Guarantor and Non-Guarantor Financial Information |
20. GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION The 2022 Notes and 2024 Notes are fully and unconditionally, as well as jointly and severally, guaranteed by our directly and indirectly owned domestic subsidiaries, which are collectively known as the “Guarantor Subsidiaries”. Bay Valley Foods, LLC, which is a 100% owned direct subsidiary, maintains 100% direct and indirect ownership of the following Guarantor Subsidiaries: Sturm Foods, Inc.; S.T. Specialty Foods, Inc.; Associated Brands, Inc.; Cains Foods, Inc.; Cains Foods L.P.; Cains GP, LLC; Flagstone Foods, Inc., Protenergy Holdings, Inc.; Protenergy Natural Foods, Inc.; TreeHouse Private Brands, Inc. (formerly Ralcorp Holdings, Inc.); American Italian Pasta Company.; Nutcracker Brands, Inc.; Linette Quality Chocolates, Inc.; Ralcorp Frozen Bakery Products, Inc.; Cottage Bakery, Inc.; The Carriage House Companies, Inc. and certain other domestic subsidiaries that may become guarantors in the future.
The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances, only upon the occurrence of certain customary conditions. There are no significant restrictions on the ability of the parent company or any guarantor to obtain funds from its subsidiaries by dividend or loan. The following condensed supplemental consolidating financial information presents the results of operations, financial position, and cash flows of the parent company, its Guarantor Subsidiaries, its non-guarantor subsidiaries, and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of September 30, 2018 and December 31, 2017, and for the three and nine months ended September 30, 2018 and 2017. The equity method has been used with respect to investments in subsidiaries. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Condensed Supplemental Consolidating Balance Sheet September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Assets | | | | |
| | |
| | |
| | |
| Current assets: | | |
| | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 0.2 |
| | $ | — |
| | $ | 52.6 |
| | $ | — |
| | $ | 52.8 |
| Investments | | — |
| | — |
| | 15.4 |
| | — |
| | 15.4 |
| Accounts receivable, net | | 3.4 |
| | 221.6 |
| | 60.6 |
| | — |
| | 285.6 |
| Inventories | | — |
| | 890.7 |
| | 108.6 |
| | — |
| | 999.3 |
| Prepaid expenses and other current assets | | 25.7 |
| | 53.0 |
| | 13.8 |
| | — |
| | 92.5 |
| Total current assets | | 29.3 |
| | 1,165.3 |
| | 251.0 |
| | — |
| | 1,445.6 |
| Property, plant, and equipment, net | | 34.0 |
| | 1,084.9 |
| | 153.2 |
| | — |
| | 1,272.1 |
| Goodwill | | — |
| | 2,046.7 |
| | 121.3 |
| | — |
| | 2,168.0 |
| Investment in subsidiaries | | 5,112.2 |
| | 584.7 |
| | — |
| | (5,696.9 | ) | | — |
| Deferred income taxes | | 12.4 |
| | — |
| | — |
| | (12.4 | ) | | — |
| Intangible and other assets, net | | 68.5 |
| | 600.4 |
| | 89.6 |
| | — |
| | 758.5 |
| Total assets | | $ | 5,256.4 |
| | $ | 5,482.0 |
| | $ | 615.1 |
| | $ | (5,709.3 | ) | | $ | 5,644.2 |
| Liabilities and Stockholders’ Equity | | | | | | | | | | | Current liabilities: | | | | | | | | | | | Accounts payable and accrued expenses | | $ | 61.8 |
| | $ | 624.6 |
| | $ | 64.5 |
| | $ | — |
| | $ | 750.9 |
| Current portion of long-term debt | | 9.8 |
| | 0.5 |
| | 0.1 |
| | — |
| | 10.4 |
| Total current liabilities | | 71.6 |
| | 625.1 |
| | 64.6 |
| | — |
| | 761.3 |
| Long-term debt | | 2,332.1 |
| | 0.5 |
| | 0.5 |
| | — |
| | 2,333.1 |
| Deferred income taxes | | — |
| | 163.4 |
| | 22.3 |
| | (12.4 | ) | | 173.3 |
| Other long-term liabilities | | 10.8 |
| | 162.4 |
| | 13.6 |
| | — |
| | 186.8 |
| Intercompany accounts receivable (payable), net | | 652.2 |
| | (581.6 | ) | | (70.6 | ) | | — |
| | — |
| Stockholders’ equity | | 2,189.7 |
| | 5,112.2 |
| | 584.7 |
| | (5,696.9 | ) | | 2,189.7 |
| Total liabilities and stockholders’ equity | | $ | 5,256.4 |
| | $ | 5,482.0 |
| | $ | 615.1 |
| | $ | (5,709.3 | ) | | $ | 5,644.2 |
|
Condensed Supplemental Consolidating Balance Sheet December 31, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Assets | | |
| | |
| | |
| | |
| | |
| Current assets: | | |
| | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 83.2 |
| | $ | 0.2 |
| | $ | 49.4 |
| | $ | — |
| | $ | 132.8 |
| Investments | | — |
| | — |
| | 14.1 |
| | — |
| | 14.1 |
| Accounts receivable, net | | 0.2 |
| | 297.1 |
| | 32.5 |
| | — |
| | 329.8 |
| Inventories | | — |
| | 803.1 |
| | 115.2 |
| | — |
| | 918.3 |
| Prepaid expenses and other current assets | | 69.8 |
| | 32.0 |
| | 20.0 |
| | (32.1 | ) | | 89.7 |
| Total current assets | | 153.2 |
| | 1,132.4 |
| | 231.2 |
| | (32.1 | ) | | 1,484.7 |
| Property, plant, and equipment, net | | 29.3 |
| | 1,108.7 |
| | 156.4 |
| | — |
| | 1,294.4 |
| Goodwill | | — |
| | 2,057.3 |
| | 124.7 |
| | — |
| | 2,182.0 |
| Investment in subsidiaries | | 4,945.5 |
| | 582.6 |
| | — |
| | (5,528.1 | ) | | — |
| Intercompany accounts (payable) receivable, net | | (328.6 | ) | | 274.5 |
| | 54.1 |
| | — |
| | — |
| Deferred income taxes | | 15.1 |
| | — |
| | — |
| | (15.1 | ) | | — |
| Intangible and other assets, net | | 62.5 |
| | 652.1 |
| | 103.6 |
| | — |
| | 818.2 |
| Total assets | | $ | 4,877.0 |
| | $ | 5,807.6 |
| | $ | 670.0 |
| | $ | (5,575.3 | ) | | $ | 5,779.3 |
| Liabilities and Stockholders’ Equity | | | | | | | | | | | Current liabilities: | | | | | | | | | | | Accounts payable and accrued expenses | | $ | 53.3 |
| | $ | 513.8 |
| | $ | 54.7 |
| | $ | (32.1 | ) | | $ | 589.7 |
| Current portion of long-term debt | | 9.0 |
| | 1.1 |
| | — |
| | — |
| | 10.1 |
| Total current liabilities | | 62.3 |
| | 514.9 |
| | 54.7 |
| | (32.1 | ) | | 599.8 |
| Long-term debt | | 2,533.8 |
| | 1.4 |
| | 0.5 |
| | — |
| | 2,535.7 |
| Deferred income taxes | | — |
| | 167.3 |
| | 26.2 |
| | (15.1 | ) | | 178.4 |
| Other long-term liabilities | | 17.6 |
| | 178.5 |
| | 6.0 |
| | — |
| | 202.1 |
| Stockholders’ equity | | 2,263.3 |
| | 4,945.5 |
| | 582.6 |
| | (5,528.1 | ) | | 2,263.3 |
| Total liabilities and stockholders’ equity | | $ | 4,877.0 |
| | $ | 5,807.6 |
| | $ | 670.0 |
| | $ | (5,575.3 | ) | | $ | 5,779.3 |
|
Condensed Supplemental Consolidating Statement of Operations Three Months Ended September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net sales | | $ | — |
| | $ | 1,400.2 |
| | $ | 170.9 |
| | $ | (177.1 | ) | | $ | 1,394.0 |
| Cost of sales | | — |
| | 1,193.9 |
| | 149.7 |
| | (177.1 | ) | | 1,166.5 |
| Gross profit | | — |
| | 206.3 |
| | 21.2 |
| | — |
| | 227.5 |
| Selling, general, and administrative expense | | 35.3 |
| | 107.7 |
| | 8.9 |
| | — |
| | 151.9 |
| Amortization expense | | 3.0 |
| | 16.1 |
| | 2.3 |
| | — |
| | 21.4 |
| Other operating expense, net | | 26.2 |
| | (3.4 | ) | | 0.5 |
| | — |
| | 23.3 |
| Operating income (loss) | | (64.5 | ) | | 85.9 |
| | 9.5 |
| | — |
| | 30.9 |
| Interest expense | | 28.3 |
| | — |
| | 1.3 |
| | (1.8 | ) | | 27.8 |
| Interest income | | (0.3 | ) | | (1.5 | ) | | (1.3 | ) | | 1.8 |
| | (1.3 | ) | Other expense (income), net | | (4.2 | ) | | 5.7 |
| | 2.7 |
| | — |
| | 4.2 |
| Income (loss) before income taxes | | (88.3 | ) | | 81.7 |
| | 6.8 |
| | — |
| | 0.2 |
| Income tax (benefit) expense | | (18.0 | ) | | 12.3 |
| | 0.5 |
| | — |
| | (5.2 | ) | Equity in net income (loss) of subsidiaries | | 75.7 |
| | 6.3 |
| | — |
| | (82.0 | ) | | — |
| Net income (loss) | | $ | 5.4 |
| | $ | 75.7 |
| | $ | 6.3 |
| | $ | (82.0 | ) | | $ | 5.4 |
|
Condensed Supplemental Consolidating Statement of Operations Three Months Ended September 30, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net sales | | $ | — |
| | $ | 1,458.0 |
| | $ | 175.9 |
| | $ | (85.1 | ) | | $ | 1,548.8 |
| Cost of sales | | — |
| | 1,221.9 |
| | 152.3 |
| | (85.1 | ) | | 1,289.1 |
| Gross profit | | — |
| | 236.1 |
| | 23.6 |
| | — |
| | 259.7 |
| Selling, general, and administrative expense | | 23.9 |
| | 128.3 |
| | 10.3 |
| | — |
| | 162.5 |
| Amortization expense | | 3.3 |
| | 22.7 |
| | 2.5 |
| | — |
| | 28.5 |
| Other operating expense, net | | 2.4 |
| | 8.0 |
| | 0.7 |
| | — |
| | 11.1 |
| Operating income (loss) | | (29.6 | ) | | 77.1 |
| | 10.1 |
| | — |
| | 57.6 |
| Interest expense | | 31.3 |
| | 0.1 |
| | 3.8 |
| | (3.8 | ) | | 31.4 |
| Interest income | | — |
| | (3.8 | ) | | (0.4 | ) | | 3.8 |
| | (0.4 | ) | Other expense (income), net | | (2.4 | ) | | (1.9 | ) | | 0.8 |
| | — |
| | (3.5 | ) | Income (loss) before income taxes | | (58.5 | ) | | 82.7 |
| | 5.9 |
| | — |
| | 30.1 |
| Income tax (benefit) expense | | (22.4 | ) | | 22.7 |
| | 1.0 |
| | — |
| | 1.3 |
| Equity in net income (loss) of subsidiaries | | 64.9 |
| | 4.9 |
| | — |
| | (69.8 | ) | | — |
| Net income (loss) | | $ | 28.8 |
| | $ | 64.9 |
| | $ | 4.9 |
| | $ | (69.8 | ) | | $ | 28.8 |
|
Condensed Supplemental Consolidating Statement of Operations Nine Months Ended September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net sales | | $ | — |
| | $ | 4,336.9 |
| | $ | 518.3 |
| | $ | (524.2 | ) | | $ | 4,331.0 |
| Cost of sales | | — |
| | 3,699.5 |
| | 460.5 |
| | (524.2 | ) | | 3,635.8 |
| Gross profit | | — |
| | 637.4 |
| | 57.8 |
| | — |
| | 695.2 |
| Selling, general, and administrative expense | | 114.9 |
| | 361.7 |
| | 29.4 |
| | — |
| | 506.0 |
| Amortization expense | | 8.7 |
| | 49.3 |
| | 6.9 |
| | — |
| | 64.9 |
| Other operating expense, net | | 81.6 |
| | 14.0 |
| | 3.3 |
| | — |
| | 98.9 |
| Operating income (loss) | | (205.2 | ) | | 212.4 |
| | 18.2 |
| | — |
| | 25.4 |
| Interest expense | | 88.9 |
| | — |
| | 2.7 |
| | (4.0 | ) | | 87.6 |
| Interest income | | (2.6 | ) | | (3.6 | ) | | (1.6 | ) | | 4.0 |
| | (3.8 | ) | Other expense (income), net | | (1.4 | ) | | 12.2 |
| | 0.7 |
| | — |
| | 11.5 |
| Income (loss) before income taxes | | (290.1 | ) | | 203.8 |
| | 16.4 |
| | — |
| | (69.9 | ) | Income tax (benefit) expense | | (61.4 | ) | | 39.0 |
| | 1.3 |
| | — |
| | (21.1 | ) | Equity in net income (loss) of subsidiaries | | 179.9 |
| | 15.1 |
| | — |
| | (195.0 | ) | | — |
| Net income (loss) | | $ | (48.8 | ) | | $ | 179.9 |
| | $ | 15.1 |
| | $ | (195.0 | ) | | $ | (48.8 | ) |
Condensed Supplemental Consolidating Statement of Operations Nine Months Ended September 30, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net sales | | $ | — |
| | $ | 4,353.3 |
| | $ | 498.8 |
| | $ | (244.9 | ) | | $ | 4,607.2 |
| Cost of sales | | — |
| | 3,597.6 |
| | 431.8 |
| | (244.9 | ) | | 3,784.5 |
| Gross profit | | — |
| | 755.7 |
| | 67.0 |
| | — |
| | 822.7 |
| Selling, general, and administrative expense | | 86.0 |
| | 407.6 |
| | 30.3 |
| | — |
| | 523.9 |
| Amortization expense | | 9.4 |
| | 69.2 |
| | 7.2 |
| | — |
| | 85.8 |
| Other operating expense, net | | 2.4 |
| | 107.4 |
| | 2.1 |
| | — |
| | 111.9 |
| Operating income (loss) | | (97.8 | ) | | 171.5 |
| | 27.4 |
| | — |
| | 101.1 |
| Interest expense | | 94.2 |
| | 0.3 |
| | 4.8 |
| | (6.4 | ) | | 92.9 |
| Interest income | | (2.2 | ) | | (6.4 | ) | | (1.3 | ) | | 6.4 |
| | (3.5 | ) | Other expense (income), net | | (0.8 | ) | | (2.1 | ) | | 0.8 |
| | — |
| | (2.1 | ) | Income (loss) before income taxes | | (189.0 | ) | | 179.7 |
| | 23.1 |
| | — |
| | 13.8 |
| Income tax (benefit) expense | | (72.6 | ) | | 59.2 |
| | 4.4 |
| | — |
| | (9.0 | ) | Equity in net income (loss) of subsidiaries | | 139.2 |
| | 18.7 |
| | — |
| | (157.9 | ) | | — |
| Net income (loss) | | $ | 22.8 |
| | $ | 139.2 |
| | $ | 18.7 |
| | $ | (157.9 | ) | | $ | 22.8 |
|
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income (loss) | | $ | 5.4 |
| | $ | 75.7 |
| | $ | 6.3 |
| | $ | (82.0 | ) | | $ | 5.4 |
| Other comprehensive income (loss): | | | | | | | | | | | Foreign currency translation adjustments | | — |
| | — |
| | 6.5 |
| | — |
| | 6.5 |
| Pension and postretirement reclassification adjustment, net of tax | | — |
| | 0.1 |
| | — |
| | — |
| | 0.1 |
| Other comprehensive income (loss) | | — |
| | 0.1 |
| | 6.5 |
| | — |
| | 6.6 |
| Equity in other comprehensive (loss) income of subsidiaries | | 6.6 |
| | 6.5 |
| | — |
| | (13.1 | ) | | — |
| Comprehensive income (loss) | | $ | 12.0 |
| | $ | 82.3 |
| | $ | 12.8 |
| | $ | (95.1 | ) | | $ | 12.0 |
|
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss) Three Months Ended September 30, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income (loss) | | $ | 28.8 |
| | $ | 64.9 |
| | $ | 4.9 |
| | $ | (69.8 | ) | | $ | 28.8 |
| Other comprehensive income (loss): | | | | | | | | | | | Foreign currency translation adjustments | | — |
| | — |
| | 18.0 |
| | — |
| | 18.0 |
| Pension and postretirement reclassification adjustment, net of tax | | — |
| | 0.1 |
| | — |
| | — |
| | 0.1 |
| Other comprehensive income (loss) | | — |
| | 0.1 |
| | 18.0 |
| | — |
| | 18.1 |
| Equity in other comprehensive income (loss) of subsidiaries | | 18.1 |
| | 18.0 |
| | — |
| | (36.1 | ) | | — |
| Comprehensive income (loss) | | $ | 46.9 |
| | $ | 83.0 |
| | $ | 22.9 |
| | $ | (105.9 | ) | | $ | 46.9 |
|
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income (loss) | | $ | (48.8 | ) | | $ | 179.9 |
| | $ | 15.1 |
| | $ | (195.0 | ) | | $ | (48.8 | ) | Other comprehensive income (loss): | | | | | | | | | | | Foreign currency translation adjustments | | — |
| | — |
| | (13.0 | ) | | — |
| | (13.0 | ) | Pension and postretirement reclassification adjustment, net of tax | | — |
| | 0.4 |
| | — |
| | — |
| | 0.4 |
| Adoption of ASU 2018-02 reclassification to retained earnings | | — |
| | (1.1 | ) | | — |
| | — |
| | (1.1 | ) | Other comprehensive income (loss) | | — |
| | (0.7 | ) | | (13.0 | ) | | — |
| | (13.7 | ) | Equity in other comprehensive (loss) income of subsidiaries | | (13.7 | ) | | (13.0 | ) | | — |
| | 26.7 |
| | — |
| Comprehensive income (loss) | | $ | (62.5 | ) | | $ | 166.2 |
| | $ | 2.1 |
| | $ | (168.3 | ) | | $ | (62.5 | ) |
Condensed Supplemental Consolidating Statement of Comprehensive Income (Loss) Nine Months Ended September 30, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Net income (loss) | | $ | 22.8 |
| | $ | 139.2 |
| | $ | 18.7 |
| | $ | (157.9 | ) | | $ | 22.8 |
| Other comprehensive income (loss): | | | | | | | | | | | Foreign currency translation adjustments | | — |
| | — |
| | 34.5 |
| | — |
| | 34.5 |
| Pension and postretirement reclassification adjustment, net of tax | | — |
| | 7.2 |
| | — |
| | — |
| | 7.2 |
| Other comprehensive income (loss) | | — |
| | 7.2 |
| | 34.5 |
| | — |
| | 41.7 |
| Equity in other comprehensive income (loss) of subsidiaries | | 41.7 |
| | 34.5 |
| | — |
| | (76.2 | ) | | — |
| Comprehensive income (loss) | | $ | 64.5 |
| | $ | 180.9 |
| | $ | 53.2 |
| | $ | (234.1 | ) | | $ | 64.5 |
|
Condensed Supplemental Consolidating Statement of Cash Flows Nine Months Ended September 30, 2018 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Cash flows from operating activities: | | |
| | |
| | |
| | |
| | |
| Net cash provided by (used in) operating activities | | $ | 89.3 |
| | $ | 323.9 |
| | $ | 51.5 |
| | $ | (194.2 | ) | | $ | 270.5 |
| Cash flows from investing activities: | | | | | | | | | | | Additions to property, plant, and equipment | | (2.2 | ) | | (99.2 | ) | | (15.3 | ) | | — |
| | (116.7 | ) | Additions to intangible assets | | (15.8 | ) | | (0.6 | ) | | — |
| | — |
| | (16.4 | ) | Intercompany transfer | | (25.8 | ) | | (162.2 | ) | | (16.2 | ) | | 204.2 |
| | — |
| Other | | — |
| | 35.5 |
| | (1.1 | ) | | — |
| | 34.4 |
| Net cash (used in) provided by investing activities | | (43.8 | ) | | (226.5 | ) | | (32.6 | ) | | 204.2 |
| | (98.7 | ) | Cash flows from financing activities: | | | | | | | | | | | Net (repayment) borrowing of debt | | (208.5 | ) | | (1.5 | ) | | — |
| | — |
| | (210.0 | ) | Intercompany transfer | | 120.8 |
| | (95.1 | ) | | (15.7 | ) | | (10.0 | ) | | — |
| Repurchases of common stock | | (42.2 | ) | | — |
| | — |
| | — |
| | (42.2 | ) | Receipts related to stock-based award activities | | 4.7 |
| | — |
| | — |
| | — |
| | 4.7 |
| Payments related to stock-based award activities | | (3.3 | ) | | — |
| | — |
| | — |
| | (3.3 | ) | Net cash (used in) provided by financing activities | | (128.5 | ) | | (96.6 | ) | | (15.7 | ) | | (10.0 | ) | | (250.8 | ) | Effect of exchange rate changes on cash and cash equivalents | | — |
| | (1.0 | ) | | — |
| | — |
| | (1.0 | ) | Decrease (increase) in cash and cash equivalents | | (83.0 | ) | | (0.2 | ) | | 3.2 |
| | — |
| | (80.0 | ) | Cash and cash equivalents, beginning of period | | 83.2 |
| | 0.2 |
| | 49.4 |
| | — |
| | 132.8 |
| Cash and cash equivalents, end of period | | $ | 0.2 |
| | $ | — |
| | $ | 52.6 |
| | $ | — |
| | $ | 52.8 |
|
Condensed Supplemental Consolidating Statement of Cash Flows Nine Months Ended September 30, 2017 (In millions) | | | | | | | | | | | | | | | | | | | | | | | | Parent Company | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Eliminations | | Consolidated | Cash flows from operating activities: | | |
| | |
| | |
| | |
| | |
| Net cash provided by (used in) operating activities | | $ | 13.4 |
| | $ | 406.0 |
| | $ | 1.4 |
| | $ | (157.4 | ) | | $ | 263.4 |
| Cash flows from investing activities: | | | | | | | | | | | Additions to property, plant, and equipment | | (1.6 | ) | | (87.4 | ) | | (13.5 | ) | | — |
| | (102.5 | ) | Additions to intangible assets | | (17.7 | ) | | (0.8 | ) | | (0.1 | ) | | — |
| | (18.6 | ) | Intercompany transfer | | 69.8 |
| | (128.2 | ) | | — |
| | 58.4 |
| | — |
| Proceeds from sale of fixed assets | | — |
| | 7.2 |
| | — |
| | — |
| | 7.2 |
| Proceeds from divestiture | | — |
| | 19.0 |
| | 0.3 |
| | — |
| | 19.3 |
| Other | | — |
| | — |
| | (1.0 | ) | | — |
| | (1.0 | ) | Net cash (used in) provided by investing activities | | 50.5 |
| | (190.2 | ) | | (14.3 | ) | | 58.4 |
| | (95.6 | ) | Cash flows from financing activities: | | | | | | | | | | | Net borrowing (repayment) of debt | | (100.8 | ) | | (2.2 | ) | | (0.1 | ) | | — |
| | (103.1 | ) | Intercompany transfer | | 109.2 |
| | (213.6 | ) | | 5.4 |
| | 99.0 |
| | — |
| Receipts related to stock-based award activities | | 11.1 |
| | — |
| | — |
| | — |
| | 11.1 |
| Payments related to stock-based award activities | | (6.7 | ) | | — |
| | — |
| | — |
| | (6.7 | ) | Net cash (used in) provided by financing activities | | 12.8 |
| | (215.8 | ) | | 5.3 |
| | 99.0 |
| | (98.7 | ) | Effect of exchange rate changes on cash and cash equivalents | | — |
| | — |
| | 0.7 |
| | — |
| | 0.7 |
| Increase (decrease) in cash and cash equivalents | | 76.7 |
| | — |
| | (6.9 | ) | | — |
| | 69.8 |
| Cash and cash equivalents, beginning of period | | — |
| | 0.2 |
| | 61.9 |
| | — |
| | 62.1 |
| Cash and cash equivalents, end of period | | $ | 76.7 |
| | $ | 0.2 |
| | $ | 55.0 |
| | $ | — |
| | $ | 131.9 |
|
|