Guarantor Subsidiaries | 9 Months Ended |
Sep. 28, 2013 |
Text Block [Abstract] | ' |
Guarantor Subsidiaries | ' |
Note 16 – Guarantor Subsidiaries |
The 2017 Notes and 2018 Notes issued by our 100% owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned subsidiaries (the “Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. |
We have not presented separate financial statements and separate disclosures have not been provided concerning subsidiary guarantors because management has determined such information is not material to the holders of the above-mentioned notes. |
The following supplemental financial information sets forth on an unconsolidated basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, Cott Beverages Inc., Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of Cott Beverages Inc. in their respective subsidiaries using the equity method of accounting. In the third quarter of 2012, we revised the financial statements of certain Non-guarantor Subsidiaries to properly reflect their capitalization and subsequent investment in certain Guarantor Subsidiaries resulting from a reorganization completed in connection with the Cliffstar Acquisition. These Non-guarantor Subsidiaries, which have no business operations and no operating assets, hold, directly or indirectly, our investments in substantially all of the Guarantor Subsidiaries and therefore may be viewed for purposes of this disclosure as in-substance Guarantor Subsidiaries themselves. We have therefore included these Non-guarantor Subsidiaries as Guarantor Subsidiaries in the supplemental financial information below for all periods presented. |
|
Condensed Consolidating Statements of Operations |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 28, 2013 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Revenue, net | | $ | 42.5 | | | $ | 197.6 | | | $ | 271.5 | | | $ | 37.4 | | | $ | (5.8 | ) | | $ | 543.2 | |
Cost of sales | | | 39.2 | | | | 170.5 | | | | 241.3 | | | | 33 | | | | (5.8 | ) | | | 478.2 | |
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Gross profit | | | 3.3 | | | | 27.1 | | | | 30.2 | | | | 4.4 | | | | — | | | | 65 | |
Selling, general and administrative expenses | | | 6.8 | | | | 14.9 | | | | 13.2 | | | | 3 | | | | — | | | | 37.9 | |
Loss on disposal of property, plant & equipment | | | 0.1 | | | | 0.4 | | | | 0.6 | | | | — | | | | — | | | | 1.1 | |
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Operating (loss) income | | | (3.6 | ) | | | 11.8 | | | | 16.4 | | | | 1.4 | | | | — | | | | 26 | |
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Other income, net | | | (0.1 | ) | | | — | | | | (0.6 | ) | | | — | | | | — | | | | (0.7 | ) |
Intercompany interest (income) expense, net | | | — | | | | (3.0 | ) | | | 3 | | | | — | | | | — | | | | — | |
Interest (income) expense, net | | | (0.1 | ) | | | 13.1 | | | | 0.2 | | | | 0.1 | | | | — | | | | 13.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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(Loss) income before income tax (benefit) expense and equity income (loss) | | | (3.4 | ) | | | 1.7 | | | | 13.8 | | | | 1.3 | | | | — | | | | 13.4 | |
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Income tax (benefit) expense | | | (2.8 | ) | | | 3.9 | | | | (1.2 | ) | | | 0.2 | | | | — | | | | 0.1 | |
Equity income (loss) | | | 12.6 | | | | 1.3 | | | | (0.3 | ) | | | — | | | | (13.6 | ) | | | — | |
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Net income (loss) | | $ | 12 | | | $ | (0.9 | ) | | $ | 14.7 | | | $ | 1.1 | | | $ | (13.6 | ) | | $ | 13.3 | |
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Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 1.3 | | | | — | | | | 1.3 | |
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Net income (loss) attributed to Cott Corporation | | $ | 12 | | | $ | (0.9 | ) | | $ | 14.7 | | | $ | (0.2 | ) | | $ | (13.6 | ) | | $ | 12 | |
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Comprehensive income attributed to Cott Corporation | | $ | 23.8 | | | $ | 28.9 | | | $ | 30.6 | | | $ | — | | | $ | (59.5 | ) | | $ | 23.8 | |
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|
Condensed Consolidating Statements of Operations |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Nine Months Ended September 28, 2013 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Revenue, net | | $ | 131.9 | | | $ | 605.5 | | | $ | 777.4 | | | $ | 116 | | | $ | (18.4 | ) | | $ | 1,612.40 | |
Cost of sales | | | 114.5 | | | | 520.1 | | | | 695.9 | | | | 102.3 | | | | (18.4 | ) | | | 1,414.40 | |
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Gross profit | | | 17.4 | | | | 85.4 | | | | 81.5 | | | | 13.7 | | | | — | | | | 198 | |
Selling, general and administrative expenses | | | 22.3 | | | | 53.8 | | | | 37.7 | | | | 7.1 | | | | — | | | | 120.9 | |
Loss on disposal of property, plant & equipment | | | 0.1 | | | | 0.7 | | | | 0.6 | | | | — | | | | — | | | | 1.4 | |
Restructuring | | | 0.5 | | | | 0.5 | | | | 0.7 | | | | 0.3 | | | | — | | | | 2 | |
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Operating (loss) income | | | (5.5 | ) | | | 30.4 | | | | 42.5 | | | | 6.3 | | | | — | | | | 73.7 | |
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Other (income), net | | | (0.1 | ) | | | — | | | | (0.3 | ) | | | — | | | | — | | | | (0.4 | ) |
Intercompany interest (income) expense, net | | | — | | | | (8.7 | ) | | | 8.7 | | | | — | | | | — | | | | — | |
Interest (income) expense, net | | | (0.2 | ) | | | 39.1 | | | | 0.4 | | | | 0.1 | | | | — | | | | 39.4 | |
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(Loss) income before income tax expense (benefit) and equity income (loss) | | | (5.2 | ) | | | — | | | | 33.7 | | | | 6.2 | | | | — | | | | 34.7 | |
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Income tax (benefit) expense | | | (2.1 | ) | | | 5.5 | | | | (1.5 | ) | | | 0.4 | | | | — | | | | 2.3 | |
Equity income (loss) | | | 31.6 | | | | 3.9 | | | | (0.9 | ) | | | — | | | | (34.6 | ) | | | — | |
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Net income (loss) | | $ | 28.5 | | | $ | (1.6 | ) | | $ | 34.3 | | | $ | 5.8 | | | $ | (34.6 | ) | | $ | 32.4 | |
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Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 3.9 | | | | — | | | | 3.9 | |
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Net income (loss) attributed to Cott Corporation | | $ | 28.5 | | | $ | (1.6 | ) | | $ | 34.3 | | | $ | 1.9 | | | $ | (34.6 | ) | | $ | 28.5 | |
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Comprehensive income (loss) attributed to Cott Corporation | | $ | 23.9 | | | $ | (2.1 | ) | | $ | 33.3 | | | $ | 4.1 | | | $ | (35.3 | ) | | $ | 23.9 | |
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|
Condensed Consolidating Statements of Operations |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 29, 2012 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Revenue, net | | $ | 52.6 | | | $ | 220.2 | | | $ | 271.6 | | | $ | 46.9 | | | $ | (7.5 | ) | | $ | 583.8 | |
Cost of sales | | | 42.1 | | | | 187.2 | | | | 246.7 | | | | 42.1 | | | | (7.5 | ) | | | 510.6 | |
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Gross profit | | | 10.5 | | | | 33 | | | | 24.9 | | | | 4.8 | | | | — | | | | 73.2 | |
Selling, general and administrative expenses | | | 8.1 | | | | 18.3 | | | | 15.1 | | | | 2.3 | | | | — | | | | 43.8 | |
Loss on disposal of property, plant & equipment | | | — | | | | 0.2 | | | | 0.1 | | | | 0.5 | | | | — | | | | 0.8 | |
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Operating income | | | 2.4 | | | | 14.5 | | | | 9.7 | | | | 2 | | | | — | | | | 28.6 | |
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Other (income) expense, net | | | (0.4 | ) | | | (1.1 | ) | | | 0.1 | | | | (0.1 | ) | | | — | | | | (1.5 | ) |
Intercompany interest (income) expense, net | | | — | | | | (3.5 | ) | | | 3.5 | | | | — | | | | — | | | | — | |
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Interest expense, net | | | — | | | | 12.8 | | | | 0.2 | | | | 0.1 | | | | — | | | | 13.1 | |
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Income before income tax expense (benefit) and equity income | | | 2.8 | | | | 6.3 | | | | 5.9 | | | | 2 | | | | — | | | | 17 | |
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Income tax expense (benefit) | | | 0.9 | | | | 1.2 | | | | (1.0 | ) | | | 0.1 | | | | — | | | | 1.2 | |
Equity income | | | 12.6 | | | | 1.5 | | | | 6.5 | | | | — | | | | (20.6 | ) | | | — | |
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Net income | | $ | 14.5 | | | $ | 6.6 | | | $ | 13.4 | | | $ | 1.9 | | | $ | (20.6 | ) | | $ | 15.8 | |
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Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 1.3 | | | | — | | | | 1.3 | |
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Net income attributed to Cott Corporation | | $ | 14.5 | | | $ | 6.6 | | | $ | 13.4 | | | $ | 0.6 | | | $ | (20.6 | ) | | $ | 14.5 | |
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Comprehensive income (loss) attributed to Cott Corporation | | $ | 27.2 | | | $ | 26.8 | | | $ | 24 | | | $ | 9.6 | | | $ | (60.4 | ) | | $ | 27.2 | |
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|
Condensed Consolidating Statements of Operations |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Nine Months Ended September 29, 2012 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Revenue, net | | $ | 157.6 | | | $ | 669.9 | | | $ | 799.1 | | | $ | 131.5 | | | $ | (24.7 | ) | | $ | 1,733.40 | |
Cost of sales | | | 126.7 | | | | 564.4 | | | | 719.4 | | | | 118.7 | | | | (24.7 | ) | | | 1,504.50 | |
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| | | | | | |
Gross profit | | | 30.9 | | | | 105.5 | | | | 79.7 | | | | 12.8 | | | | — | | | | 228.9 | |
Selling, general and administrative expenses | | | 23.4 | | | | 58 | | | | 45.1 | | | | 7.9 | | | | — | | | | 134.4 | |
Loss on disposal of property, plant & equipment | | | — | | | | 0.6 | | | | 0.6 | | | | 0.5 | | | | — | | | | 1.7 | |
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Operating income | | | 7.5 | | | | 46.9 | | | | 34 | | | | 4.4 | | | | — | | | | 92.8 | |
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Other expense (income), net | | | 0.1 | | | | (1.0 | ) | | | (0.8 | ) | | | (0.5 | ) | | | — | | | | (2.2 | ) |
Intercompany interest (income) expense, net | | | — | | | | (8.2 | ) | | | 8.2 | | | | — | | | | — | | | | — | |
Interest expense, net | | | 0.2 | | | | 39.8 | | | | 0.5 | | | | 0.1 | | | | — | | | | 40.6 | |
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Income before income tax expense (benefit) and equity income | | | 7.2 | | | | 16.3 | | | | 26.1 | | | | 4.8 | | | | — | | | | 54.4 | |
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Income tax expense (benefit) | | | 4.1 | | | | 1.8 | | | | (0.4 | ) | | | — | | | | — | | | | 5.5 | |
Equity income | | | 42.4 | | | | 3.8 | | | | 18.3 | | | | — | | | | (64.5 | ) | | | — | |
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Net income | | $ | 45.5 | | | $ | 18.3 | | | $ | 44.8 | | | $ | 4.8 | | | $ | (64.5 | ) | | $ | 48.9 | |
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Less: Net income attributable to non-controlling interests | | | — | | | | — | | | | — | | | | 3.4 | | | | — | | | | 3.4 | |
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Net income attributed to Cott Corporation | | $ | 45.5 | | | $ | 18.3 | | | $ | 44.8 | | | $ | 1.4 | | | $ | (64.5 | ) | | $ | 45.5 | |
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Comprehensive income (loss) attributed to Cott Corporation | | $ | 58.8 | | | $ | 44.2 | | | $ | (38.0 | ) | | $ | 55.2 | | | $ | (61.4 | ) | | $ | 58.8 | |
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|
Consolidating Balance Sheets |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of September 28, 2013 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents | | $ | 23.2 | | | $ | 41.9 | | | $ | 55.4 | | | $ | 5.3 | | | $ | — | | | $ | 125.8 | |
Accounts receivable, net of allowance | | | 22 | | | | 123.5 | | | | 206.2 | | | | 14.9 | | | | (112.0 | ) | | | 254.6 | |
Income taxes recoverable | | | — | | | | 0.5 | | | | 0.2 | | | | — | | | | — | | | | 0.7 | |
Inventories | | | 19 | | | | 79.2 | | | | 109.6 | | | | 7.6 | | | | — | | | | 215.4 | |
Prepaid expenses and other assets | | | 1.7 | | | | 15.1 | | | | 6.2 | | | | 0.1 | | | | — | | | | 23.1 | |
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Total current assets | | | 65.9 | | | | 260.2 | | | | 377.6 | | | | 27.9 | | | | (112.0 | ) | | | 619.6 | |
| | | | | | |
Property, plant & equipment, net | | | 50.3 | | | | 191.9 | | | | 237.4 | | | | 10.5 | | | | — | | | | 490.1 | |
Goodwill | | | 26.6 | | | | 4.5 | | | | 109.3 | | | | — | | | | — | | | | 140.4 | |
Intangibles and other assets, net | | | 1.3 | | | | 90.9 | | | | 199.8 | | | | 11.6 | | | | — | | | | 303.6 | |
Deferred income taxes | | | 4.9 | | | | — | | | | — | | | | 0.6 | | | | — | | | | 5.5 | |
Other tax receivable | | | 0.5 | | | | 0.1 | | | | 0.6 | | | | — | | | | — | | | | 1.2 | |
Due from affiliates | | | 39.6 | | | | 174.8 | | | | 78 | | | | 41.9 | | | | (334.3 | ) | | | — | |
Investments in subsidiaries | | | 496.9 | | | | 390.7 | | | | 824.9 | | | | (0.1 | ) | | | (1,712.4 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total assets | | $ | 686 | | | $ | 1,113.10 | | | $ | 1,827.60 | | | $ | 92.4 | | | $ | (2,158.7 | ) | | $ | 1,560.40 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | | $ | 2.5 | | | $ | 0.5 | | | $ | 0.9 | | | $ | — | | | $ | 3.9 | |
Accounts payable and accrued liabilities | | | 30 | | | | 139.1 | | | | 195.8 | | | | 6.8 | | | | (112.0 | ) | | | 259.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total current liabilities | | | 30 | | | | 141.6 | | | | 196.3 | | | | 7.7 | | | | (112.0 | ) | | | 263.6 | |
| | | | | | |
Long-term debt | | | 0.1 | | | | 598.4 | | | | 2.3 | | | | 1.6 | | | | — | | | | 602.4 | |
Deferred income taxes | | | — | | | | 35.6 | | | | 11.4 | | | | 1.1 | | | | — | | | | 48.1 | |
Other long-term liabilities | | | 0.1 | | | | 3.4 | | | | 20.2 | | | | — | | | | — | | | | 23.7 | |
Due to affiliates | | | 43.2 | | | | 76.7 | | | | 177.3 | | | | 37.1 | | | | (334.3 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total liabilities | | | 73.4 | | | | 855.7 | | | | 407.5 | | | | 47.5 | | | | (446.3 | ) | | | 937.8 | |
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Equity | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, no par | | | 392.7 | | | | 574.5 | | | | 1,728.90 | | | | 82.5 | | | | (2,385.9 | ) | | | 392.7 | |
Additional paid-in-capital | | | 43.9 | | | | — | | | | — | | | | — | | | | — | | | | 43.9 | |
Retained earnings (deficit) | | | 193 | | | | (329.8 | ) | | | (317.2 | ) | | | (49.0 | ) | | | 696 | | | | 193 | |
Accumulated other comprehensive (loss) income | | | (17.0 | ) | | | 12.7 | | | | 8.4 | | | | 1.4 | | | | (22.5 | ) | | | (17.0 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Cott Corporation equity | | | 612.6 | | | | 257.4 | | | | 1,420.10 | | | | 34.9 | | | | (1,712.4 | ) | | | 612.6 | |
Non-controlling interests | | | — | | | | — | | | | — | | | | 10 | | | | — | | | | 10 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total equity | | | 612.6 | | | | 257.4 | | | | 1,420.10 | | | | 44.9 | | | | (1,712.4 | ) | | | 622.6 | |
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Total liabilities and equity | | $ | 686 | | | $ | 1,113.10 | | | $ | 1,827.60 | | | $ | 92.4 | | | $ | (2,158.7 | ) | | $ | 1,560.40 | |
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|
Consolidating Balance Sheets |
|
(in millions of U.S. dollars) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 29, 2012 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents | | $ | 39.8 | | | $ | 37.5 | | | $ | 96.4 | | | $ | 5.7 | | | $ | — | | | $ | 179.4 | |
Accounts receivable, net of allowance | | | 18.4 | | | | 111.5 | | | | 122.3 | | | | 16.2 | | | | (69.0 | ) | | | 199.4 | |
Income taxes recoverable | | | — | | | | 0.9 | | | | 0.2 | | | | 0.1 | | | | — | | | | 1.2 | |
Inventories | | | 21.1 | | | | 65.9 | | | | 130.8 | | | | 7 | | | | — | | | | 224.8 | |
Prepaid expenses and other assets | | | 2.5 | | | | 13.4 | | | | 4.3 | | | | 0.1 | | | | — | | | | 20.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total current assets | | | 81.8 | | | | 229.2 | | | | 354 | | | | 29.1 | | | | (69.0 | ) | | | 625.1 | |
| | | | | | |
Property, plant & equipment, net | | | 50.7 | | | | 188.4 | | | | 242 | | | | 9.8 | | | | — | | | | 490.9 | |
Goodwill | | | 27.5 | | | | 4.5 | | | | 98.3 | | | | — | | | | — | | | | 130.3 | |
Intangibles and other assets, net | | | 1 | | | | 101.4 | | | | 198.4 | | | | 14.6 | | | | — | | | | 315.4 | |
Deferred income taxes | | | 2.9 | | | | — | | | | — | | | | 0.4 | | | | — | | | | 3.3 | |
Other tax receivable | | | 0.2 | | | | 0.1 | | | | 0.6 | | | | — | | | | — | | | | 0.9 | |
Due from affiliates | | | 40 | | | | 175.2 | | | | 78 | | | | 41.9 | | | | (335.1 | ) | | | — | |
Investments in subsidiaries | | | 487.5 | | | | 389.7 | | | | 820 | | | | — | | | | (1,697.2 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total assets | | $ | 691.6 | | | $ | 1,088.50 | | | $ | 1,791.30 | | | $ | 95.8 | | | $ | (2,101.3 | ) | | $ | 1,565.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | | $ | 1.3 | | | $ | 0.2 | | | $ | 0.4 | | | $ | — | | | $ | 1.9 | |
Accounts payable and accrued liabilities | | | 36.2 | | | | 119.5 | | | | 193.1 | | | | 7.9 | | | | (69.0 | ) | | | 287.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total current liabilities | | | 36.2 | | | | 120.8 | | | | 193.3 | | | | 8.3 | | | | (69.0 | ) | | | 289.6 | |
| | | | | | |
Long-term debt | | | 0.2 | | | | 598.7 | | | | 1.5 | | | | 1.4 | | | | — | | | | 601.8 | |
Deferred income taxes | | | — | | | | 30.3 | | | | 7.9 | | | | 0.9 | | | | — | | | | 39.1 | |
Other long-term liabilities | | | 0.2 | | | | 4 | | | | 8.3 | | | | — | | | | — | | | | 12.5 | |
Due to affiliates | | | 43.2 | | | | 76.7 | | | | 177.8 | | | | 37.4 | | | | (335.1 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total liabilities | | | 79.8 | | | | 830.5 | | | | 388.8 | | | | 48 | | | | (404.1 | ) | | | 943 | |
| | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | |
Capital stock, no par | | | 397.8 | | | | 574.5 | | | | 1,724.30 | | | | 83.6 | | | | (2,382.4 | ) | | | 397.8 | |
Additional paid-in-capital | | | 40.4 | | | | — | | | | — | | | | — | | | | — | | | | 40.4 | |
Retained earnings (deficit) | | | 186 | | | | (329.7 | ) | | | (331.2 | ) | | | (46.1 | ) | | | 707 | | | | 186 | |
Accumulated other comprehensive (loss) income | | | (12.4 | ) | | | 13.2 | | | | 9.4 | | | | (0.8 | ) | | | (21.8 | ) | | | (12.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Cott Corporation equity | | | 611.8 | | | | 258 | | | | 1,402.50 | | | | 36.7 | | | | (1,697.2 | ) | | | 611.8 | |
Non-controlling interests | | | — | | | | — | | | | — | | | | 11.1 | | | | — | | | | 11.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total equity | | | 611.8 | | | | 258 | | | | 1,402.50 | | | | 47.8 | | | | (1,697.2 | ) | | | 622.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 691.6 | | | $ | 1,088.50 | | | $ | 1,791.30 | | | $ | 95.8 | | | $ | (2,101.3 | ) | | $ | 1,565.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidating Statements of Condensed Cash Flows |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 28, 2013 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 12 | | | $ | (0.9 | ) | | $ | 14.7 | | | $ | 1.1 | | | $ | (13.6 | ) | | $ | 13.3 | |
Depreciation & amortization | | | 1.6 | | | | 9.6 | | | | 12.3 | | | | 1.6 | | | | — | | | | 25.1 | |
Amortization of financing fees | | | — | | | | 0.7 | | | | — | | | | — | | | | — | | | | 0.7 | |
Share-based compensation expense | | | 0.3 | | | | 0.7 | | | | 0.1 | | | | — | | | | — | | | | 1.1 | |
(Decrease) increase in deferred income taxes | | | (2.5 | ) | | | 3.4 | | | | (0.5 | ) | | | (0.1 | ) | | | — | | | | 0.3 | |
Loss on disposal of property, plant & equipment | | | 0.1 | | | | 0.4 | | | | 0.6 | | | | — | | | | — | | | | 1.1 | |
Equity (income) loss, net of distributions | | | (12.6 | ) | | | (1.3 | ) | | | 0.3 | | | | — | | | | 13.6 | | | | — | |
Intercompany transactions | | | 2.2 | | | | 2.4 | | | | — | | | | — | | | | (4.6 | ) | | | — | |
Other non-cash items | | | 0.2 | | | | (0.2 | ) | | | — | | | | — | | | | — | | | | — | |
Net change in operating assets and liabilities, net of acquisition | | | (0.4 | ) | | | 28.3 | | | | 15.8 | | | | (2.5 | ) | | | 4.6 | | | | 45.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 0.9 | | | | 43.1 | | | | 43.3 | | | | 0.1 | | | | — | | | | 87.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition, net of cash acquired | | | — | | | | (4.7 | ) | | | — | | | | — | | | | — | | | | (4.7 | ) |
Additions to property, plant & equipment | | | (1.1 | ) | | | (7.9 | ) | | | (1.2 | ) | | | — | | | | — | | | | (10.2 | ) |
Additions to intangibles and other assets | | | — | | | | (2.1 | ) | | | — | | | | — | | | | — | | | | (2.1 | ) |
Proceeds from sale of property, plant & equipment | | | — | | | | — | | | | — | | | | 0.2 | | | | — | | | | 0.2 | |
Advances to affiliates | | | — | | | | — | | | | — | | | | 0.3 | | | | (0.3 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | (1.1 | ) | | | (14.7 | ) | | | (1.2 | ) | | | 0.5 | | | | (0.3 | ) | | | (16.8 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Payments of long-term debt | | | — | | | | — | | | | (0.1 | ) | | | (0.5 | ) | | | — | | | | (0.6 | ) |
Advances from affiliates | | | (0.3 | ) | | | — | | | | — | | | | — | | | | 0.3 | | | | — | |
Distributions to non-controlling interests | | | — | | | | — | | | | — | | | | (2.2 | ) | | | — | | | | (2.2 | ) |
Common shares repurchased and cancelled | | | (4.5 | ) | | | — | | | | — | | | | — | | | | — | | | | (4.5 | ) |
Financing fees | | | (0.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.1 | ) |
Dividends to shareholders | | | (5.5 | ) | | | — | | | | — | | | | — | | | | — | | | | (5.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | (10.4 | ) | | | — | | | | (0.1 | ) | | | (2.7 | ) | | | 0.3 | | | | (12.9 | ) |
| | | | | | |
Effect of exchange rate changes on cash | | | 0.5 | | | | — | | | | 0.8 | | | | — | | | | — | | | | 1.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net (decrease) increase in cash & cash equivalents | | | (10.1 | ) | | | 28.4 | | | | 42.8 | | | | (2.1 | ) | | | — | | | | 59 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, beginning of period | | | 33.3 | | | | 13.5 | | | | 12.6 | | | | 7.4 | | | | — | | | | 66.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, end of period | | $ | 23.2 | | | $ | 41.9 | | | $ | 55.4 | | | $ | 5.3 | | | $ | — | | | $ | 125.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidating Statements of Condensed Cash Flows |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Nine Months Ended September 28, 2013 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 28.5 | | | $ | (1.6 | ) | | $ | 34.3 | | | $ | 5.8 | | | $ | (34.6 | ) | | $ | 32.4 | |
Depreciation & amortization | | | 4.7 | | | | 29 | | | | 36.4 | | | | 4.6 | | | | — | | | | 74.7 | |
Amortization of financing fees | | | 0.1 | | | | 2 | | | | 0.1 | | | | — | | | | — | | | | 2.2 | |
Share-based compensation expense | | | 1.1 | | | | 2.2 | | | | 0.3 | | | | — | | | | — | | | | 3.6 | |
(Decrease) increase in deferred income taxes | | | (2.0 | ) | | | 5.2 | | | | (1.2 | ) | | | (0.1 | ) | | | — | | | | 1.9 | |
Loss on disposal of property, plant & equipment | | | 0.1 | | | | 0.7 | | | | 0.6 | | | | — | | | | — | | | | 1.4 | |
Equity (income) loss, net of distributions | | | (31.6 | ) | | | (3.9 | ) | | | 0.9 | | | | — | | | | 34.6 | | | | — | |
Intercompany transactions | | | 24.7 | | | | 5.3 | | | | — | | | | — | | | | (30.0 | ) | | | — | |
Other non-cash items | | | 0.2 | | | | — | | | | — | | | | — | | | | — | | | | 0.2 | |
Net change in operating assets and liabilities, net of acquisition | | | (4.8 | ) | | | 2.4 | | | | (76.9 | ) | | | (4.2 | ) | | | 30 | | | | (53.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | | 21 | | | | 41.3 | | | | (5.5 | ) | | | 6.1 | | | | — | | | | 62.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition, net of cash acquired | | | — | | | | (4.7 | ) | | | (6.5 | ) | | | — | | | | — | | | | (11.2 | ) |
Additions to property, plant & equipment | | | (6.0 | ) | | | (27.9 | ) | | | (9.5 | ) | | | (1.3 | ) | | | — | | | | (44.7 | ) |
Additions to intangibles and other assets | | | — | | | | (4.0 | ) | | | — | | | | — | | | | — | | | | (4.0 | ) |
Proceeds from sale of property, plant & equipment | | | — | | | | — | | | | — | | | | 0.2 | | | | — | | | | 0.2 | |
Proceeds from insurance recoveries | | | — | | | | 0.4 | | | | — | | | | — | | | | — | | | | 0.4 | |
Advances to affiliates | | | — | | | | — | | | | — | | | | 0.4 | | | | (0.4 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (6.0 | ) | | | (36.2 | ) | | | (16.0 | ) | | | (0.7 | ) | | | (0.4 | ) | | | (59.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Payments of long-term debt | | | (0.1 | ) | | | (0.7 | ) | | | (18.6 | ) | | | (0.8 | ) | | | — | | | | (20.2 | ) |
Advances from affiliates | | | (0.4 | ) | | | — | | | | — | | | | — | | | | 0.4 | | | | — | |
Distributions to non-controlling interests | | | — | | | | — | | | | — | | | | (5.0 | ) | | | — | | | | (5.0 | ) |
Common shares repurchased and cancelled | | | (12.9 | ) | | | — | | | | — | | | | — | | | | — | | | | (12.9 | ) |
Financing fees | | | (0.1 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.1 | ) |
Dividends to shareholders | | | (16.7 | ) | | | — | | | | — | | | | — | | | | — | | | | (16.7 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in financing activities | | | (30.2 | ) | | | (0.7 | ) | | | (18.6 | ) | | | (5.8 | ) | | | 0.4 | | | | (54.9 | ) |
| | | | | | |
Effect of exchange rate changes on cash | | | (1.4 | ) | | | — | | | | (0.9 | ) | | | — | | | | — | | | | (2.3 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net (decrease) increase in cash & cash equivalents | | | (16.6 | ) | | | 4.4 | | | | (41.0 | ) | | | (0.4 | ) | | | — | | | | (53.6 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, beginning of period | | | 39.8 | | | | 37.5 | | | | 96.4 | | | | 5.7 | | | | — | | | | 179.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, end of period | | $ | 23.2 | | | $ | 41.9 | | | $ | 55.4 | | | $ | 5.3 | | | $ | — | | | $ | 125.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidating Statements of Condensed Cash Flows |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended September 29, 2012 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 14.5 | | | $ | 6.6 | | | $ | 13.4 | | | $ | 1.9 | | | $ | (20.6 | ) | | $ | 15.8 | |
Depreciation & amortization | | | 1.6 | | | | 9.4 | | | | 12.1 | | | | 1.6 | | | | — | | | | 24.7 | |
Amortization of financing fees | | | 0.1 | | | | 0.6 | | | | 0.1 | | | | — | | | | — | | | | 0.8 | |
Share-based compensation expense | | | 0.2 | | | | 0.9 | | | | 0.3 | | | | (0.1 | ) | | | — | | | | 1.3 | |
Increase (decrease) in deferred income taxes | | | 0.6 | | | | 1.2 | | | | (1.3 | ) | | | 0.1 | | | | — | | | | 0.6 | |
Loss on disposal of property, plant & equipment | | | — | | | | 0.2 | | | | 0.1 | | | | 0.5 | | | | — | | | | 0.8 | |
Equity (loss) income, net of distributions | | | (12.6 | ) | | | (1.5 | ) | | | (6.5 | ) | | | — | | | | 20.6 | | | | — | |
Intercompany transactions | | | 2.1 | | | | 2.1 | | | | — | | | | — | | | | (4.2 | ) | | | — | |
Other non-cash items | | | (0.4 | ) | | | (1.0 | ) | | | — | | | | — | | | | — | | | | (1.4 | ) |
Net change in operating assets and liabilities | | | 16.4 | | | | 0.9 | | | | (3.4 | ) | | | (2.7 | ) | | | 4.2 | | | | 15.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities | | | 22.5 | | | | 19.4 | | | | 14.8 | | | | 1.3 | | | | — | | | | 58 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition | | | — | | | | (4.7 | ) | | | — | | | | — | | | | — | | | | (4.7 | ) |
Additions to property, plant & equipment | | | (1.2 | ) | | | (9.0 | ) | | | (1.7 | ) | | | (1.3 | ) | | | — | | | | (13.2 | ) |
Additions to intangibles and other assets | | | (0.5 | ) | | | (1.1 | ) | | | 0.6 | | | | — | | | | — | | | | (1.0 | ) |
Proceeds from sale of assets held for sale | | | — | | | | — | | | | — | | | | 1.3 | | | | — | | | | 1.3 | |
Proceeds from insurance recoveries | | | — | | | | 1.7 | | | | — | | | | — | | | | — | | | | 1.7 | |
Advances to affiliates | | | — | | | | — | | | | — | | | | (1.6 | ) | | | 1.6 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (1.7 | ) | | | (13.1 | ) | | | (1.1 | ) | | | (1.6 | ) | | | 1.6 | | | | (15.9 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Payments of long-term debt | | | 0.1 | | | | (0.2 | ) | | | — | | | | (0.1 | ) | | | — | | | | (0.2 | ) |
Advances from affiliates | | | 1.6 | | | | — | | | | — | | | | — | | | | (1.6 | ) | | | — | |
Distributions to non-controlling interests | | | — | | | | — | | | | — | | | | (1.9 | ) | | | — | | | | (1.9 | ) |
Financing fees | | | — | | | | (1.2 | ) | | | — | | | | — | | | | — | | | | (1.2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 1.7 | | | | (1.4 | ) | | | — | | | | (2.0 | ) | | | (1.6 | ) | | | (3.3 | ) |
| | | | | | |
Effect of exchange rate changes on cash | | | 1.2 | | | | — | | | | 0.8 | | | | 0.2 | | | | — | | | | 2.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in cash & cash equivalents | | | 23.7 | | | | 4.9 | | | | 14.5 | | | | (2.1 | ) | | | — | | | | 41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, beginning of period | | | 16.8 | | | | 3.2 | | | | 18.8 | | | | 8.3 | | | | — | | | | 47.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Cash & cash equivalents, end of period | | $ | 40.5 | | | $ | 8.1 | | | $ | 33.3 | | | $ | 6.2 | | | $ | — | | | $ | 88.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
|
Consolidating Statements of Condensed Cash Flows |
|
(in millions of U.S. dollars) |
Unaudited |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Nine Months Ended September 29, 2012 | |
| | Cott | | | Cott | | | Guarantor | | | Non-Guarantor | | | Elimination | | | Consolidated | |
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries |
| | | | | | |
Operating Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 45.5 | | | $ | 18.3 | | | $ | 44.8 | | | $ | 4.8 | | | $ | (64.5 | ) | | $ | 48.9 | |
Depreciation & amortization | | | 4.7 | | | | 27.1 | | | | 36 | | | | 4.4 | | | | — | | | | 72.2 | |
Amortization of financing fees | | | 0.2 | | | | 2.5 | | | | 0.2 | | | | — | | | | — | | | | 2.9 | |
Share-based compensation expense | | | 1 | | | | 1.7 | | | | 0.8 | | | | — | | | | — | | | | 3.5 | |
Increase (decrease) in deferred income taxes | | | 1.7 | | | | 3.7 | | | | (0.7 | ) | | | (0.1 | ) | | | — | | | | 4.6 | |
Gain on bargain purchase | | | — | | | | — | | | | (0.9 | ) | | | — | | | | — | | | | (0.9 | ) |
Loss on disposal of property, plant & equipment | | | — | | | | 0.6 | | | | 0.6 | | | | 0.5 | | | | — | | | | 1.7 | |
Equity (loss) income, net of distributions | | | (42.4 | ) | | | (3.8 | ) | | | (18.3 | ) | | | — | | | | 64.5 | | | | — | |
Intercompany transactions | | | 18.3 | | | | 3.5 | | | | — | | | | — | | | | (21.8 | ) | | | — | |
Other non-cash items | | | — | | | | (0.8 | ) | | | — | | | | — | | | | — | | | | (0.8 | ) |
Net change in operating assets and liabilities, net of acquisition | | | (2.3 | ) | | | (20.1 | ) | | | (76.2 | ) | | | (2.3 | ) | | | 21.8 | | | | (79.1 | ) |
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Net cash provided by (used in) operating activities | | | 26.7 | | | | 32.7 | | | | (13.7 | ) | | | 7.3 | | | | — | | | | 53 | |
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Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisition | | | — | | | | (4.7 | ) | | | (5.0 | ) | | | — | | | | — | | | | (9.7 | ) |
Additions to property, plant & equipment | | | (5.4 | ) | | | (33.8 | ) | | | (9.8 | ) | | | (1.6 | ) | | | — | | | | (50.6 | ) |
Additions to intangibles and other assets | | | (0.5 | ) | | | (4.7 | ) | | | 0.5 | | | | — | | | | — | | | | (4.7 | ) |
Proceeds from sale of property, plant & equipment | | | — | | | | — | | | | 1 | | | | 1.3 | | | | — | | | | 2.3 | |
Proceeds from insurance recoveries | | | — | | | | 1.7 | | | | — | | | | — | | | | — | | | | 1.7 | |
Advances to affiliates | | | — | | | | — | | | | — | | | | (5.1 | ) | | | 5.1 | | | | — | |
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Net cash used in investing activities | | | (5.9 | ) | | | (41.5 | ) | | | (13.3 | ) | | | (5.4 | ) | | | 5.1 | | | | (61.0 | ) |
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Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | |
Payments of long-term debt | | | 0.1 | | | | (2.6 | ) | | | — | | | | (0.3 | ) | | | — | | | | (2.8 | ) |
Borrowings under ABL | | | — | | | | 24.5 | | | | — | | | | — | | | | — | | | | 24.5 | |
Payments under ABL | | | — | | | | (24.5 | ) | | | — | | | | — | | | | — | | | | (24.5 | ) |
Advances from affiliates | | | 5.1 | | | | — | | | | — | | | | — | | | | (5.1 | ) | | | — | |
Distributions to non-controlling interests | | | — | | | | — | | | | — | | | | (3.3 | ) | | | — | | | | (3.3 | ) |
Common share repurchase | | | (0.3 | ) | | | — | | | | — | | | | — | | | | — | | | | (0.3 | ) |
Financing Fees | | | — | | | | (1.2 | ) | | | — | | | | — | | | | — | | | | (1.2 | ) |
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Net cash provided by (used in) financing activities | | | 4.9 | | | | (3.8 | ) | | | — | | | | (3.6 | ) | | | (5.1 | ) | | | (7.6 | ) |
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Effect of exchange rate changes on cash | | | 1.1 | | | | — | | | | 1.4 | | | | 0.3 | | | | — | | | | 2.8 | |
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Net increase (decrease) in cash & cash equivalents | | | 26.8 | | | | (12.6 | ) | | | (25.6 | ) | | | (1.4 | ) | | | — | | | | (12.8 | ) |
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Cash & cash equivalents, beginning of period | | | 13.7 | | | | 20.7 | | | | 58.9 | | | | 7.6 | | | | — | | | | 100.9 | |
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Cash & cash equivalents, end of period | | $ | 40.5 | | | $ | 8.1 | | | $ | 33.3 | | | $ | 6.2 | | | $ | — | | | $ | 88.1 | |
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