Supplemental Guarantor Condensed Financial Information | 12 Months Ended |
Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ' |
Supplemental Guarantor And Parent Company Condensed Financial Information | ' |
Supplemental Guarantor Condensed Financial Information |
General Cable Corporation (“Parent Company”) and its U.S. 100% wholly-owned subsidiaries (“Guarantor Subsidiaries”) fully and unconditionally guarantee the $600.0 million of 5.75% Senior Notes due in 2022 and the $125.0 million of Senior Floating Rate Notes due in 2015 of the Parent Company on a joint and several basis. In December 2012, the Canadian Subsidiaries became Non-Guarantor Subsidiaries due to amendments of the Revolving Credit Facility; this effectively changed the Guarantor structure under the terms of the notes described above. The year ended December 31, 2011 Condensed Statements of Operations and Comprehensive Income (Loss) Information and Condensed Statements of Cash Flow Information have been recast to reflect the removal of the Canadian subsidiaries as guarantor subsidiaries. The Canadian subsidiaries are now reflected as non-guarantor subsidiaries. The following tables present financial information about the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries in millions. Intercompany transactions are eliminated in the "Eliminations" column of the Supplemental Guarantor Condensed Financial Information tables. |
Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2013 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 2,233.00 | | | $ | 4,188.20 | | | $ | — | | | $ | 6,421.20 | | |
|
Intercompany | 56 | | | 292 | | | 281.4 | | | (629.4 | ) | | — | | |
|
| 56 | | | 2,525.00 | | | 4,469.60 | | | (629.4 | ) | | 6,421.20 | | |
|
Cost of sales | — | | | 2,244.50 | | | 4,046.40 | | | (573.4 | ) | | 5,717.50 | | |
|
Gross profit | 56 | | | 280.5 | | | 423.2 | | | (56.0 | ) | | 703.7 | | |
|
Selling, general and administrative expenses | 43.4 | | | 188.7 | | | 315.9 | | | (56.0 | ) | | 492 | | |
|
Operating income | 12.6 | | | 91.8 | | | 107.3 | | | — | | | 211.7 | | |
|
Other income (expense) | — | | | (6.2 | ) | | (60.5 | ) | | — | | | (66.7 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (86.9 | ) | | (110.7 | ) | | (48.1 | ) | | 120.8 | | | (124.9 | ) | |
|
Interest income | 105.1 | | | 15.2 | | | 7.4 | | | (120.8 | ) | | 6.9 | | |
|
| 18.2 | | | (95.5 | ) | | (40.7 | ) | | — | | | (118.0 | ) | |
|
Income (loss) before income taxes | 30.8 | | | (9.9 | ) | | 6.1 | | | — | | | 27 | | |
|
Income tax (provision) benefit | (11.5 | ) | | 13.8 | | | (41.1 | ) | | — | | | (38.8 | ) | |
|
Equity in net earnings of affiliated companies and subsidiaries | (37.1 | ) | | (41.0 | ) | | 0.8 | | | 79 | | | 1.7 | | |
|
Net income (loss) including noncontrolling interest | (17.8 | ) | | (37.1 | ) | | (34.2 | ) | | 79 | | | (10.1 | ) | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income (loss) attributable to noncontrolling interest | — | | | — | | | 7.7 | | | — | | | 7.7 | | |
|
Net income (loss) attributable to Company common shareholders | $ | (18.1 | ) | | $ | (37.1 | ) | | $ | (41.9 | ) | | $ | 79 | | | $ | (18.1 | ) | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | (17.8 | ) | | $ | (37.1 | ) | | $ | (34.2 | ) | | $ | 79 | | | $ | (10.1 | ) | |
|
Currency translation gain (loss) | (39.2 | ) | | (39.2 | ) | | (55.8 | ) | | 87.3 | | | (46.9 | ) | |
|
Defined benefit plan adjustments, net of tax | 31.8 | | | 31.8 | | | 12.3 | | | (43.9 | ) | | 32 | | |
|
Change in fair value of derivatives, net of tax | (0.1 | ) | | (0.1 | ) | | 0.3 | | | 0.2 | | | 0.3 | | |
|
Comprehensive income (loss), net of tax | (25.3 | ) | | (44.6 | ) | | (77.4 | ) | | 122.6 | | | (24.7 | ) | |
|
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | — | | | — | | | 0.6 | | | — | | | 0.6 | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (25.3 | ) | | $ | (44.6 | ) | | $ | (78.0 | ) | | $ | 122.6 | | | $ | (25.3 | ) | |
|
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2012 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 2,015.80 | | | $ | 4,043.70 | | | $ | — | | | $ | 6,059.50 | | |
|
Intercompany | 54.4 | | | 150.3 | | | 320.6 | | | (525.3 | ) | | — | | |
|
| 54.4 | | | 2,166.10 | | | 4,364.30 | | | (525.3 | ) | | 6,059.50 | | |
|
Cost of sales | — | | | 1,903.60 | | | 4,001.90 | | | (470.9 | ) | | 5,434.60 | | |
|
Gross profit | 54.4 | | | 262.5 | | | 362.4 | | | (54.4 | ) | | 624.9 | | |
|
Selling, general and administrative expenses | 41.5 | | | 150.6 | | | 287.8 | | | (54.4 | ) | | 425.5 | | |
|
Operating income | 12.9 | | | 111.9 | | | 74.6 | | | — | | | 199.4 | | |
|
Other income (expense) | — | | | — | | | (2.9 | ) | | — | | | (2.9 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (70.6 | ) | | (96.1 | ) | | (48.0 | ) | | 107.9 | | | (106.8 | ) | |
|
Interest income | 91.6 | | | 15.5 | | | 7.3 | | | (107.9 | ) | | 6.5 | | |
|
Loss on extinguishment of debt | (9.3 | ) | | — | | | — | | | — | | | (9.3 | ) | |
|
| 11.7 | | | (80.6 | ) | | (40.7 | ) | | — | | | (109.6 | ) | |
|
Income (loss) before income taxes | 24.6 | | | 31.3 | | | 31 | | | — | | | 86.9 | | |
|
Income tax (provision) benefit | (10.9 | ) | | (11.0 | ) | | (56.7 | ) | | — | | | (78.6 | ) | |
|
Equity in net earnings of affiliated companies and subsidiaries | (9.4 | ) | | (29.7 | ) | | 1.2 | | | 39.6 | | | 1.7 | | |
|
Net income (loss) including noncontrolling interest | 4.3 | | | (9.4 | ) | | (24.5 | ) | | 39.6 | | | 10 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income (loss) attributable to noncontrolling interest | — | | | — | | | 5.7 | | | — | | | 5.7 | | |
|
Net income (loss) attributable to Company common shareholders | $ | 4 | | | $ | (9.4 | ) | | $ | (30.2 | ) | | $ | 39.6 | | | $ | 4 | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 4.3 | | | $ | (9.4 | ) | | $ | (24.5 | ) | | $ | 39.6 | | | $ | 10 | | |
|
Currency translation gain (loss) | 8.4 | | | 7.6 | | | 5.1 | | | (11.2 | ) | | 9.9 | | |
|
Defined benefit plan adjustments, net of tax | (21.4 | ) | | (21.4 | ) | | (20.0 | ) | | 41.5 | | | (21.3 | ) | |
|
Change in fair value of derivatives, net of tax | 5.8 | | | 5.8 | | | 2.8 | | | (8.4 | ) | | 6 | | |
|
Comprehensive income (loss), net of tax | (2.9 | ) | | (17.4 | ) | | (36.6 | ) | | 61.5 | | | 4.6 | | |
|
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | — | | | — | | | 7.5 | | | — | | | 7.5 | | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (2.9 | ) | | $ | (17.4 | ) | | $ | (44.1 | ) | | $ | 61.5 | | | $ | (2.9 | ) | |
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Condensed Statement of Operations and Comprehensive Income (Loss) Information |
Year Ended December 31, 2011 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net sales: | | | | | | | | | | |
Customers | $ | — | | | $ | 1,857.00 | | | $ | 3,951.20 | | | $ | — | | | $ | 5,808.20 | | |
|
Intercompany | 55.9 | | | 116.4 | | | 204.9 | | | (377.2 | ) | | — | | |
|
| 55.9 | | | 1,973.40 | | | 4,156.10 | | | (377.2 | ) | | 5,808.20 | | |
|
Cost of sales | — | | | 1,742.50 | | | 3,792.70 | | | (321.3 | ) | | 5,213.90 | | |
|
Gross profit | 55.9 | | | 230.9 | | | 363.4 | | | (55.9 | ) | | 594.3 | | |
|
Selling, general and administrative expenses | 44.6 | | | 130.7 | | | 260.3 | | | (55.9 | ) | | 379.7 | | |
|
Operating income | 11.3 | | | 100.2 | | | 103.1 | | | — | | | 214.6 | | |
|
Other income (expense) | (0.1 | ) | | (0.2 | ) | | (31.4 | ) | | — | | | (31.7 | ) | |
|
Interest income (expense): | | | | | | | | | | |
Interest expense | (63.0 | ) | | (91.6 | ) | | (48.9 | ) | | 104.3 | | | (99.2 | ) | |
|
Interest income | 88.6 | | | 15 | | | 8.4 | | | (104.3 | ) | | 7.7 | | |
|
| 25.6 | | | (76.6 | ) | | (40.5 | ) | | — | | | (91.5 | ) | |
|
Income (loss) before income taxes | 36.8 | | | 23.4 | | | 31.2 | | | — | | | 91.4 | | |
|
Income tax (provision) benefit | (15.8 | ) | | 2.6 | | | (25.4 | ) | | — | | | (38.6 | ) | |
|
Equity in net earnings of affiliated companies and subsidiaries | 33.8 | | | 7.8 | | | 2.6 | | | (41.3 | ) | | 2.9 | | |
|
Net income (loss) including noncontrolling interest | 54.8 | | | 33.8 | | | 8.4 | | | (41.3 | ) | | 55.7 | | |
|
Less: preferred stock dividends | 0.3 | | | — | | | — | | | — | | | 0.3 | | |
|
Less: net income (loss) attributable to noncontrolling interest | — | | | — | | | 0.9 | | | — | | | 0.9 | | |
|
Net income (loss) attributable to Company common shareholders | $ | 54.5 | | | $ | 33.8 | | | $ | 7.5 | | | $ | (41.3 | ) | | $ | 54.5 | | |
|
Comprehensive income (loss): | | | | | | | | | | |
Net income (loss) | $ | 54.8 | | | $ | 33.8 | | | $ | 8.4 | | | $ | (41.3 | ) | | $ | 55.7 | | |
|
Currency translation gain (loss) | (57.1 | ) | | (56.6 | ) | | (51.8 | ) | | 104.9 | | | (60.6 | ) | |
|
Defined benefit plan adjustments, net of tax | (15.6 | ) | | (15.6 | ) | | (3.0 | ) | | 16.2 | | | (18.0 | ) | |
|
Change in fair value of derivatives, net of tax | (37.5 | ) | | (37.5 | ) | | (33.8 | ) | | 71.2 | | | (37.6 | ) | |
|
Comprehensive income (loss), net of tax | (55.4 | ) | | (75.9 | ) | | (80.2 | ) | | 151 | | | (60.5 | ) | |
|
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | — | | | — | | | (5.1 | ) | | — | | | (5.1 | ) | |
|
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax | $ | (55.4 | ) | | $ | (75.9 | ) | | $ | (75.1 | ) | | $ | 151 | | | $ | (55.4 | ) | |
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Condensed Balance Sheet Information |
December 31, 2013 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | | |
|
Receivables, net of allowances | — | | | 258.5 | | | 913.2 | | | — | | | 1,171.70 | | |
|
Inventories | — | | | 438 | | | 801.6 | | | — | | | 1,239.60 | | |
|
Deferred income taxes | — | | | 23.3 | | | 26.9 | | | — | | | 50.2 | | |
|
Prepaid expenses and other | 1.9 | | | 32.7 | | | 91.6 | | | — | | | 126.2 | | |
|
Total current assets | 2.1 | | | 754.7 | | | 2,249.70 | | | — | | | 3,006.50 | | |
|
Property, plant and equipment, net | 0.6 | | | 231.9 | | | 859.5 | | | — | | | 1,092.00 | | |
|
Deferred income taxes | — | | | — | | | 15.8 | | | — | | | 15.8 | | |
|
Intercompany accounts | 1,305.50 | | | 507.7 | | | 35.8 | | | (1,849.0 | ) | | — | | |
|
Investment in subsidiaries | 1,050.40 | | | 1,332.30 | | | — | | | (2,382.7 | ) | | — | | |
|
Goodwill | — | | | 13.7 | | | 170.9 | | | — | | | 184.6 | | |
|
Intangible assets, net | — | | | 15.5 | | | 167.4 | | | — | | | 182.9 | | |
|
Unconsolidated affiliated companies | — | | | 8 | | | 11 | | | — | | | 19 | | |
|
Other non-current assets | 13.7 | | | 33.8 | | | 30.6 | | | — | | | 78.1 | | |
|
Total assets | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 118.5 | | | $ | 752.1 | | | $ | — | | | $ | 870.6 | | |
|
Accrued liabilities | 13.8 | | | 103.9 | | | 317.2 | | | — | | | 434.9 | | |
|
Current portion of long-term debt | — | | | — | | | 250.3 | | | — | | | 250.3 | | |
|
Total current liabilities | 13.8 | | | 222.4 | | | 1,319.60 | | | — | | | 1,555.80 | | |
|
Long-term debt | 902 | | | 225 | | | 9.6 | | | — | | | 1,136.60 | | |
|
Deferred income taxes | 175.2 | | | (19.4 | ) | | 78 | | | — | | | 233.8 | | |
|
Intercompany accounts | — | | | 1,339.70 | | | 509.3 | | | (1,849.0 | ) | | — | | |
|
Other liabilities | 1.1 | | | 79.5 | | | 175.3 | | | — | | | 255.9 | | |
|
Total liabilities | 1,092.10 | | | 1,847.20 | | | 2,091.80 | | | (1,849.0 | ) | | 3,182.10 | | |
|
Redeemable noncontrolling interest | — | | | — | | | 17 | | | — | | | 17 | | |
|
Total Company shareholders’ equity | 1,280.20 | | | 1,050.40 | | | 1,332.30 | | | (2,382.7 | ) | | 1,280.20 | | |
|
Noncontrolling interest | — | | | — | | | 99.6 | | | — | | | 99.6 | | |
|
Total liabilities and equity | $ | 2,372.30 | | | $ | 2,897.60 | | | $ | 3,540.70 | | | $ | (4,231.7 | ) | | $ | 4,578.90 | | |
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Condensed Balance Sheet Information |
December 31, 2012 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash | $ | 65.3 | | | $ | 44.2 | | | $ | 512.8 | | | $ | — | | | $ | 622.3 | | |
|
Receivables, net of allowances | — | | | 277.6 | | | 904.5 | | | — | | | 1,182.10 | | |
|
Inventories | — | | | 460 | | | 813.6 | | | — | | | 1,273.60 | | |
|
Deferred income taxes | — | | | 24.4 | | | 15.1 | | | — | | | 39.5 | | |
|
Prepaid expenses and other | 2.3 | | | 20.9 | | | 109.8 | | | — | | | 133 | | |
|
Total current assets | 67.6 | | | 827.1 | | | 2,355.80 | | | — | | | 3,250.50 | | |
|
Property, plant and equipment, net | 0.4 | | | 238.2 | | | 955.3 | | | — | | | 1,193.90 | | |
|
Deferred income taxes | — | | | — | | | 12.8 | | | — | | | 12.8 | | |
|
Intercompany accounts | 1,566.70 | | | 491 | | | 40.2 | | | (2,097.9 | ) | | — | | |
|
Investment in subsidiaries | 1,086.90 | | | 1,367.40 | | | — | | | (2,454.3 | ) | | — | | |
|
Goodwill | — | | | 15 | | | 172.6 | | | — | | | 187.6 | | |
|
Intangible assets, net | — | | | 17.7 | | | 185.2 | | | — | | | 202.9 | | |
|
Unconsolidated affiliated companies | — | | | 7.3 | | | 11.6 | | | — | | | 18.9 | | |
|
Other non-current assets | 15.3 | | | 26.4 | | | 24.3 | | | — | | | 66 | | |
|
Total assets | $ | 2,736.90 | | | $ | 2,990.10 | | | $ | 3,757.80 | | | $ | (4,552.2 | ) | | $ | 4,932.60 | | |
|
Liabilities and Total Equity | | | | | | | | | | |
Current liabilities: | | | | | | | | | | |
Accounts payable | $ | — | | | $ | 103.8 | | | $ | 899.2 | | | $ | — | | | $ | 1,003.00 | | |
|
Accrued liabilities | 12.1 | | | 109.1 | | | 374.9 | | | — | | | 496.1 | | |
|
Current portion of long-term debt | 334.6 | | | — | | | 176.6 | | | — | | | 511.2 | | |
|
Total current liabilities | 346.7 | | | 212.9 | | | 1,450.70 | | | — | | | 2,010.30 | | |
|
Long-term debt | 900.5 | | | — | | | 38.4 | | | — | | | 938.9 | | |
|
Deferred income taxes | 156.9 | | | (18.2 | ) | | 85.2 | | | — | | | 223.9 | | |
|
Intercompany accounts | — | | | 1,606.90 | | | 491 | | | (2,097.9 | ) | | — | | |
|
Other liabilities | 1.1 | | | 101.6 | | | 190 | | | — | | | 292.7 | | |
|
Total liabilities | 1,405.20 | | | 1,903.20 | | | 2,255.30 | | | (2,097.9 | ) | | 3,465.80 | | |
|
Redeemable noncontrolling interest | — | | | — | | | 18.6 | | | — | | | 18.6 | | |
|
Total Company shareholders’ equity | 1,331.70 | | | 1,086.90 | | | 1,367.40 | | | (2,454.3 | ) | | 1,331.70 | | |
|
Noncontrolling interest | — | | | — | | | 116.5 | | | — | | | 116.5 | | |
|
Total liabilities and equity | $ | 2,736.90 | | | $ | 2,990.10 | | | $ | 3,757.80 | | | $ | (4,552.2 | ) | | $ | 4,932.60 | | |
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Condensed Statement of Cash Flows Information |
Year Ended December 31, 2013 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 56 | | | $ | 102.4 | | | $ | (120.2 | ) | | $ | — | | | $ | 38.2 | | |
|
Cash flows of investing activities: | | | | | — | | | | | | |
|
Capital expenditures | (0.3 | ) | | (29.1 | ) | | (59.7 | ) | | — | | | (89.1 | ) | |
|
Acquisitions, net of cash acquired | — | | | (2.3 | ) | | (4.6 | ) | | — | | | (6.9 | ) | |
|
Proceeds from properties sold | — | | | 0.3 | | | 0.1 | | | — | | | 0.4 | | |
|
Other | — | | | (43.7 | ) | | 44.7 | | | — | | | 1 | | |
|
Net cash flows of investing activities | (0.3 | ) | | (74.8 | ) | | (19.5 | ) | | — | | | (94.6 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Preferred stock dividend paid | (27.0 | ) | | — | | | — | | | — | | | (27.0 | ) | |
|
Intercompany accounts | 280 | | | (308.3 | ) | | 28.3 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 420 | | | 1,225.30 | | | — | | | 1,645.30 | | |
|
Repayments of other debt | — | | | (194.9 | ) | | (1,162.7 | ) | | — | | | (1,357.6 | ) | |
|
Settlement of long term debt including fees and expenses | (355.0 | ) | | — | | | — | | | — | | | (355.0 | ) | |
|
Purchase of non-controlling interest | — | | | 8.2 | | | (12.2 | ) | | — | | | (4.0 | ) | |
|
Dividends paid to non-controlling interest | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) | |
|
Repurchase of common shares | (19.5 | ) | | — | | | — | | | — | | | (19.5 | ) | |
|
Proceeds from exercise of stock options | 0.7 | | | — | | | — | | | — | | | 0.7 | | |
|
Net cash flows of financing activities | (120.8 | ) | | (75.0 | ) | | 73.4 | | | — | | | (122.4 | ) | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | 5.4 | | | (30.1 | ) | | — | | | (24.7 | ) | |
|
Increase (decrease) in cash and cash equivalents | (65.1 | ) | | (42.0 | ) | | (96.4 | ) | | — | | | (203.5 | ) | |
|
Cash and cash equivalents — beginning of period | 65.3 | | | 44.2 | | | 512.8 | | | — | | | 622.3 | | |
|
Cash and cash equivalents — end of period | $ | 0.2 | | | $ | 2.2 | | | $ | 416.4 | | | $ | — | | | $ | 418.8 | | |
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Condensed Statement of Cash Flows Information |
Year Ended December 31, 2012 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 55.6 | | | $ | 60.6 | | | $ | 156.4 | | | $ | — | | | $ | 272.6 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | (0.2 | ) | | (25.1 | ) | | (83.3 | ) | | — | | | (108.6 | ) | |
|
Acquisitions, net of cash acquired | — | | | (175.3 | ) | | (111.2 | ) | | — | | | (286.5 | ) | |
|
Return of investment intercompany dividends | — | | | 90.8 | | | (90.8 | ) | | — | | | — | | |
|
Proceeds from properties sold | — | | | 0.1 | | | 4.4 | | | — | | | 4.5 | | |
|
Other | (29.2 | ) | | (129.0 | ) | | 158.5 | | | — | | | 0.3 | | |
|
Net cash flows of investing activities | (29.4 | ) | | (238.5 | ) | | (122.4 | ) | | — | | | (390.3 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Preferred stock dividend paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | (0.6 | ) | | — | | | — | | | — | | | (0.6 | ) | |
|
Intercompany accounts | (342.1 | ) | | 241.5 | | | 100.6 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 692.5 | | | 781.1 | | | — | | | 1,473.60 | | |
|
Repayments of other debt | — | | | (727.3 | ) | | (833.5 | ) | | — | | | (1,560.8 | ) | |
|
Issuance of long term debt | 600 | | | — | | | — | | | — | | | 600 | | |
|
Settlement of long term debt including fees and expenses | (217.7 | ) | | — | | | — | | | — | | | (217.7 | ) | |
|
Dividends paid to non-controlling interest | — | | | — | | | (3.5 | ) | | — | | | (3.5 | ) | |
|
Repurchase of common shares | (1.2 | ) | | — | | | — | | | — | | | (1.2 | ) | |
|
Proceeds from exercise of stock options | 0.1 | | | — | | | — | | | — | | | 0.1 | | |
|
Net cash flows of financing activities | 38.2 | | | 206.7 | | | 44.7 | | | — | | | 289.6 | | |
|
Effect of exchange rate changes on cash and cash equivalents | 0.8 | | | 6.9 | | | 8.6 | | | — | | | 16.3 | | |
|
Increase (decrease) in cash and cash equivalents | 65.2 | | | 35.7 | | | 87.3 | | | — | | | 188.2 | | |
|
Cash and cash equivalents — beginning of period | 0.1 | | | 8.5 | | | 425.5 | | | — | | | 434.1 | | |
|
Cash and cash equivalents — end of period | $ | 65.3 | | | $ | 44.2 | | | $ | 512.8 | | | $ | — | | | $ | 622.3 | | |
|
|
|
Condensed Statement of Cash Flows Information |
Year Ended December 31, 2011 |
| |
| | | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantor | | Non- | | Eliminations | | Total | |
Subsidiaries | Guarantor | |
| Subsidiaries | |
Net cash flows of operating activities | $ | 53.3 | | | $ | 52.1 | | | $ | (7.6 | ) | | $ | — | | | $ | 97.8 | | |
|
Cash flows of investing activities: | | | | | | | | | | |
Capital expenditures | (0.2 | ) | | (20.6 | ) | | (100.7 | ) | | — | | | (121.5 | ) | |
|
Acquisitions, net of cash acquired | — | | | — | | | — | | | — | | | — | | |
|
Proceeds from properties sold | — | | | — | | | 6.5 | | | — | | | 6.5 | | |
|
Other | — | | | (58.1 | ) | | 58.4 | | | — | | | 0.3 | | |
|
Net cash flows of investing activities | (0.2 | ) | | (78.7 | ) | | (35.8 | ) | | — | | | (114.7 | ) | |
|
Cash flows of financing activities: | | | | | | | | | | |
Preferred stock dividend paid | (0.3 | ) | | — | | | — | | | — | | | (0.3 | ) | |
|
Excess tax benefits from stock-based compensation | 1 | | | — | | | — | | | — | | | 1 | | |
|
Intercompany accounts | (21.0 | ) | | 3.6 | | | 17.4 | | | — | | | — | | |
|
Proceeds from other debt | — | | | 940 | | | 951.4 | | | — | | | 1,891.40 | | |
|
Repayments of other debt | — | | | (905.2 | ) | | (930.6 | ) | | — | | | (1,835.8 | ) | |
|
Dividends paid to non-controlling interest | — | | | — | | | (3.8 | ) | | — | | | (3.8 | ) | |
|
Repurchase of common shares | (62.5 | ) | | — | | | — | | | — | | | (62.5 | ) | |
|
Proceeds from exercise of stock options | 1.5 | | | — | | | — | | | — | | | 1.5 | | |
|
Net cash flows of financing activities | (81.3 | ) | | 38.4 | | | 34.4 | | | — | | | (8.5 | ) | |
|
Effect of exchange rate changes on cash and cash equivalents | (0.7 | ) | | (6.2 | ) | | 7.7 | | | — | | | 0.8 | | |
|
Increase (decrease) in cash and cash equivalents | (28.9 | ) | | 5.6 | | | (1.3 | ) | | — | | | (24.6 | ) | |
|
Cash and cash equivalents — beginning of period | 29 | | | 2.9 | | | 426.8 | | | — | | | 458.7 | | |
|
Cash and cash equivalents — end of period | $ | 0.1 | | | $ | 8.5 | | | $ | 425.5 | | | $ | — | | | $ | 434.1 | | |
|
Intercompany Activity |
The Parent Company and its Guarantor Subsidiaries participate in a cash pooling program. As part of this program, cash balances are generally swept on a daily basis between the Guarantor Subsidiaries’ bank accounts and those of the Parent Company. There are a significant number of the Company’s subsidiaries that participate in this cash pooling arrangement and there are thousands of transactions per week that occur between the Parent Company and Guarantor Subsidiaries, all of which are accounted for through the intercompany accounts. |
Parent Company transactions include interest, dividend, tax payments and intercompany sales transactions related to administrative costs incurred by the Parent Company, which are billed to Guarantor Subsidiaries on a cost-plus basis. These costs are reported in the Parent’s “Selling, general and administrative expenses” on the Consolidated Statement of Operations and Comprehensive Income (Loss) Information for the respective period(s). All intercompany transactions are presumed to be settled in cash when they occur and are included in operating activities on the statement of cash flows. Non-operating cash flow changes have been classified as financing activities beginning in 2009. |
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below: |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | Year ended | | | | | | | | |
(in millions) | | Dec 31, 2013 | | Dec 31, 2012 | | Dec 31, 2011 | | | | | | | | |
Beginning Balance | | $ | 1,566.70 | | | $ | 1,210.40 | | | $ | 1,169.70 | | | | | | | | | |
| | | | | | | |
Non-cash transactions | | | | | | | | | | | | | | |
Convertible notes and other debt | | — | | | — | | | — | | | | | | | | | |
| | | | | | | |
Deferred tax | | 7.1 | | | 5.9 | | | 8 | | | | | | | | | |
| | | | | | | |
Equity based awards | | 11.7 | | | 11.7 | | | 12.7 | | | | | | | | | |
| | | | | | | |
Foreign currency and other | | — | | | (3.4 | ) | | (1.0 | ) | | | | | | | | |
| | | | | | | |
Cash transactions | | (280.0 | ) | | 342.1 | | | 21 | | | | | | | | | |
| | | | | | | |
Ending Balance | | $ | 1,305.50 | | | $ | 1,566.70 | | | $ | 1,210.40 | | | | | | | | | |
| | | | | | | |
Dividends |
There were no dividend payments to the Parent Company from the Guarantor Subsidiaries in the twelve months ended December 31, 2013, 2012, and 2011. |
Parent Company Long-Term Debt |
At December 31, 2013 and 2012, the Parent Company was party to various long-term financing arrangements, as summarized below (in millions): |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
(in millions) | | Dec 31, 2013 | | Dec 31, 2012 | | | | | | | | | | | | |
5.75% Senior Notes due 2022 | | $ | 600 | | | $ | 600 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Subordinated Convertible Notes due 2029 | | 429.5 | | | 429.5 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Debt discount on Subordinated Convertible Notes due 2029 | | (261.5 | ) | | (263.0 | ) | | | | | | | | | | | | |
0.875% Convertible Notes due 2013 | | — | | | 355 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Debt discount on 0.875% Convertible Notes due 2013 | | — | | | (20.4 | ) | | | | | | | | | | | | |
| | | | | | | | | | | |
Senior Floating Rate Notes | | 125 | | | 125 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Other | | 9 | | | 9 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Parent Company debt | | 902 | | | 1,235.10 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Less current maturities | | — | | | 334.6 | | | | | | | | | | | | | |
| | | | | | | | | | | |
Parent Company Long-term debt | | $ | 902 | | | $ | 900.5 | | | | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
(in millions) | | 2014 | | 2015 | | 2016 | | 2017 | | 2018 |
Debt maturities | | $ | — | | | $ | 125 | | | $ | — | | | $ | — | | | $ | — | |
|
Long-term debt related to the Parent Company is discussed in Note 9 - Long-Term Debt. |
|
Commitments and Contingencies |
For contingencies and guarantees related to the Parent Company, refer to Note 9 - Long-Term Debt and Note 18 - Commitments and Contingencies. |