Financial Statements of Parent Company Guarantor | 6 Months Ended |
Jun. 28, 2014 |
Financial Statements of Parent Company Guarantor | ' |
Effective upon the Redomicile, Pentair plc (the “Parent Company Guarantor”) and Pentair Investments Switzerland GmbH (the "Subsidiary Guarantor"), fully and unconditionally, guarantee the Notes of Pentair Finance S.A. (the “Subsidiary Issuer”). The Subsidiary Guarantor is a Switzerland limited liability company formed in April 2014 and 100 percent-owned subsidiary of the Parent Company Guarantor. The Subsidiary Issuer is a Luxembourg public limited liability company and 100 percent-owned subsidiary of the Subsidiary Guarantor. The guarantees provided by the Parent Company Guarantor and Subsidiary Guarantor are joint and several. |
The following supplemental financial information sets forth the Company’s Condensed Consolidating Statement of Operations and Comprehensive Income (Loss), Condensed Consolidating Balance Sheets and Condensed Consolidating Statement of Cash Flows by relevant group within the Company: Pentair plc and Pentair Investments Switzerland GmbH as the guarantors, Pentair Finance S.A. as issuer of the debt and all other non-guarantor subsidiaries. Condensed consolidating financial information for Pentair plc, Pentair Investments Switzerland GmbH and Pentair Finance S.A. on a stand-alone basis is presented using the equity method of accounting for subsidiaries. |
Prior to the Redomicile, the Notes of the Subsidiary Issuer were guaranteed, fully and unconditionally, by the former parent company, Pentair Ltd. The supplemental financial information for reporting periods prior to Redomicile are presented under this previous guarantee structure. |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Three months ended June 28, 2014 |
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| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total |
Company | Issuer | Subsidiaries |
Guarantor | | |
Net sales | $ | — | | $ | — | | $ | — | | $ | 1,910.80 | | $ | — | | $ | 1,910.80 | |
|
Cost of goods sold | — | | — | | — | | 1,251.90 | | — | | 1,251.90 | |
|
Gross profit | — | | — | | — | | 658.9 | | — | | 658.9 | |
|
Selling, general and administrative | 8.2 | | 2.8 | | 2.6 | | 386.7 | | — | | 400.3 | |
|
Research and development | — | | — | | — | | 30.9 | | — | | 30.9 | |
|
Operating income (loss) | (8.2 | ) | (2.8 | ) | (2.6 | ) | 241.3 | | — | | 227.7 | |
|
Loss (earnings) from investment in subsidiaries | (170.1 | ) | (173.2 | ) | (146.5 | ) | — | | 489.8 | | — | |
|
Other (income) expense: | | | | | | |
|
Equity income of unconsolidated subsidiaries | — | | — | | — | | (0.4 | ) | — | | (0.4 | ) |
|
Loss on sale of business | — | | — | | — | | 0.2 | | — | | 0.2 | |
|
Net interest expense | 0.4 | | 0.3 | | 0.1 | | 16.7 | | — | | 17.5 | |
|
Income (loss) before income taxes | 161.5 | | 170.1 | | 143.8 | | 224.8 | | (489.8 | ) | 210.4 | |
|
Provision for income taxes | — | | — | | 1 | | 47.9 | | — | | 48.9 | |
|
Net income (loss) attributable to Pentair plc | $ | 161.5 | | $ | 170.1 | | $ | 142.8 | | $ | 176.9 | | $ | (489.8 | ) | $ | 161.5 | |
|
Comprehensive income (loss), net of tax | | | | | | |
|
Net income (loss) attributable to Pentair plc | $ | 161.5 | | $ | 170.1 | | $ | 142.8 | | $ | 176.9 | | $ | (489.8 | ) | $ | 161.5 | |
|
Changes in cumulative translation adjustment | 16.4 | | 16.4 | | 16.4 | | 16.4 | | (49.2 | ) | 16.4 | |
|
Changes in market value of derivative financial instruments | 0.2 | | 0.2 | | 0.2 | | 0.2 | | (0.6 | ) | 0.2 | |
|
Comprehensive income (loss) attributable to Pentair plc | $ | 178.1 | | $ | 186.7 | | $ | 159.4 | | $ | 193.5 | | $ | (539.6 | ) | $ | 178.1 | |
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Six months ended June 28, 2014 |
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| | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | |
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total |
Company | Issuer | Subsidiaries |
Guarantor | | |
Net sales | $ | — | | $ | — | | $ | — | | $ | 3,636.00 | | $ | — | | $ | 3,636.00 | |
|
Cost of goods sold | — | | — | | — | | 2,398.80 | | — | | 2,398.80 | |
|
Gross profit | — | | — | | — | | 1,237.20 | | — | | 1,237.20 | |
|
Selling, general and administrative | 7.9 | | 2.8 | | 5.9 | | 752.1 | | — | | 768.7 | |
|
Research and development | — | | — | | — | | 60.9 | | — | | 60.9 | |
|
Operating (loss) income | (7.9 | ) | (2.8 | ) | (5.9 | ) | 424.2 | | — | | 407.6 | |
|
Loss (earnings) from investment in subsidiaries | (288.7 | ) | (173.2 | ) | (273.6 | ) | — | | 735.5 | | — | |
|
Other (income) expense: | | | | | | |
Equity income of unconsolidated subsidiaries | — | | — | | — | | (0.8 | ) | — | | (0.8 | ) |
|
Gain on sale of business | — | | — | | — | | 8.2 | | — | | 8.2 | |
|
Net interest expense | 0.7 | | 0.3 | | 1 | | 31.2 | | — | | 33.2 | |
|
Income (loss) before income taxes | 280.1 | | 170.1 | | 266.7 | | 385.6 | | (735.5 | ) | 367 | |
|
Provision for income taxes | — | | — | | 1 | | 85.9 | | — | | 86.9 | |
|
Net income (loss) attributable to Pentair plc | $ | 280.1 | | $ | 170.1 | | $ | 265.7 | | $ | 299.7 | | $ | (735.5 | ) | $ | 280.1 | |
|
Comprehensive income (loss), net of tax | | | | | | |
Net income (loss) attributable to Pentair plc | $ | 280.1 | | $ | 170.1 | | $ | 265.7 | | $ | 299.7 | | $ | (735.5 | ) | $ | 280.1 | |
|
Changes in cumulative translation adjustment | (11.5 | ) | (11.5 | ) | (11.5 | ) | (11.5 | ) | 34.5 | | (11.5 | ) |
|
Changes in market value of derivative financial instruments | 0.4 | | 0.4 | | 0.4 | | 0.4 | | (1.2 | ) | 0.4 | |
|
Comprehensive income (loss) attributable to Pentair plc | $ | 269 | | $ | 159 | | $ | 254.6 | | $ | 288.6 | | $ | (702.2 | ) | $ | 269 | |
|
Consolidating Balance Sheet |
June 28, 2014 |
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| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total |
Company | Issuer | Subsidiaries |
Guarantor | | |
Assets |
Current assets | | | | | | |
|
Cash and cash equivalents | $ | — | | $ | — | | $ | — | | $ | 174.4 | | $ | — | | $ | 174.4 | |
|
Accounts and notes receivable, net | — | | — | | — | | 1,302.20 | | — | | 1,302.20 | |
|
Inventories | — | | — | | — | | 1,264.30 | | — | | 1,264.30 | |
|
Other current assets | 0.6 | | 14.8 | | 1.9 | | 426.2 | | (18.5 | ) | 425 | |
|
Total current assets | 0.6 | | 14.8 | | 1.9 | | 3,167.10 | | (18.5 | ) | 3,165.90 | |
|
Property, plant and equipment, net | — | | — | | — | | 1,151.60 | | — | | 1,151.60 | |
|
Other assets | | | | | | |
|
Investments in subsidiaries | 5,943.20 | | 6,092.30 | | 8,029.50 | | — | | (20,065.0 | ) | — | |
|
Goodwill | — | | — | | — | | 5,097.10 | | — | | 5,097.10 | |
|
Intangibles, net | — | | — | | — | | 1,718.30 | | — | | 1,718.30 | |
|
Other non-current assets | 31.6 | | — | | 1,757.20 | | 447.1 | | (1,752.0 | ) | 483.9 | |
|
Total other assets | 5,974.80 | | 6,092.30 | | 9,786.70 | | 7,262.50 | | (21,817.0 | ) | 7,299.30 | |
|
Total assets | $ | 5,975.40 | | $ | 6,107.10 | | $ | 9,788.60 | | $ | 11,581.20 | | $ | (21,835.5 | ) | $ | 11,616.80 | |
|
Liabilities and Equity |
Current liabilities | | | | | | |
|
Current maturities of long-term debt and short-term borrowings | $ | — | | $ | — | | $ | — | | $ | 6.1 | | $ | — | | $ | 6.1 | |
|
Accounts payable | — | | — | | — | | 587 | | — | | 587 | |
|
Employee compensation and benefits | — | | 0.5 | | — | | 298 | | — | | 298.5 | |
|
Other current liabilities | 237.1 | | 3.7 | | 14.9 | | 648.3 | | (18.5 | ) | 885.5 | |
|
Total current liabilities | 237.1 | | 4.2 | | 14.9 | | 1,539.40 | | (18.5 | ) | 1,777.10 | |
|
Other liabilities | | | | | | |
|
Long-term debt | 1.9 | | 159.7 | | 2,574.20 | | 1,755.20 | | (1,752.0 | ) | 2,739.00 | |
|
Pension and other post-retirement compensation and benefits | — | | — | | — | | 291.4 | | — | | 291.4 | |
|
Deferred tax liabilities | — | | — | | 2.2 | | 606.4 | | — | | 608.6 | |
|
Other non-current liabilities | 17.6 | | — | | — | | 464.3 | | — | | 481.9 | |
|
Total liabilities | 256.6 | | 163.9 | | 2,591.30 | | 4,656.70 | | (1,770.5 | ) | 5,898.00 | |
|
Equity | 5,718.80 | | 5,943.20 | | 7,197.30 | | 6,924.50 | | (20,065.0 | ) | 5,718.80 | |
|
Total liabilities and equity | $ | 5,975.40 | | $ | 6,107.10 | | $ | 9,788.60 | | $ | 11,581.20 | | $ | (21,835.5 | ) | $ | 11,616.80 | |
|
Consolidating Statement of Cash Flows |
Six months ended June 28, 2014 |
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| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary Guarantor | Subsidiary | Non-guarantor | Eliminations | Consolidated Total |
Company | Issuer | Subsidiaries |
Guarantor | | |
Operating activities | | | | | | |
|
Net cash provided by (used for) operating activities | $ | 286 | | $ | 159.6 | | $ | 268.3 | | $ | 436.6 | | $ | (735.5 | ) | $ | 415 | |
|
Investing activities | | | | | | |
|
Capital expenditures | — | | — | | — | | (59.6 | ) | — | | (59.6 | ) |
|
Proceeds from sale of property and equipment | — | | — | | — | | 2.7 | | — | | 2.7 | |
|
Other | — | | — | | — | | 0.3 | | — | | 0.3 | |
|
Net cash provided by (used for) investing activities | — | | — | | — | | (56.6 | ) | — | | (56.6 | ) |
|
Financing activities | | | | | | |
|
Net receipts (repayments) of short-term borrowings | — | | — | | — | | 3.9 | | — | | 3.9 | |
|
Net receipts (repayments) of commercial paper and revolving long-term debt | — | | — | | 172.3 | | 26.5 | | — | | 198.8 | |
|
Repayments of long-term debt | — | | — | | — | | (12.9 | ) | — | | (12.9 | ) |
|
Net change in advances to subsidiaries | (187.4 | ) | (159.6 | ) | (487.6 | ) | 99.1 | | 735.5 | | — | |
|
Excess tax benefits from share-based compensation | — | | — | | — | | 7.8 | | — | | 7.8 | |
|
Shares issued to employees, net of shares withheld | — | | — | | — | | 31.5 | | — | | 31.5 | |
|
Repurchases of ordinary shares | — | | — | | — | | (450.7 | ) | — | | (450.7 | ) |
|
Dividends paid | (99.1 | ) | — | | — | | — | | — | | (99.1 | ) |
|
Purchase of noncontrolling interest | — | | — | | — | | (134.7 | ) | — | | (134.7 | ) |
|
Net cash provided by (used for) financing activities | (286.5 | ) | (159.6 | ) | (315.3 | ) | (429.5 | ) | 735.5 | | (455.4 | ) |
|
Effect of exchange rate changes on cash and cash equivalents | — | | — | | — | | 6.3 | | — | | 6.3 | |
|
Change in cash and cash equivalents | (0.5 | ) | — | | (47.0 | ) | (43.2 | ) | — | | (90.7 | ) |
|
Cash and cash equivalents, beginning of period | 0.5 | | — | | 47 | | 217.6 | | — | | 265.1 | |
|
Cash and cash equivalents, end of period | $ | — | | $ | — | | $ | — | | $ | 174.4 | | $ | — | | $ | 174.4 | |
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Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Three months ended June 29, 2013 |
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In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | | | |
Company | Issuer | Subsidiaries | | | |
Guarantor | | | | | |
Net sales | $ | — | | $ | — | | $ | 1,963.70 | | $ | — | | $ | 1,963.70 | | | | |
| | |
Cost of goods sold | — | | — | | 1,296.30 | | — | | 1,296.30 | | | | |
| | |
Gross profit | — | | — | | 667.4 | | — | | 667.4 | | | | |
| | |
Selling, general and administrative | 0.3 | | 3.4 | | 405.7 | | — | | 409.4 | | | | |
| | |
Research and development | — | | — | | 32.1 | | — | | 32.1 | | | | |
| | |
Operating income (loss) | (0.3 | ) | (3.4 | ) | 229.6 | | — | | 225.9 | | | | |
| | |
Loss (earnings) from investment in subsidiaries | (157.1 | ) | (164.1 | ) | — | | 321.2 | | — | | | | |
| | |
Other (income) expense: | | | | | | | | |
| | |
Equity income of unconsolidated subsidiaries | — | | — | | (0.9 | ) | — | | (0.9 | ) | | | |
| | |
Gain on sale of business | — | | — | | — | | — | | — | | | | |
| | |
Net interest expense | 2.7 | | 3.5 | | 12.2 | | — | | 18.4 | | | | |
| | |
Income (loss) before income taxes and noncontrolling interest | 154.1 | | 157.2 | | 218.3 | | (321.2 | ) | 208.4 | | | | |
| | |
Provision (benefit) for income taxes | — | | — | | 53 | | — | | 53 | | | | |
| | |
Net income (loss) before noncontrolling interest | 154.1 | | 157.2 | | 165.3 | | (321.2 | ) | 155.4 | | | | |
| | |
Noncontrolling interest | — | | — | | 1.3 | | — | | 1.3 | | | | |
| | |
Net income (loss) attributable to Pentair plc | $ | 154.1 | | $ | 157.2 | | $ | 164 | | $ | (321.2 | ) | $ | 154.1 | | | | |
| | |
Comprehensive income (loss), net of tax | | | | | | | | |
Net income (loss) before noncontrolling interest | $ | 154.1 | | $ | 157.2 | | $ | 165.3 | | $ | (321.2 | ) | $ | 155.4 | | | | |
| | |
Changes in cumulative translation adjustment | (41.7 | ) | (41.7 | ) | (41.3 | ) | 83.4 | | (41.3 | ) | | | |
| | |
Changes in market value of derivative financial instruments | (0.4 | ) | (0.4 | ) | (0.4 | ) | 0.8 | | (0.4 | ) | | | |
| | |
Total comprehensive income (loss) | 112 | | 115.1 | | 123.6 | | (237.0 | ) | 113.7 | | | | |
| | |
Less: Comprehensive income attributable to noncontrolling interest | — | | — | | 1.7 | | — | | 1.7 | | | | |
| | |
Comprehensive income (loss) attributable to Pentair plc | $ | 112 | | $ | 115.1 | | $ | 121.9 | | $ | (237.0 | ) | $ | 112 | | | | |
| | |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
Six months ended June 29, 2013 |
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| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | | | |
Company | Issuer | Subsidiaries | | | |
Guarantor | | | | | |
Net sales | $ | — | | $ | — | | $ | 3,738.20 | | $ | — | | $ | 3,738.20 | | | | |
| | |
Cost of goods sold | — | | — | | 2,547.00 | | — | | 2,547.00 | | | | |
| | |
Gross profit | — | | — | | 1,191.20 | | — | | 1,191.20 | | | | |
| | |
Selling, general and administrative | (0.7 | ) | 7 | | 819.1 | | — | | 825.4 | | | | |
| | |
Research and development | — | | — | | 65.6 | | — | | 65.6 | | | | |
| | |
Operating income (loss) | 0.7 | | (7.0 | ) | 306.5 | | — | | 300.2 | | | | |
| | |
Loss (earnings) from investment in subsidiaries | (207.8 | ) | (219.0 | ) | — | | 426.8 | | — | | | | |
| | |
Other (income) expense: | | | | | | | | |
Equity income of unconsolidated subsidiaries | — | | — | | (1.1 | ) | — | | (1.1 | ) | | | |
| | |
Gain on sale of business | — | | — | | (16.7 | ) | — | | (16.7 | ) | | | |
| | |
Net interest expense | 3 | | 6.1 | | 26.3 | | — | | 35.4 | | | | |
| | |
Income (loss) before income taxes and noncontrolling interest | 205.5 | | 205.9 | | 298 | | (426.8 | ) | 282.6 | | | | |
| | |
Provision (benefit) for income taxes | (0.3 | ) | — | | 74.2 | | — | | 73.9 | | | | |
| | |
Net income (loss) before noncontrolling interest | 205.8 | | 205.9 | | 223.8 | | (426.8 | ) | 208.7 | | | | |
| | |
Noncontrolling interest | — | | — | | 2.9 | | — | | 2.9 | | | | |
| | |
Net income (loss) attributable to Pentair plc | $ | 205.8 | | $ | 205.9 | | $ | 220.9 | | $ | (426.8 | ) | $ | 205.8 | | | | |
| | |
Comprehensive income (loss), net of tax | | | | | | | | |
Net income (loss) before noncontrolling interest | $ | 205.8 | | $ | 205.9 | | $ | 223.8 | | $ | (426.8 | ) | $ | 208.7 | | | | |
| | |
Changes in cumulative translation adjustment | (117.7 | ) | (117.7 | ) | (118.2 | ) | 235.4 | | (118.2 | ) | | | |
| | |
Changes in market value of derivative financial instruments | 0.3 | | 0.3 | | 0.3 | | (0.6 | ) | 0.3 | | | | |
| | |
Total comprehensive income (loss) | 88.4 | | 88.5 | | 105.9 | | (192.0 | ) | 90.8 | | | | |
| | |
Less: Comprehensive income attributable to noncontrolling interest | — | | — | | 2.4 | | — | | 2.4 | | | | |
| | |
Comprehensive income (loss) attributable to Pentair plc | $ | 88.4 | | $ | 88.5 | | $ | 103.5 | | $ | (192.0 | ) | $ | 88.4 | | | | |
| | |
Consolidating Balance Sheet |
December 31, 2013 |
| | | |
| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | | | |
Company | Issuer | Subsidiaries | | | |
Guarantor | | | | | |
Assets | | | |
Current assets | | | | | | | | |
| | |
Cash and cash equivalents | $ | 0.5 | | $ | 47 | | $ | 217.6 | | $ | — | | $ | 265.1 | | | | |
| | |
Accounts and notes receivable, net | 2.9 | | 4 | | 1,391.00 | | (63.6 | ) | 1,334.30 | | | | |
| | |
Inventories | — | | — | | 1,243.30 | | — | | 1,243.30 | | | | |
| | |
Other current assets | 1.4 | | 0.6 | | 387.4 | | — | | 389.4 | | | | |
| | |
Total current assets | 4.8 | | 51.6 | | 3,239.30 | | (63.6 | ) | 3,232.10 | | | | |
| | |
Property, plant and equipment, net | — | | — | | 1,170.00 | | — | | 1,170.00 | | | | |
| | |
Other assets | | | | | | | | |
| | |
Investments in subsidiaries | 6,224.70 | | 8,066.60 | | — | | (14,291.3 | ) | — | | | | |
| | |
Goodwill | — | | — | | 5,134.20 | | — | | 5,134.20 | | | | |
| | |
Intangibles, net | — | | — | | 1,776.10 | | — | | 1,776.10 | | | | |
| | |
Other non-current assets | 31.6 | | 1,302.70 | | 393.3 | | (1,296.7 | ) | 430.9 | | | | |
| | |
Total other assets | 6,256.30 | | 9,369.30 | | 7,303.60 | | (15,588.0 | ) | 7,341.20 | | | | |
| | |
Total assets | $ | 6,261.10 | | $ | 9,420.90 | | $ | 11,712.90 | | $ | (15,651.6 | ) | $ | 11,743.30 | | | | |
| | |
Liabilities and Equity | | | |
Current liabilities | | | | | | | | |
| | |
Current maturities of long-term debt and short-term borrowings | $ | — | | $ | — | | $ | 2.5 | | $ | — | | $ | 2.5 | | | | |
| | |
Accounts payable | 48.1 | | 8.6 | | 603.5 | | (63.6 | ) | 596.6 | | | | |
| | |
Employee compensation and benefits | 0.5 | | — | | 346.6 | | — | | 347.1 | | | | |
| | |
Other current liabilities | 99.6 | | 11.7 | | 552.7 | | — | | 664 | | | | |
| | |
Total current liabilities | 148.2 | | 20.3 | | 1,505.30 | | (63.6 | ) | 1,610.20 | | | | |
| | |
Other liabilities | | | | | | | | |
| | |
Long-term debt | — | | 2,401.90 | | 1,447.40 | | (1,296.7 | ) | 2,552.60 | | | | |
| | |
Pension and other post-retirement compensation and benefits | — | | — | | 324.8 | | — | | 324.8 | | | | |
| | |
Deferred tax liabilities | — | | 2.2 | | 578.4 | | — | | 580.6 | | | | |
| | |
Other non-current liabilities | 17.6 | | — | | 439.8 | | — | | 457.4 | | | | |
| | |
Total liabilities | 165.8 | | 2,424.40 | | 4,295.70 | | (1,360.3 | ) | 5,525.60 | | | | |
| | |
Equity | | | | | | | | |
| | |
Shareholders’ equity attributable to Pentair plc and subsidiaries | 6,095.30 | | 6,996.50 | | 7,294.80 | | (14,291.3 | ) | 6,095.30 | | | | |
| | |
Noncontrolling interest | — | | — | | 122.4 | | — | | 122.4 | | | | |
| | |
Total equity | 6,095.30 | | 6,996.50 | | 7,417.20 | | (14,291.3 | ) | 6,217.70 | | | | |
| | |
Total liabilities and equity | $ | 6,261.10 | | $ | 9,420.90 | | $ | 11,712.90 | | $ | (15,651.6 | ) | $ | 11,743.30 | | | | |
| | |
Consolidating Statement of Cash Flows |
Six months ended June 29, 2013 |
| | | |
| | | | | | | | | | | | | | | | | | |
In millions | Parent | Subsidiary | Non-guarantor | Eliminations | Consolidated Total | | | |
Company | Issuer | Subsidiaries | | | |
Guarantor | | | | | |
Operating activities | | | | | | | | |
Net cash provided by (used for) operating activities | $ | 675.1 | | $ | 208 | | $ | (70.2 | ) | $ | (426.8 | ) | $ | 386.1 | | | | |
| | |
Investing activities | | | | | | | | |
| | |
Capital expenditures | — | | — | | (88.0 | ) | — | | (88.0 | ) | | | |
| | |
Proceeds from sale of property and equipment | — | | — | | 3.6 | | — | | 3.6 | | | | |
| | |
Proceeds from sale of businesses, net | — | | — | | 30 | | — | | 30 | | | | |
| | |
Acquisitions, net of cash acquired | (84.4 | ) | — | | — | | — | | (84.4 | ) | | | |
| | |
Other | — | | — | | (0.6 | ) | — | | (0.6 | ) | | | |
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Net cash provided by (used for) investing activities | (84.4 | ) | — | | (55.0 | ) | — | | (139.4 | ) | | | |
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Financing activities | | | | | | | | |
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Net receipts (repayments) of short-term borrowings | — | | — | | — | | — | | — | | | | |
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Net receipts (repayments) of commercial paper and revolving long-term debt | — | | 265.9 | | 23.7 | | — | | 289.6 | | | | |
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Repayments of long-term debt | — | | — | | (5.8 | ) | — | | (5.8 | ) | | | |
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Debt issuance costs | — | | (0.7 | ) | (0.7 | ) | — | | (1.4 | ) | | | |
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Excess tax benefits from share-based compensation | — | | — | | 6.2 | | — | | 6.2 | | | | |
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Net change in advances to subsidiaries | (496.7 | ) | (469.7 | ) | 539.6 | | 426.8 | | — | | | | |
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Shares issued to employees, net of shares withheld | — | | — | | 40.1 | | — | | 40.1 | | | | |
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Repurchases of ordinary shares | — | | — | | (483.6 | ) | — | | (483.6 | ) | | | |
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Dividends paid | (94.0 | ) | — | | — | | — | | (94.0 | ) | | | |
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Distributions to noncontrolling interest | — | | — | | (2.0 | ) | — | | (2.0 | ) | | | |
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Net cash provided by (used for) financing activities | (590.7 | ) | (204.5 | ) | 117.5 | | 426.8 | | (250.9 | ) | | | |
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Effect of exchange rate changes on cash and cash equivalents | — | | — | | (4.0 | ) | — | | (4.0 | ) | | | |
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Change in cash and cash equivalents | — | | 3.5 | | (11.7 | ) | — | | (8.2 | ) | | | |
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Cash and cash equivalents, beginning of period | — | | — | | 261.3 | | — | | 261.3 | | | | |
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Cash and cash equivalents, end of period | $ | — | | $ | 3.5 | | $ | 249.6 | | $ | — | | $ | 253.1 | | | | |
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