and non-guarantor subsidiaries (in each case carrying investments under the equity method), and the eliminations necessary to arrive at the reported amounts included in the condensed consolidated financial statements of the Company. |
Condensed Consolidating Balance Sheets (Unaudited) |
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| September 30, 2014 |
(in millions of dollars) | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 4.8 | | | $ | — | | | $ | 67.7 | | | $ | — | | | $ | 72.5 | |
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Accounts receivable, net | — | | | 179.4 | | | 207.4 | | | — | | | 386.8 | |
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Inventories | — | | | 157.6 | | | 128.6 | | | — | | | 286.2 | |
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Receivables from affiliates | 18 | | | 166.8 | | | 62.1 | | | (246.9 | ) | | — | |
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Deferred income taxes | 27 | | | — | | | 10.3 | | | — | | | 37.3 | |
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Other current assets | 1.3 | | | 14.3 | | | 26 | | | — | | | 41.6 | |
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Total current assets | 51.1 | | | 518.1 | | | 502.1 | | | (246.9 | ) | | 824.4 | |
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Property, plant and equipment, net | 4.2 | | | 119.6 | | | 118.9 | | | — | | | 242.7 | |
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Deferred income taxes | 0.9 | | | — | | | 30 | | | — | | | 30.9 | |
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Goodwill | — | | | 330.8 | | | 227.4 | | | — | | | 558.2 | |
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Identifiable intangibles, net | 57.5 | | | 402.2 | | | 125 | | | — | | | 584.7 | |
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Other non-current assets | 17.6 | | | 1.2 | | | 49.8 | | | — | | | 68.6 | |
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Investment in, long term receivable from affiliates | 1,831.50 | | | 871.7 | | | 441 | | | (3,144.2 | ) | | — | |
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Total assets | $ | 1,962.80 | | | $ | 2,243.60 | | | $ | 1,494.20 | | | $ | (3,391.1 | ) | | $ | 2,309.50 | |
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Liabilities and Stockholders’ Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Notes payable | $ | — | | | $ | — | | | $ | 0.8 | | | $ | — | | | $ | 0.8 | |
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Current portion of long-term debt | 0.1 | | | 0.1 | | | — | | | — | | | 0.2 | |
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Accounts payable | — | | | 80 | | | 70.9 | | | — | | | 150.9 | |
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Accrued compensation | 2.7 | | | 15.9 | | | 15.6 | | | — | | | 34.2 | |
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Accrued customer programs liabilities | — | | | 51.2 | | | 45.7 | | | — | | | 96.9 | |
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Accrued interest | 15.2 | | | — | | | — | | | — | | | 15.2 | |
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Other current liabilities | 5.1 | | | 27.6 | | | 42.2 | | | — | | | 74.9 | |
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Payables to affiliates | 5.9 | | | 207.7 | | | 250.7 | | | (464.3 | ) | | — | |
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Total current liabilities | 29 | | | 382.5 | | | 425.9 | | | (464.3 | ) | | 373.1 | |
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Long-term debt | 895.6 | | | — | | | — | | | — | | | 895.6 | |
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Long-term notes payable to affiliates | 178.2 | | | 26.7 | | | 33.8 | | | (238.7 | ) | | — | |
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Deferred income taxes | 127.4 | | | — | | | 57.7 | | | — | | | 185.1 | |
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Pension and post-retirement benefit obligations | 1.3 | | | 17.1 | | | 26.6 | | | — | | | 45 | |
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Other non-current liabilities | 3.3 | | | 19.4 | | | 60 | | | — | | | 82.7 | |
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Total liabilities | 1,234.80 | | | 445.7 | | | 604 | | | (703.0 | ) | | 1,581.50 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 1.1 | | | 448 | | | 252.4 | | | (700.4 | ) | | 1.1 | |
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Treasury stock | (5.4 | ) | | — | | | — | | | — | | | (5.4 | ) |
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Paid-in capital | 2,040.80 | | | 1,551.10 | | | 743.3 | | | (2,294.4 | ) | | 2,040.80 | |
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Accumulated other comprehensive loss | (211.5 | ) | | (43.6 | ) | | (126.2 | ) | | 169.8 | | | (211.5 | ) |
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(Accumulated deficit) retained earnings | (1,097.0 | ) | | (157.6 | ) | | 20.7 | | | 136.9 | | | (1,097.0 | ) |
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Total stockholders’ equity | 728 | | | 1,797.90 | | | 890.2 | | | (2,688.1 | ) | | 728 | |
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Total liabilities and stockholders’ equity | $ | 1,962.80 | | | $ | 2,243.60 | | | $ | 1,494.20 | | | $ | (3,391.1 | ) | | $ | 2,309.50 | |
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Condensed Consolidating Balance Sheets |
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| December 31, 2013 |
(in millions of dollars) | Parent | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated |
Assets | | | | | | | | | |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 7 | | | $ | 1 | | | $ | 45.5 | | | $ | — | | | $ | 53.5 | |
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Accounts receivable, net | — | | | 177.3 | | | 294.6 | | | — | | | 471.9 | |
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Inventories | — | | | 124.8 | | | 129.9 | | | — | | | 254.7 | |
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Receivables from affiliates | 8.2 | | | 101.5 | | | 65 | | | (174.7 | ) | | — | |
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Deferred income taxes | 20.9 | | | — | | | 12.6 | | | — | | | 33.5 | |
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Other current assets | 0.6 | | | 8.8 | | | 18.7 | | | — | | | 28.1 | |
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Total current assets | 36.7 | | | 413.4 | | | 566.3 | | | (174.7 | ) | | 841.7 | |
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Property, plant and equipment, net | 4.1 | | | 130.3 | | | 118.9 | | | — | | | 253.3 | |
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Deferred income taxes | — | | | — | | | 37.3 | | | — | | | 37.3 | |
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Goodwill | — | | | 330.9 | | | 237.4 | | | — | | | 568.3 | |
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Identifiable intangibles, net | 57.6 | | | 415.4 | | | 134 | | | — | | | 607 | |
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Other non-current assets | 20 | | | 6.2 | | | 49.1 | | | — | | | 75.3 | |
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Investment in, long term receivable from affiliates | 1,818.20 | | | 868.4 | | | 441 | | | (3,127.6 | ) | | — | |
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Total assets | $ | 1,936.60 | | | $ | 2,164.60 | | | $ | 1,584.00 | | | $ | (3,302.3 | ) | | $ | 2,382.90 | |
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Liabilities and Stockholders’ Equity | | | | | | | | | |
Current liabilities: | | | | | | | | | |
Current portion of long-term debt | $ | — | | | $ | 0.1 | | | $ | — | | | $ | — | | | $ | 0.1 | |
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Accounts payable | — | | | 81.4 | | | 96.5 | | | — | | | 177.9 | |
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Accrued compensation | 4.6 | | | 12.3 | | | 15.1 | | | — | | | 32 | |
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Accrued customer programs liabilities | — | | | 65.5 | | | 58.1 | | | — | | | 123.6 | |
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Accrued interest | 7 | | | — | | | — | | | — | | | 7 | |
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Other current liabilities | 3 | | | 39.1 | | | 62.4 | | | — | | | 104.5 | |
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Payables to affiliates | 9.5 | | | 206.4 | | | 244 | | | (459.9 | ) | | — | |
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Total current liabilities | 24.1 | | | 404.8 | | | 476.1 | | | (459.9 | ) | | 445.1 | |
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Long-term debt | 920.7 | | | 0.1 | | | — | | | — | | | 920.8 | |
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Long-term notes payable to affiliates | 178.3 | | | 26.7 | | | 35.2 | | | (240.2 | ) | | — | |
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Deferred income taxes | 109.2 | | | — | | | 59.9 | | | — | | | 169.1 | |
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Pension and post-retirement benefit obligations | 1.5 | | | 24.2 | | | 36 | | | — | | | 61.7 | |
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Other non-current liabilities | 0.5 | | | 22 | | | 61.4 | | | — | | | 83.9 | |
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Total liabilities | 1,234.30 | | | 477.8 | | | 668.6 | | | (700.1 | ) | | 1,680.60 | |
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Stockholders’ equity: | | | | | | | | | |
Common stock | 1.1 | | | 448.1 | | | 267.4 | | | (715.5 | ) | | 1.1 | |
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Treasury stock | (3.5 | ) | | — | | | — | | | — | | | (3.5 | ) |
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Paid-in capital | 2,035.00 | | | 1,551.20 | | | 743 | | | (2,294.2 | ) | | 2,035.00 | |
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Accumulated other comprehensive loss | (185.6 | ) | | (45.6 | ) | | (99.7 | ) | | 145.3 | | | (185.6 | ) |
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(Accumulated deficit) retained earnings | (1,144.7 | ) | | (266.9 | ) | | 4.7 | | | 262.2 | | | (1,144.7 | ) |
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Total stockholders’ equity | 702.3 | | | 1,686.80 | | | 915.4 | | | (2,602.2 | ) | | 702.3 | |
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Total liabilities and stockholders’ equity | $ | 1,936.60 | | | $ | 2,164.60 | | | $ | 1,584.00 | | | $ | (3,302.3 | ) | | $ | 2,382.90 | |
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Condensed Consolidating Statement of Comprehensive Income (Unaudited) |
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| Nine Months Ended September 30, 2014 |
(in millions of dollars) | Parent | | Guarantors | | Non- | | Eliminations | | Consolidated |
Guarantors |
Unaffiliated sales | $ | — | | | $ | 682.3 | | | $ | 547 | | | $ | — | | | $ | 1,229.30 | |
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Affiliated sales | — | | | 12.3 | | | 3 | | | (15.3 | ) | | — | |
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Net sales | — | | | 694.6 | | | 550 | | | (15.3 | ) | | 1,229.30 | |
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Cost of products sold | — | | | 486.3 | | | 387.5 | | | (15.3 | ) | | 858.5 | |
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Gross profit | — | | | 208.3 | | | 162.5 | | | — | | | 370.8 | |
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Advertising, selling, general and administrative expenses | 35.6 | | | 115.3 | | | 96.3 | | | — | | | 247.2 | |
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Amortization of intangibles | 0.1 | | | 13.5 | | | 3.3 | | | — | | | 16.9 | |
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Restructuring charges (income) | (0.2 | ) | | (0.2 | ) | | 2 | | | — | | | 1.6 | |
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Operating income (loss) | (35.5 | ) | | 79.7 | | | 60.9 | | | — | | | 105.1 | |
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Expense (income) from affiliates | (1.2 | ) | | (20.0 | ) | | 21.2 | | | — | | | — | |
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Interest expense | 37.3 | | | — | | | (0.3 | ) | | — | | | 37 | |
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Interest income | — | | | — | | | (4.7 | ) | | — | | | (4.7 | ) |
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Equity in earnings of joint ventures | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) |
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Other expense (income), net | 1.1 | | | (0.6 | ) | | (0.2 | ) | | — | | | 0.3 | |
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Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (72.7 | ) | | 100.3 | | | 50.2 | | | — | | | 77.8 | |
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Income tax expense | 10.6 | | | — | | | 19.5 | | | — | | | 30.1 | |
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Income (loss) before earnings of wholly owned subsidiaries | (83.3 | ) | | 100.3 | | | 30.7 | | | — | | | 47.7 | |
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Earnings of wholly owned subsidiaries | 131 | | | 30.7 | | | — | | | (161.7 | ) | | — | |
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Net income | $ | 47.7 | | | $ | 131 | | | $ | 30.7 | | | $ | (161.7 | ) | | $ | 47.7 | |
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Comprehensive income | $ | 21.8 | | | $ | 133 | | | $ | 4.2 | | | $ | (137.2 | ) | | $ | 21.8 | |
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Condensed Consolidating Statement of Comprehensive Income (Unaudited) |
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| Nine Months Ended September 30, 2013 |
(in millions of dollars) | Parent | | Guarantors | | Non- | | Eliminations | | Consolidated |
Guarantors |
Unaffiliated sales | $ | — | | | $ | 700 | | | $ | 561.4 | | | $ | — | | | $ | 1,261.40 | |
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Affiliated sales | — | | | 11.6 | | | 3.4 | | | (15.0 | ) | | — | |
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Net sales | — | | | 711.6 | | | 564.8 | | | (15.0 | ) | | 1,261.40 | |
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Cost of products sold | — | | | 504.8 | | | 396.7 | | | (15.0 | ) | | 886.5 | |
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Gross profit | — | | | 206.8 | | | 168.1 | | | — | | | 374.9 | |
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Advertising, selling, general and administrative expenses | 29.8 | | | 137.8 | | | 91.7 | | | — | | | 259.3 | |
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Amortization of intangibles | 0.1 | | | 14.9 | | | 3.7 | | | — | | | 18.7 | |
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Restructuring charges | — | | | 5.6 | | | 12.3 | | | — | | | 17.9 | |
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Operating income (loss) | (29.9 | ) | | 48.5 | | | 60.4 | | | — | | | 79 | |
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Expense (income) from affiliates | (1.2 | ) | | (19.6 | ) | | 20.8 | | | — | | | — | |
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Interest expense | 44.8 | | | — | | | 0.5 | | | — | | | 45.3 | |
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Interest income | — | | | (0.1 | ) | | (3.5 | ) | | — | | | (3.6 | ) |
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Equity in earnings of joint ventures | — | | | — | | | (5.9 | ) | | — | | | (5.9 | ) |
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Other expense, net | 6.6 | | | 2.3 | | | 0.7 | | | — | | | 9.6 | |
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Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (80.1 | ) | | 65.9 | | | 47.8 | | | — | | | 33.6 | |
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Income tax (benefit) expense | (3.7 | ) | | — | | | 10.3 | | | — | | | 6.6 | |
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Income (loss) from continuing operations | (76.4 | ) | | 65.9 | | | 37.5 | | | — | | | 27 | |
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Loss from discontinued operations, net of income taxes | — | | | (0.1 | ) | | — | | | — | | | (0.1 | ) |
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Income (loss) before earnings of wholly owned subsidiaries | (76.4 | ) | | 65.8 | | | 37.5 | | | — | | | 26.9 | |
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Earnings of wholly owned subsidiaries | 103.3 | | | 36.7 | | | — | | | (140.0 | ) | | — | |
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Net income | $ | 26.9 | | | $ | 102.5 | | | $ | 37.5 | | | $ | (140.0 | ) | | $ | 26.9 | |
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Comprehensive (loss) income | $ | (12.1 | ) | | $ | 106.7 | | | $ | (1.9 | ) | | $ | (104.8 | ) | | $ | (12.1 | ) |
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Condensed Consolidating Statement of Comprehensive Income (Unaudited) |
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| Three Months Ended September 30, 2014 |
(in millions of dollars) | Parent | | Guarantors | | Non- | | Eliminations | | Consolidated |
Guarantors |
Unaffiliated sales | $ | — | | | $ | 270.6 | | | $ | 201.6 | | | $ | — | | | $ | 472.2 | |
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Affiliated sales | — | | | 2.6 | | | 1.1 | | | (3.7 | ) | | — | |
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Net sales | — | | | 273.2 | | | 202.7 | | | (3.7 | ) | | 472.2 | |
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Cost of products sold | — | | | 186.8 | | | 137.2 | | | (3.7 | ) | | 320.3 | |
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Gross profit | — | | | 86.4 | | | 65.5 | | | — | | | 151.9 | |
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Advertising, selling, general and administrative expenses | 12.5 | | | 39.8 | | | 31.9 | | | — | | | 84.2 | |
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Amortization of intangibles | 0.1 | | | 4.3 | | | 1 | | | — | | | 5.4 | |
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Restructuring charges (income) | — | | | (0.3 | ) | | 0.8 | | | — | | | 0.5 | |
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Operating income (loss) | (12.6 | ) | | 42.6 | | | 31.8 | | | — | | | 61.8 | |
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Expense (income) from affiliates | (0.5 | ) | | (6.5 | ) | | 7 | | | — | | | — | |
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Interest expense | 12.6 | | | — | | | (0.1 | ) | | — | | | 12.5 | |
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Interest income | — | | | — | | | (1.6 | ) | | — | | | (1.6 | ) |
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Equity in earnings of joint ventures | — | | | — | | | (2.9 | ) | | — | | | (2.9 | ) |
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Other expense (income), net | — | | | (0.9 | ) | | 1.1 | | | — | | | 0.2 | |
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Income (loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (24.7 | ) | | 50 | | | 28.3 | | | — | | | 53.6 | |
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Income tax expense | 8.6 | | | — | | | 10.8 | | | — | | | 19.4 | |
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Income (loss) before earnings of wholly owned subsidiaries | (33.3 | ) | | 50 | | | 17.5 | | | — | | | 34.2 | |
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Earnings of wholly owned subsidiaries | 67.5 | | | 16.4 | | | — | | | (83.9 | ) | | — | |
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Net income | $ | 34.2 | | | $ | 66.4 | | | $ | 17.5 | | | $ | (83.9 | ) | | $ | 34.2 | |
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Comprehensive income | $ | (19.2 | ) | | $ | 66.9 | | | $ | (32.5 | ) | | $ | (34.4 | ) | | $ | (19.2 | ) |
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Condensed Consolidating Statement of Comprehensive Income (Unaudited) |
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| Three Months Ended September 30, 2013 |
(in millions of dollars) | Parent | | Guarantors | | Non- | | Eliminations | | Consolidated |
Guarantors |
Unaffiliated sales | $ | — | | | $ | 270.6 | | | $ | 198.6 | | | $ | — | | | $ | 469.2 | |
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Affiliated sales | — | | | 3.3 | | | 1.2 | | | (4.5 | ) | | — | |
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Net sales | — | | | 273.9 | | | 199.8 | | | (4.5 | ) | | 469.2 | |
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Cost of products sold | — | | | 195 | | | 137.6 | | | (4.5 | ) | | 328.1 | |
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Gross profit | — | | | 78.9 | | | 62.2 | | | — | | | 141.1 | |
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Advertising, selling, general and administrative expenses | 9.5 | | | 43.1 | | | 30 | | | — | | | 82.6 | |
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Amortization of intangibles | 0.1 | | | 4.6 | | | 1.2 | | | — | | | 5.9 | |
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Restructuring charges | — | | | 0.3 | | | 2 | | | — | | | 2.3 | |
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Operating income (loss) | (9.6 | ) | | 30.9 | | | 29 | | | — | | | 50.3 | |
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Expense (income) from affiliates | (0.6 | ) | | (7.2 | ) | | 7.8 | | | — | | | — | |
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Interest expense | 13.9 | | | — | | | — | | | — | | | 13.9 | |
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Interest income | — | | | (0.1 | ) | | (1.3 | ) | | — | | | (1.4 | ) |
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Equity in earnings of joint ventures | — | | | — | | | (3.3 | ) | | — | | | (3.3 | ) |
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Other expense (income), net | (0.8 | ) | | 0.5 | | | 0.4 | | | — | | | 0.1 | |
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Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (22.1 | ) | | 37.7 | | | 25.4 | | | — | | | 41 | |
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Income tax expense | 5.7 | | | — | | | 8.9 | | | — | | | 14.6 | |
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Income (loss) before earnings of wholly owned subsidiaries | (27.8 | ) | | 37.7 | | | 16.5 | | | — | | | 26.4 | |
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Earnings of wholly owned subsidiaries | 54.2 | | | 15.9 | | | — | | | (70.1 | ) | | — | |
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Net income | $ | 26.4 | | | $ | 53.6 | | | $ | 16.5 | | | $ | (70.1 | ) | | $ | 26.4 | |
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Comprehensive income | $ | 22.6 | | | $ | 55 | | | $ | 12.5 | | | $ | (67.5 | ) | | $ | 22.6 | |
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Condensed Consolidating Statement of Cash Flows (Unaudited) |
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| Nine Months Ended September 30, 2014 | | | | |
(in millions of dollars) | Parent | | Guarantors | | Non-Guarantors | | Consolidated | | | | |
Net cash provided (used) by operating activities | $ | (52.3 | ) | | $ | 62 | | | $ | 57.8 | | | $ | 67.5 | | | | | |
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Investing activities: | | | | | | | | | | | |
Additions to property, plant and equipment | (0.2 | ) | | (6.7 | ) | | (14.2 | ) | | (21.1 | ) | | | | |
Payments for (proceeds from) interest in affiliates | — | | | 15.1 | | | (15.1 | ) | | — | | | | | |
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Proceeds from the disposition of assets | — | | | 3.6 | | | 0.2 | | | 3.8 | | | | | |
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Net cash (used) provided by investing activities | (0.2 | ) | | 12 | | | (29.1 | ) | | (17.3 | ) | | | | |
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Financing activities: | | | | | | | | | | | |
Intercompany financing | 55.7 | | | (64.9 | ) | | 9.2 | | | — | | | | | |
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Net dividends | 24.7 | | | (10.0 | ) | | (14.7 | ) | | — | | | | | |
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Repayments of long-term debt | (25.0 | ) | | (0.1 | ) | | — | | | (25.1 | ) | | | | |
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Borrowings of notes payable, net | — | | | — | | | 0.8 | | | 0.8 | | | | | |
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Payments for debt issuance costs | (0.3 | ) | | — | | | — | | | (0.3 | ) | | | | |
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Repurchase of common stock | (2.9 | ) | | — | | | — | | | (2.9 | ) | | | | |
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Other | (1.9 | ) | | — | | | — | | | (1.9 | ) | | | | |
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Net cash (used) provided by financing activities | 50.3 | | | (75.0 | ) | | (4.7 | ) | | (29.4 | ) | | | | |
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Effect of foreign exchange rate changes on cash and cash equivalents | — | | | — | | | (1.8 | ) | | (1.8 | ) | | | | |
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Net increase (decrease) in cash and cash equivalents | (2.2 | ) | | (1.0 | ) | | 22.2 | | | 19 | | | | | |
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Cash and cash equivalents: | | | | | | | | | | | |
Beginning of the period | 7 | | | 1 | | | 45.5 | | | 53.5 | | | | | |
| | | |
End of the period | $ | 4.8 | | | $ | — | | | $ | 67.7 | | | $ | 72.5 | | | | | |
| | | |
|
Condensed Consolidating Statement of Cash Flows (Unaudited) |
|
| | | | |
| | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2013 | | | | |
(in millions of dollars) | Parent | | Guarantors | | Non-Guarantors | | Consolidated | | | | |
Net cash provided (used) by operating activities | $ | (58.2 | ) | | $ | 85.8 | | | $ | 97.6 | | | $ | 125.2 | | | | | |
| | | |
Investing activities: | | | | | | | | | | | |
Additions to property, plant and equipment | — | | | (19.6 | ) | | (10.6 | ) | | (30.2 | ) | | | | |
| | | |
Payments for (proceeds from) interest in affiliates | — | | | 49.3 | | | (49.3 | ) | | — | | | | | |
| | | |
Payments related to the sale of discontinued operations | — | | | (1.4 | ) | | — | | | (1.4 | ) | | | | |
| | | |
Proceeds from the disposition of assets | — | | | — | | | 4.2 | | | 4.2 | | | | | |
| | | |
Net cash (used) provided by investing activities | — | | | 28.3 | | | (55.7 | ) | | (27.4 | ) | | | | |
| | | |
Financing activities: | | | | | | | | | | | |
Intercompany financing | 43.8 | | | (71.1 | ) | | 27.3 | | | — | | | | | |
| | | |
Net dividends | 57.8 | | | (41.4 | ) | | (16.4 | ) | | — | | | | | |
| | | |
Proceeds from long-term borrowings | 530 | | | — | | | — | | | 530 | | | | | |
| | | |
Repayments of long-term debt | (580.1 | ) | | — | | | (21.4 | ) | | (601.5 | ) | | | | |
| | | |
Borrowings (repayments) of notes payable, net | 2.2 | | | — | | | (1.1 | ) | | 1.1 | | | | | |
| | | |
Payments for debt issuance costs | (4.3 | ) | | — | | | — | | | (4.3 | ) | | | | |
| | | |
Other | (0.6 | ) | | — | | | — | | | (0.6 | ) | | | | |
| | | |
Net cash (used) provided by financing activities | 48.8 | | | (112.5 | ) | | (11.6 | ) | | (75.3 | ) | | | | |
| | | |
Effect of foreign exchange rate changes on cash and cash equivalents | — | | | — | | | (1.7 | ) | | (1.7 | ) | | | | |
| | | |
Net increase (decrease) in cash and cash equivalents | (9.4 | ) | | 1.6 | | | 28.6 | | | 20.8 | | | | | |
| | | |
Cash and cash equivalents: | | | | | | | | | | | |
Beginning of the period | 12.1 | | | (3.0 | ) | | 40.9 | | | 50 | | | | | |
| | | |
End of the period | $ | 2.7 | | | $ | (1.4 | ) | | $ | 69.5 | | | $ | 70.8 | | | | | |
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