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Separate Financial Information of Subsidiary Guarantors of Indebtedness
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Separate Financial Information of Subsidiary Guarantors of Indebtedness Separate Financial Information of Subsidiary Guarantors of Indebtedness

On April 28, 2014, Quad completed an offering of the Senior Unsecured Notes (see Note 12, “Debt,” for further details on the Senior Unsecured Notes). Each of the Company’s Guarantor Subsidiaries fully and unconditionally guarantee or, in the case of future subsidiaries, will guarantee, on a joint and several basis, the Senior Unsecured Notes. All of the current Guarantor Subsidiaries are 100% owned by the Company. Guarantor Subsidiaries will be automatically released from these guarantees upon the occurrence of certain events, including the following:

•
the designation of any of the Guarantor Subsidiaries as an unrestricted subsidiary;

•
the release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the Senior Unsecured Notes by any of the Guarantor Subsidiaries; or

•
the sale or disposition, including the sale of substantially all the assets, of any of the Guarantor Subsidiaries.

The following condensed consolidating financial information reflects the summarized financial information of Quad, the Company’s Guarantor Subsidiaries on a combined basis and the Company’s non-guarantor subsidiaries on a combined basis.
Condensed Consolidating Statement of Operations For the Year Ended December 31, 2019
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net sales
$
1,710.7

 
$
2,170.1

 
$
491.1

 
$
(448.5
)
 
$
3,923.4

Cost of sales
1,390.7

 
1,851.1

 
386.4

 
(436.0
)
 
3,192.2

Selling, general and administrative expenses
253.5

 
106.6

 
50.0

 
(12.5
)
 
397.6

Depreciation and amortization
87.0

 
95.8

 
26.7

 
—

 
209.5

Restructuring, impairment and transaction-related charges
67.4

 
13.5

 
8.5

 
—

 
89.4

Total operating expenses
1,798.6

 
2,067.0

 
471.6

 
(448.5
)
 
3,888.7

Operating income (loss) from continuing operations
(87.9
)
 
103.1

 
19.5

 
—

 
34.7

Interest expense (income)
83.7

 
1.5

 
4.8

 
—

 
90.0

Net pension income
—

 
(6.0
)
 
—

 
—

 
(6.0
)
Loss on debt extinguishment
30.5

 
—

 
—

 
—

 
30.5

Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities
(202.1
)

107.6


14.7


—

 
(79.8
)
Income tax expense (benefit)
(51.5
)
 
23.9

 
3.2

 
—

 
(24.4
)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities
(150.6
)

83.7


11.5


—

 
(55.4
)
Equity in (earnings) loss of consolidated entities
5.7

 
0.2

 
—

 
(5.9
)
 
—

Equity in (earnings) loss of unconsolidated entity
—

 
—

 
0.3

 
—

 
0.3

Net earnings (loss) from continuing operations
(156.3
)

83.5


11.2


5.9


(55.7
)
Loss from discontinued operations, net of tax
—

 
(100.6
)
 
—

 
—

 
(100.6
)
Net earnings (loss)
(156.3
)
 
(17.1
)
 
11.2

 
5.9

 
(156.3
)
Less: net earnings (loss) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

Net earnings (loss) attributable to Quad common shareholders
$
(156.3
)

$
(17.1
)

$
11.2


$
5.9


$
(156.3
)


Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2019
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net earnings (loss)
$
(156.3
)
 
$
(17.1
)
 
$
11.2

 
$
5.9

 
$
(156.3
)
Other comprehensive income (loss), net of tax
(15.0
)
 
(8.4
)
 
(1.6
)
 
10.0

 
(15.0
)
Total comprehensive income (loss)
(171.3
)
 
(25.5
)
 
9.6

 
15.9

 
(171.3
)
Less: comprehensive income (loss) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to Quad common shareholders
$
(171.3
)
 
$
(25.5
)
 
$
9.6

 
$
15.9

 
$
(171.3
)


Condensed Consolidating Statement of Operations For the Year Ended December 31, 2018
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net sales
$
1,748.7

 
$
2,249.7

 
$
463.9

 
$
(476.5
)
 
$
3,985.8

Cost of sales
1,378.2

 
1,948.3

 
361.2

 
(466.3
)
 
3,221.4

Selling, general and administrative expenses
232.3

 
88.7

 
48.1

 
(10.2
)
 
358.9

Depreciation and amortization
99.5

 
88.9

 
26.5

 
—

 
214.9

Restructuring, impairment and transaction-related charges
9.1

 
72.0

 
22.2

 
—

 
103.3

Total operating expenses
1,719.1

 
2,197.9

 
458.0

 
(476.5
)
 
3,898.5

Operating income (loss) from continuing operations
29.6

 
51.8

 
5.9

 
—

 
87.3

Interest expense (income)
64.9

 
3.0

 
5.3

 
—

 
73.2

Net pension income
—

 
(12.4
)
 
—

 
—

 
(12.4
)
Loss on debt extinguishment
—

 
—

 
—

 
—

 
—

Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities
(35.3
)
 
61.2

 
0.6

 
—

 
26.5

Income tax expense (benefit)
13.9

 
(11.3
)
 
(5.0
)
 
—

 
(2.4
)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities
(49.2
)
 
72.5

 
5.6

 
—

 
28.9

Equity in (earnings) loss of consolidated entities
(57.7
)
 
(5.7
)
 
—

 
63.4

 
—

Equity in (earnings) loss of unconsolidated entity
—

 
—

 
(1.0
)
 
—

 
(1.0
)
Net earnings (loss) from continuing operations
8.5

 
78.2

 
6.6

 
(63.4
)
 
29.9

Loss from discontinued operations, net of tax
—

 
(22.0
)
 
—

 
—

 
(22.0
)
Net earnings (loss)
8.5

 
56.2

 
6.6

 
(63.4
)
 
7.9

Less: net earnings (loss) attributable to noncontrolling interests
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Net earnings (loss) attributable to Quad common shareholders
$
8.5

 
$
56.2

 
$
7.2

 
$
(63.4
)
 
$
8.5



Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2018
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net earnings (loss)
$
8.5

 
$
56.2

 
$
6.6

 
$
(63.4
)
 
$
7.9

Other comprehensive income (loss), net of tax
(24.9
)
 
(17.8
)
 
(12.7
)
 
30.5

 
(24.9
)
Total comprehensive income (loss)
(16.4
)
 
38.4

 
(6.1
)
 
(32.9
)
 
(17.0
)
Less: comprehensive income (loss) attributable to noncontrolling interests
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Comprehensive income (loss) attributable to Quad common shareholders
$
(16.4
)
 
$
38.4

 
$
(5.5
)
 
$
(32.9
)
 
$
(16.4
)


Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net sales
$
1,759.7

 
$
2,162.3

 
$
424.2

 
$
(395.0
)
 
$
3,951.2

Cost of sales
1,292.2

 
1,850.8

 
336.1

 
(387.8
)
 
3,091.3

Selling, general and administrative expenses
264.7

 
111.9

 
39.3

 
(7.2
)
 
408.7

Depreciation and amortization
107.0

 
89.4

 
22.1

 
—

 
218.5

Restructuring, impairment and transaction-related charges
44.3

 
12.5

 
3.1

 
—

 
59.9

Total operating expenses
1,708.2

 
2,064.6

 
400.6

 
(395.0
)
 
3,778.4

Operating income (loss) from continuing operations
51.5

 
97.7

 
23.6

 
—

 
172.8

Interest expense (income)
70.4

 
(3.3
)
 
3.8

 
—

 
70.9

Net pension income
—

 
(9.6
)
 
—

 
—

 
(9.6
)
Loss on debt extinguishment
2.6

 
—

 
—

 
—

 
2.6

Earnings (loss) before income taxes and equity in (earnings) loss of consolidated and unconsolidated entities
(21.5
)
 
110.6

 
19.8

 
—

 
108.9

Income tax expense (benefit)
(32.6
)
 
37.5

 
(14.1
)
 
—

 
(9.2
)
Earnings (loss) before equity in (earnings) loss of consolidated and unconsolidated entities
11.1

 
73.1

 
33.9

 
—

 
118.1

Equity in (earnings) loss of consolidated entities
(96.1
)
 
(2.9
)
 
—

 
99.0

 
—

Equity in (earnings) loss of unconsolidated entity
—

 
—

 
—

 
—

 
—

Net earnings (loss) from continuing operations
107.2

 
76.0

 
33.9

 
(99.0
)
 
118.1

Loss from discontinued operations, net of tax
—

 
(10.9
)
 
—

 
—

 
(10.9
)
Net earnings (loss)
107.2

 
65.1

 
33.9

 
(99.0
)
 
107.2

Less: net earnings (loss) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

Net earnings (loss) attributable to Quad common shareholders
$
107.2

 
$
65.1

 
$
33.9

 
$
(99.0
)
 
$
107.2



Condensed Consolidating Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2017
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net earnings (loss)
$
107.2

 
$
65.1

 
$
33.9

 
$
(99.0
)
 
$
107.2

Other comprehensive income (loss), net of tax
28.2

 
13.0

 
12.0

 
(25.0
)
 
28.2

Total comprehensive income (loss)
135.4

 
78.1

 
45.9

 
(124.0
)
 
135.4

Less: comprehensive income (loss) attributable to noncontrolling interests
—

 
—

 
—

 
—

 
—

Comprehensive income (loss) attributable to Quad common shareholders
$
135.4

 
$
78.1

 
$
45.9

 
$
(124.0
)
 
$
135.4


Condensed Consolidating Balance Sheet As of December 31, 2019
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
71.5

 
$
2.6

 
$
4.6

 
$
—

 
$
78.7

Receivables, less allowances for doubtful accounts
325.9

 
39.0

 
91.2

 
—

 
456.1

Intercompany receivables
—

 
249.4

 
37.7

 
(287.1
)
 
—

Inventories
98.0

 
66.2

 
46.3

 
—

 
210.5

Other current assets
34.7

 
60.9

 
13.4

 
—

 
109.0

Current assets of discontinued operations
—

 
56.6

 
—

 
—

 
56.6

Total current assets
530.1

 
474.7

 
193.2

 
(287.1
)
 
910.9

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment—net
610.4

 
285.5

 
140.6

 
—

 
1,036.5

Investment in consolidated entities
856.4

 
20.6

 
—

 
(877.0
)
 
—

Goodwill and intangible assets—net
1.4

 
191.7

 
47.1

 
—

 
240.2

Intercompany loan receivable
57.0

 
—

 
—

 
(57.0
)
 
—

Other long-term assets
51.6

 
126.4

 
51.0

 
—

 
229.0

Long-term assets of discontinued operations
—

 
0.5

 
—

 
—

 
0.5

Total assets
$
2,106.9

 
$
1,099.4

 
$
431.9

 
$
(1,221.1
)
 
$
2,417.1

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable
$
212.8

 
$
122.2

 
$
81.7

 
$
—

 
$
416.7

Intercompany accounts payable
287.1

 
—

 
—

 
(287.1
)
 
—

Short-term debt and current portion of long-term debt and lease obligations
31.3

 
30.1

 
16.5

 
—

 
77.9

Other current liabilities
183.4

 
71.7

 
47.9

 
—

 
303.0

Current liabilities of discontinued operations
—

 
15.8

 
—

 
—

 
15.8

Total current liabilities
714.6

 
239.8

 
146.1

 
(287.1
)
 
813.4

 
 
 
 
 
 
 
 
 
 
Long-term debt and lease obligations
1,065.5

 
50.9

 
18.5

 
—

 
1,134.9

Intercompany loan payable
—

 
—

 
57.0

 
(57.0
)
 
—

Other long-term liabilities
82.5

 
128.1

 
13.3

 
—

 
223.9

Long-term liabilities of discontinued operations
—

 
0.6

 
—

 
—

 
0.6

Total liabilities
1,862.6

 
419.4

 
234.9

 
(344.1
)
 
2,172.8

 
 
 
 
 
 
 
 
 
 
Total shareholders' equity and noncontrolling interests
244.3

 
680.0

 
197.0

 
(877.0
)
 
244.3

Total liabilities and shareholders' equity
$
2,106.9

 
$
1,099.4

 
$
431.9

 
$
(1,221.1
)
 
$
2,417.1


Condensed Consolidating Balance Sheet As of December 31, 2018
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
60.3

 
$
2.9

 
$
6.3

 
$
—

 
$
69.5

Receivables, less allowances for doubtful accounts
347.1

 
63.1

 
87.4

 
—

 
497.6

Intercompany receivables
—

 
137.8

 
28.8

 
(166.6
)
 
—

Inventories
108.6

 
99.4

 
71.0

 
—

 
279.0

Other current assets
34.3

 
1.7

 
9.2

 
—

 
45.2

Current assets of discontinued operations
—

 
55.3

 
—

 
—

 
55.3

Total current assets
550.3

 
360.2

 
202.7

 
(166.6
)
 
946.6

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment—net
647.7

 
348.0

 
158.1

 
—

 
1,153.8

Investment in consolidated entities
757.0

 
16.7

 
—

 
(773.7
)
 
—

Goodwill and intangible assets—net
1.7

 
101.2

 
54.2

 
—

 
157.1

Intercompany loan receivable
109.7

 
—

 
—

 
(109.7
)
 
—

Other long-term assets
42.5

 
5.7

 
45.0

 
—

 
93.2

Long-term assets of discontinued operations
—

 
118.4

 
—

 
—

 
118.4

Total assets
$
2,108.9

 
$
950.2

 
$
460.0

 
$
(1,050.0
)
 
$
2,469.1

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Accounts payable
$
250.8

 
$
137.8

 
$
107.7

 
$
—

 
$
496.3

Intercompany accounts payable
166.6

 
—

 
—

 
(166.6
)
 
—

Short-term debt and current portion of long-term debt and lease obligations
29.6

 
0.7

 
17.6

 
—

 
47.9

Other current liabilities
182.6

 
57.5

 
45.0

 
—

 
285.1

Current liabilities of discontinued operations
—

 
22.0

 
—

 
—

 
22.0

Total current liabilities
629.6

 
218.0

 
170.3

 
(166.6
)
 
851.3

 
 
 
 
 
 
 
 
 
 
Long-term debt and lease obligations
878.8

 
1.0

 
13.1

 
—

 
892.9

Intercompany loan payable
—

 
42.0

 
67.7

 
(109.7
)
 
—

Other long-term liabilities
140.3

 
114.6

 
9.0

 
—

 
263.9

Long-term liabilities of discontinued operations
—

 
0.8

 
—

 
—

 
0.8

Total liabilities
1,648.7

 
376.4

 
260.1

 
(276.3
)
 
2,008.9

 
 
 
 
 
 
 
 
 
 
Total shareholders' equity and noncontrolling interests
460.2

 
573.8

 
199.9

 
(773.7
)
 
460.2

Total liabilities and shareholders' equity
$
2,108.9

 
$
950.2

 
$
460.0

 
$
(1,050.0
)
 
$
2,469.1


Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2019
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net cash from (used in) operating activities
$
42.8

 
$
108.2

 
$
4.5

 
$
—

 
$
155.5

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(48.7
)
 
(55.5
)
 
(6.8
)
 
—

 
(111.0
)
Acquisition related investing activities—net of cash acquired
—

 
(120.7
)
 
(0.3
)
 
—

 
(121.0
)
Intercompany investing activities
(184.1
)
 
(157.0
)
 
(0.5
)
 
341.6

 
—

Other investing activities
1.4

 
20.7

 
1.8

 
—

 
23.9

Net cash from (used in) investing activities
(231.4
)
 
(312.5
)
 
(5.8
)
 
341.6

 
(208.1
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
1,277.6

 
—

 
7.5

 
—

 
1,285.1

Payments of long-term debt and finance lease obligations
(1,112.7
)
 
(7.9
)
 
(7.5
)
 
—

 
(1,128.1
)
Borrowings on revolving credit facilities
3,617.9

 
—

 
18.2

 
—

 
3,636.1

Payments on revolving credit facilities
(3,617.9
)
 
—

 
(24.2
)
 
—

 
(3,642.1
)
Purchases of treasury stock
—

 
—

 
—

 
—

 
—

Payment of cash dividends
(57.1
)
 
—

 
—

 
—

 
(57.1
)
Intercompany financing activities
124.1

 
211.9

 
5.6

 
(341.6
)
 
—

Other financing activities
(32.1
)
 
—

 
—

 
—

 
(32.1
)
Net cash from (used in) financing activities
199.8

 
204.0

 
(0.4
)
 
(341.6
)
 
61.8

 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
—

 
—

 
—

 
—

 
—

Net increase (decrease) in cash and cash equivalents
11.2

 
(0.3
)
 
(1.7
)
 
—

 
9.2

Cash and cash equivalents at beginning of year
60.3

 
2.9

 
6.3

 
—

 
69.5

Cash and cash equivalents at end of year
$
71.5

 
$
2.6

 
$
4.6

 
$
—

 
$
78.7



Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net cash from (used in) operating activities
$
145.1

 
$
65.6

 
$
49.9

 
$
—

 
$
260.6

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(23.7
)
 
(45.3
)
 
(27.3
)
 
—

 
(96.3
)
Acquisition related investing activities—net of cash acquired
—

 
(76.4
)
 
5.0

 
—

 
(71.4
)
Intercompany investing activities
(151.0
)
 
(81.2
)
 
(0.6
)
 
232.8

 
—

Other investing activities
29.4

 
13.3

 
4.5

 
—

 
47.2

Net cash from (used in) investing activities
(145.3
)
 
(189.6
)
 
(18.4
)
 
232.8

 
(120.5
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
—

 
—

 
7.8

 
—

 
7.8

Payments of long-term debt and finance lease obligations
(31.7
)
 
(2.1
)
 
(5.7
)
 
—

 
(39.5
)
Borrowings on revolving credit facilities
2,536.3

 
—

 
27.4

 
—

 
2,563.7

Payments on revolving credit facilities
(2,536.3
)
 
—

 
(24.8
)
 
—

 
(2,561.1
)
Purchases of treasury stock
(36.7
)
 
—

 
—

 
—

 
(36.7
)
Payment of cash dividends
(62.9
)
 
—

 
—

 
—

 
(62.9
)
Intercompany financing activities
144.9

 
127.0

 
(39.1
)
 
(232.8
)
 
—

Other financing activities
(4.8
)
 
—

 
—

 
—

 
(4.8
)
Net cash from (used in) financing activities
8.8

 
124.9

 
(34.4
)
 
(232.8
)
 
(133.5
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
—

 
—

 
(1.5
)
 
—

 
(1.5
)
Net increase (decrease) in cash and cash equivalents
8.6

 
0.9

 
(4.4
)
 
—

 
5.1

Cash and cash equivalents at beginning of year
51.7

 
2.0

 
10.7

 
—

 
64.4

Cash and cash equivalents at end of year
$
60.3

 
$
2.9

 
$
6.3

 
$
—

 
$
69.5



Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017
 
Quad/Graphics,
Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
OPERATING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net cash from (used in) operating activities
$
974.5

 
$
(647.3
)
 
$
16.8

 
$
—

 
$
344.0

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchases of property, plant and equipment
(27.5
)
 
(43.9
)
 
(14.5
)
 
—

 
(85.9
)
Divestiture related investing activities
8.4

 
5.7

 
—

 
—

 
14.1

Acquisition related investing activities—net of cash acquired
—

 
—

 
—

 
—

 
—

Intercompany investing activities
(18.1
)
 
632.7

 
(0.3
)
 
(614.3
)
 
—

Other investing activities
0.9

 
21.6

 
2.1

 
—

 
24.6

Net cash from (used in) investing activities
(36.3
)
 
616.1

 
(12.7
)
 
(614.3
)
 
(47.2
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Proceeds from issuance of long-term debt
375.0

 
—

 
—

 
—

 
375.0

Payments of long-term debt and finance lease obligations
(523.3
)
 
(2.9
)
 
(4.3
)
 
—

 
(530.5
)
Borrowings on revolving credit facilities
706.7

 
—

 
11.8

 
—

 
718.5

Payments on revolving credit facilities
(725.7
)
 
—

 
(10.3
)
 
—

 
(736.0
)
Purchases of treasury stock
(3.8
)
 
—

 
—

 
—

 
(3.8
)
Payment of cash dividends
(62.5
)
 
—

 
—

 
—

 
(62.5
)
Intercompany financing activities
(645.1
)
 
30.2

 
0.6

 
614.3

 
—

Other financing activities
(8.1
)
 
(4.3
)
 
—

 
—

 
(12.4
)
Net cash from (used in) financing activities
(886.8
)
 
23.0

 
(2.2
)
 
614.3

 
(251.7
)
 
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash and cash equivalents
—

 
—

 
0.1

 
—

 
0.1

Net increase (decrease) in cash and cash equivalents
51.4

 
(8.2
)
 
2.0

 
—

 
45.2

Cash and cash equivalents at beginning of year
0.3

 
10.2

 
8.7

 
—

 
19.2

Cash and cash equivalents at end of year
$
51.7

 
$
2.0

 
$
10.7

 
$
—

 
$
64.4