Indiana
(State or other jurisdiction of
incorporation)
|
1-6651
(Commission File Number)
|
35-1160484
(IRS Employer Identification No.)
|
Two Prudential Plaza
Suite 4100
Chicago, IL
(Address of principal executive
offices)
|
60601
(Zip Code)
|
|
(312) 819-7200
(Registrant’s telephone number, including area code)
|
Item 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
Item 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) | Exhibits. |
99.1 | Press release, dated November 3, 2016, issued by the Corporation. |
HILL-ROM HOLDINGS, INC.
|
||||
(Registrant)
|
||||
DATE: November 3, 2016
|
By:
|
/s/ Steven J. Strobel
|
||
Name:
Title:
|
Steven J. Strobel
Senior Vice President and Chief Financial Officer
(duly authorized officer and principal financial officer)
|
Exhibit Number
|
Exhibit Description
|
99.1
|
Press release, dated November 3, 2016, issued by the Corporation.
|
Contact:
|
Mary Kay Ladone, Vice President, Investor Relations
|
Phone:
|
312-819-9387
|
Email:
|
MaryKay.Ladone@hill-rom.com
|
Contact:
|
Howard Karesh, Vice President, Corporate Communications
|
Phone:
|
312-819-7268
|
Email:
|
Howard.Karesh@hill-rom.com
|
· | North America Patient Support Systems: North America revenue of $290 million advanced 5 percent on a reported and constant currency basis. |
· | International Patient Support Systems: International revenue of $92 million declined 12 percent on a reported basis, and declined 11 percent on a constant currency basis. |
· | Front Line Care: Front Line Care, which includes Welch Allyn and Respiratory Care, generated revenue of $212 million. On a pro forma constant currency basis, Front Line Care revenue increased 6 percent. |
· | Surgical Solutions: Surgical Solutions revenue of $112 million declined 6 percent on a reported basis, and declined 5 percent on a constant currency basis. |
· | Successfully integrating Welch Allyn, following the acquisition in September 2015, resulting in a combined organization with greater diversification, scale, resources and broader geographic reach to drive improved patient care, lower costs and efficiencies for customers. |
· | Investing in innovative products and service solutions while capitalizing on a number of product introductions to drive accelerated future growth, such as: |
Ø | Integrated Table Motion for the da Vinci® Xi® Surgical System in the United States in collaboration with Intuitive Surgical. The surgical system and table seamlessly integrate allowing surgeons and anesthesiologists – for the first time – to make a comprehensive range of table adjustments easily and efficiently during da Vinci Surgery. |
Ø | Welch Allyn® RetinaVue™ 100 Imager, a breakthrough handheld technology which makes diabetic retinopathy screening simple and affordable for primary care settings. Diabetic retinopathy is the leading cause of blindness among working-age adults because it often goes undetected. With early detection and treatment, as much as 95 percent of vision loss cases can be prevented1. |
Ø | Welch Allyn Connex® Spot Monitor, an easy-to-use, full-color, touchscreen monitor that provides comprehensive and accurate patient vital signs (blood pressure measurement, pulse oximetry for assessing respiratory conditions, and thermometry) documentation using a single device. |
Ø | VisiVestTM Airway Clearance System, a connected therapeutic solution for patients with chronic lung disease that is designed to help inform decisions caregivers make for their patients, resulting in reduced risk of respiratory infections, hospitalizations and medical costs. |
· | Creating new strategic partnerships including the exclusive global distribution agreement with Haldor Advanced Technologies, Ltd. to market its leading ORLocate® suite of products and technology. The ORLocate® patented solution is an innovative, inter-operable system that leverages radio frequency identification (RFID) technology to track, manage, and analyze sponges and surgical instruments during and post-surgical procedures, improving patient safety and operational efficiency for hospital customers. |
· | Optimizing Hill-Rom’s global manufacturing network and driving efficiencies with the initiation or completion of several manufacturing facility closures. In addition, the company’s recent acquisition of Tridien Medical, a manufacturer and developer of support surfaces and patient positioning devices, allows for insourcing of a significant supply function that is expected to further streamline supply chain operations. |
· | Enhancing the company’s product portfolio with the divestiture of non-core products, including WatchChild, an integrated perinatal data management system. This divestiture, along with others contemplated for 2017, allows the company to direct resources, investment and focus to strategic, core growth platforms. |
Hill-Rom Holdings, Inc. and Subsidiaries
|
||||||||||||||||
Condensed Consolidated Statements of Income
|
||||||||||||||||
(Dollars in millions, except per share data)
|
||||||||||||||||
Quarter Ended September 30
|
Year Ended September 30
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net revenue
|
||||||||||||||||
Product sales and service
|
$
|
613.0
|
$
|
478.6
|
$
|
2,263.4
|
$
|
1,604.5
|
||||||||
Rental revenue
|
93.0
|
95.3
|
391.8
|
383.7
|
||||||||||||
Total revenue
|
706.0
|
573.9
|
2,655.2
|
1,988.2
|
||||||||||||
Cost of revenue
|
||||||||||||||||
Cost of goods sold
|
313.4
|
268.9
|
1,209.4
|
921.2
|
||||||||||||
Rental expenses
|
45.9
|
48.3
|
188.8
|
186.7
|
||||||||||||
Total cost of revenue
|
359.3
|
317.2
|
1,398.2
|
1,107.9
|
||||||||||||
Gross profit
|
||||||||||||||||
Product sales and service
|
299.6
|
209.7
|
1,054.0
|
683.3
|
||||||||||||
Rental
|
47.1
|
47.0
|
203.0
|
197.0
|
||||||||||||
Total gross profit
|
346.7
|
256.7
|
1,257.0
|
880.3
|
||||||||||||
As a percentage of sales
|
49.1%
|
44.7%
|
47.3%
|
44.3%
|
|
|||||||||||
Research and development expenses
|
32.0
|
24.5
|
133.5
|
91.8
|
||||||||||||
Selling and administrative expenses
|
212.8
|
208.7
|
853.3
|
664.2
|
||||||||||||
Special charges
|
8.4
|
29.3
|
39.9
|
41.2
|
||||||||||||
Operating profit (loss)
|
93.5
|
(5.8
|
)
|
230.3
|
83.1
|
|||||||||||
Other income/(expense), net
|
(13.6
|
)
|
(10.7
|
)
|
(81.2
|
)
|
(18.0
|
)
|
||||||||
Loss on extinguishment of debt
|
(10.8
|
)
|
-
|
(10.8
|
)
|
-
|
||||||||||
Income tax expense (benefit)
|
17.7
|
(6.4
|
)
|
15.5
|
18.3
|
|||||||||||
Net income (loss)
|
51.4
|
(10.1
|
)
|
122.8
|
46.8
|
|||||||||||
Less: Net loss attributable to noncontrolling interests
|
(0.3
|
)
|
(0.5
|
)
|
(1.3
|
)
|
(0.9
|
)
|
||||||||
Net income (loss) attributable to common shareholders
|
$
|
51.7
|
$
|
(9.6
|
)
|
$
|
124.1
|
$
|
47.7
|
|||||||
Diluted earnings per share:
|
$
|
0.77
|
$
|
(0.16
|
)
|
$
|
1.86
|
$
|
0.82
|
|||||||
Average common shares outstanding - diluted (thousands)
|
66,862
|
58,708
|
66,596
|
58,536
|
||||||||||||
Dividends per common share
|
$
|
0.1700
|
$
|
0.1600
|
$
|
0.6700
|
$
|
0.6325
|
Hill-Rom Holdings, Inc. and Subsidiaries
|
||||||||||||||||||||||||||||
Revenue Constant Currency
|
||||||||||||||||||||||||||||
(Dollars in millions)
|
||||||||||||||||||||||||||||
U.S.
|
OUS
|
|||||||||||||||||||||||||||
Quarter Ended September 30
|
Change As
|
Constant
|
Change As
|
Change As
|
Constant
|
|||||||||||||||||||||||
2016
|
2015
|
Reported
|
Currency
|
Reported
|
Reported
|
Currency
|
||||||||||||||||||||||
Product sales and service
|
$
|
613.0
|
$
|
478.6
|
28.1
|
%
|
28.6
|
%
|
37.9
|
%
|
11.6
|
%
|
12.9
|
%
|
||||||||||||||
Rental revenue
|
93.0
|
95.3
|
(2.4
|
%)
|
(2.1
|
%)
|
(1.1
|
%)
|
(12.2
|
%)
|
(9.6
|
%)
|
||||||||||||||||
Total revenue
|
$
|
706.0
|
$
|
573.9
|
23.0
|
%
|
23.5
|
%
|
29.4
|
%
|
10.2
|
%
|
11.5
|
%
|
||||||||||||||
North America Patient Support Systems
|
$
|
290.4
|
$
|
277.5
|
4.6
|
%
|
4.6
|
%
|
3.7
|
%
|
33.7
|
%
|
32.6
|
%
|
||||||||||||||
International Patient Support Systems
|
91.9
|
104.4
|
(12.0
|
%)
|
(10.9
|
%)
|
N/
|
A |
(12.0
|
%)
|
(10.9
|
%)
|
||||||||||||||||
Front Line Care
|
211.5
|
72.4
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
||||||||||||||||
Surgical Solutions
|
112.2
|
119.6
|
(6.2
|
%)
|
(5.1
|
%)
|
(2.5
|
%)
|
(10.1
|
%)
|
(7.9
|
%)
|
||||||||||||||||
Total revenue
|
$
|
706.0
|
$
|
573.9
|
23.0
|
%
|
23.5
|
%
|
29.4
|
%
|
10.2
|
%
|
11.5
|
%
|
||||||||||||||
U.S.
|
OUS
|
|||||||||||||||||||||||||||
Year Ended September 30
|
Change As
|
Constant
|
Change As
|
Change As
|
Constant
|
|||||||||||||||||||||||
2016
|
2015
|
Reported
|
Currency
|
Reported
|
Reported
|
Currency
|
||||||||||||||||||||||
Product sales and service
|
$
|
2,263.4
|
$
|
1,604.5
|
41.1
|
%
|
43.1
|
%
|
57.7
|
%
|
17.5
|
%
|
22.4
|
%
|
||||||||||||||
Rental revenue
|
391.8
|
383.7
|
2.1
|
%
|
2.7
|
%
|
4.2
|
%
|
(11.3
|
%)
|
(6.8
|
%)
|
||||||||||||||||
Total revenue
|
$
|
2,655.2
|
$
|
1,988.2
|
33.5
|
%
|
35.3
|
%
|
43.7
|
%
|
15.5
|
%
|
20.3
|
%
|
||||||||||||||
North America Patient Support Systems
|
$
|
1,076.9
|
$
|
1,002.0
|
7.5
|
%
|
7.7
|
%
|
8.2
|
%
|
(7.9
|
%)
|
(1.6
|
%)
|
||||||||||||||
International Patient Support Systems
|
360.3
|
424.6
|
(15.1
|
%)
|
(12.1
|
%)
|
N/
|
A |
(15.1
|
%)
|
(12.1
|
%)
|
||||||||||||||||
Front Line Care
|
809.7
|
139.0
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
N/
|
M
|
||||||||||||||||
Surgical Solutions
|
408.3
|
422.6
|
(3.4
|
%)
|
(1.4
|
%)
|
5.2
|
%
|
(10.9
|
%)
|
(7.2
|
%)
|
||||||||||||||||
Total revenue
|
$
|
2,655.2
|
$
|
1,988.2
|
33.5
|
%
|
35.3
|
%
|
43.7
|
%
|
15.5
|
%
|
20.3
|
%
|
||||||||||||||
N/A = Not applicable
|
||||||||||||||||||||||||||||
N/M = Not meaningful
|
||||||||||||||||||||||||||||
OUS = Outside of the U.S.
|
Hill-Rom Holdings, Inc. and Subsidiaries
|
||||||||||||||||||||||||||||||||||||||||
Reconciliation: Earnings Per Share
|
||||||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data)
|
||||||||||||||||||||||||||||||||||||||||
|
Quarter Ended September 30, 2016
|
Quarter Ended September 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
Gross
Margin
|
Operating
Margin1
|
Income
Before
Income
Taxes
|
Income
Tax
Expense
|
Diluted
EPS1
|
Gross
Margin
|
Operating
Margin
|
(Loss)
Income
Before
Income
Taxes
|
Income
Tax
(Benefit)
Expense
|
Diluted
EPS
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
GAAP Basis
|
49.1
|
%
|
13.2
|
%
|
$
|
69.1
|
$
|
17.7
|
$
|
0.77
|
44.7
|
%
|
-1.0
|
%
|
$
|
(16.5
|
)
|
$
|
(6.4
|
)
|
$
|
(0.16
|
)
|
|||||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||||||||||||||
Acquisition and integration costs
|
0.1
|
%
|
0.7
|
%
|
5.2
|
1.6
|
0.05
|
2.0
|
%
|
7.5
|
%
|
43.3
|
11.7
|
0.53
|
||||||||||||||||||||||||||
Acquisition-related intangible asset amortization
|
-
|
3.4
|
%
|
23.8
|
7.0
|
0.25
|
-
|
1.9
|
%
|
10.7
|
3.3
|
0.12
|
||||||||||||||||||||||||||||
FDA remediation expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
0.1
|
%
|
0.8
|
0.2
|
0.01
|
|||||||||||||||||||||||||||||
Field corrective actions
|
-
|
-
|
0.1
|
-
|
-
|
-0.1
|
%
|
-0.1
|
%
|
(0.4
|
)
|
(0.1
|
)
|
-
|
||||||||||||||||||||||||||
Special charges
|
-
|
1.2
|
%
|
8.4
|
2.9
|
0.08
|
-
|
5.1
|
%
|
29.3
|
9.5
|
0.33
|
||||||||||||||||||||||||||||
Supplemental stock compensation charge
|
-
|
-
|
-
|
-
|
-
|
-
|
1.1
|
%
|
6.1
|
2.2
|
0.06
|
|||||||||||||||||||||||||||||
Foreign valuation allowance
|
-
|
-
|
-
|
0.7
|
(0.01
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||||
Debt refinancing
|
-
|
-
|
12.9
|
4.7
|
0.12
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Gain on disposition
|
-
|
-
|
(10.1
|
)
|
(3.7
|
)
|
(0.10
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Adjusted Basis
|
49.2
|
%
|
18.6
|
%
|
$
|
109.4
|
$
|
30.9
|
$
|
1.18
|
46.6
|
%
|
14.6
|
%
|
$
|
73.3
|
$
|
20.4
|
$
|
0.89
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
Year Ended September 30, 2016
|
Year Ended September 30, 2015
|
||||||||||||||||||||||||||||||||||||||
|
Gross
Margin
|
Operating
Margin1
|
Income
Before
Income
Taxes
|
Income
Tax
Expense
|
Diluted
EPS1
|
Gross
Margin
|
Operating
Margin1
|
Income
Before
Income
Taxes
|
Income
Tax
Expense
|
Diluted
EPS
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
GAAP Basis
|
47.3
|
%
|
8.7
|
%
|
$
|
138.3
|
$
|
15.5
|
$
|
1.86
|
44.3
|
%
|
4.2
|
%
|
$
|
65.1
|
$
|
18.3
|
$
|
0.82
|
||||||||||||||||||||
Adjustments:
|
||||||||||||||||||||||||||||||||||||||||
Acquisition and integration costs
|
0.8
|
%
|
1.5
|
%
|
38.9
|
11.3
|
0.41
|
0.8
|
%
|
3.2
|
%
|
62.8
|
18.0
|
0.76
|
||||||||||||||||||||||||||
Acquisition-related intangible asset amortization
|
-
|
3.6
|
%
|
95.9
|
31.7
|
0.96
|
-
|
1.7
|
%
|
34.1
|
9.8
|
0.42
|
||||||||||||||||||||||||||||
FDA remediation expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
%
|
3.8
|
1.2
|
0.04
|
|||||||||||||||||||||||||||||
Field corrective actions
|
-
|
-
|
0.2
|
(0.1
|
)
|
-
|
0.2
|
%
|
0.2
|
%
|
4.5
|
1.4
|
0.05
|
|||||||||||||||||||||||||||
Litigation settlements and expenses
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(0.6
|
)
|
(0.2
|
)
|
(0.01
|
)
|
|||||||||||||||||||||||||||
Special charges
|
-
|
1.5
|
%
|
39.9
|
13.4
|
0.40
|
-
|
2.1
|
%
|
41.2
|
10.7
|
0.52
|
||||||||||||||||||||||||||||
Supplemental stock compensation charge
|
-
|
-
|
-
|
-
|
-
|
-
|
0.3
|
%
|
6.1
|
2.2
|
0.07
|
|||||||||||||||||||||||||||||
Foreign valuation allowance
|
-
|
-
|
-
|
19.5
|
(0.29
|
)
|
-
|
-
|
-
|
1.9
|
(0.03
|
)
|
||||||||||||||||||||||||||||
Debt refinancing
|
-
|
-
|
12.9
|
4.7
|
0.12
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||||||||
Gain on disposition
|
-
|
-
|
(10.1
|
)
|
(3.7
|
)
|
(0.10
|
)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Adjusted Basis
|
48.1
|
%
|
15.3
|
%
|
$
|
316.0
|
$
|
92.3
|
$
|
3.38
|
45.3
|
%
|
11.8
|
%
|
$
|
217.0
|
$
|
63.3
|
$
|
2.64
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
1 Total does not add due to rounding.
|
Hill-Rom Holdings, Inc. and Subsidiaries
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(Dollars in millions)
|
||||||||
|
||||||||
|
September 30, 2016
|
September 30, 2015
|
||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
232.2
|
$
|
192.8
|
||||
Trade accounts receivable, net of allowances
|
515.1
|
494.7
|
||||||
Inventories, net
|
252.0
|
267.4
|
||||||
Other current assets
|
82.8
|
186.1
|
||||||
Total current assets
|
1,082.1
|
1,141.0
|
||||||
|
||||||||
Property, plant and equipment, net
|
350.0
|
378.4
|
||||||
Intangible assets:
|
||||||||
Goodwill
|
1,584.4
|
1,610.5
|
||||||
Other intangible assets and software, net
|
1,143.3
|
1,247.7
|
||||||
Other assets
|
102.6
|
80.0
|
||||||
|
||||||||
Total Assets
|
$
|
4,262.4
|
$
|
4,457.6
|
||||
|
||||||||
Liabilities
|
||||||||
Current Liabilities
|
||||||||
Trade accounts payable
|
$
|
136.0
|
$
|
136.3
|
||||
Short-term borrowings
|
210.1
|
58.0
|
||||||
Other current liabilities
|
316.2
|
384.5
|
||||||
Total current liabilities
|
662.3
|
578.8
|
||||||
|
||||||||
Long-term debt
|
1,938.4
|
2,175.2
|
||||||
Other long-term liabilities
|
425.8
|
546.7
|
||||||
|
||||||||
Total Liabilities
|
3,026.5
|
3,300.7
|
||||||
|
||||||||
Total Shareholders' Equity Attributable to Common Shareholders
|
1,227.2
|
1,146.9
|
||||||
|
||||||||
Noncontrolling interests
|
8.7
|
10.0
|
||||||
|
||||||||
Total Shareholders' Equity
|
1,235.9
|
1,156.9
|
||||||
|
||||||||
Total Liabilities and Shareholders' Equity
|
$
|
4,262.4
|
$
|
4,457.6
|
Hill-Rom Holdings, Inc. and Subsidiaries
|
||||||||
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Dollars in millions)
|
||||||||
Year Ended September 30
|
||||||||
2016
|
2015
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
122.8
|
$
|
46.8
|
||||
Adjustments to reconcile net income to net cash provided by
|
||||||||
operating activities:
|
||||||||
Depreciation
|
86.2
|
73.6
|
||||||
Amortization
|
26.9
|
10.5
|
||||||
Acquisition-related intangible asset amortization
|
95.9
|
34.1
|
||||||
Loss on extinguishment of debt
|
10.8
|
-
|
||||||
Provision for deferred income taxes
|
(0.5
|
)
|
(22.3
|
)
|
||||
Loss on disposal of property, equipment leased to others,
|
||||||||
intangible assets and impairments
|
1.9
|
0.5
|
||||||
Pension settlement charge
|
-
|
9.6
|
||||||
Pension contribution to master pension plan
|
(30.0
|
)
|
-
|
|||||
Gain on sale of non-core products
|
(10.1
|
)
|
-
|
|||||
Stock compensation
|
23.1
|
25.0
|
||||||
Excess tax benefits from employee stock plans
|
(3.6
|
)
|
(3.6
|
)
|
||||
Change in working capital excluding cash, current debt,
|
||||||||
acquisitions and dispositions:
|
||||||||
Trade accounts receivable
|
(15.8
|
)
|
(39.7
|
)
|
||||
Inventories
|
21.3
|
11.0
|
||||||
Other current assets
|
27.7
|
(7.7
|
)
|
|||||
Trade accounts payable
|
(0.5
|
)
|
0.7
|
|||||
Accrued expenses and other liabilities
|
(73.0
|
)
|
53.8
|
|||||
Other, net
|
(1.9
|
)
|
21.5
|
|||||
Net cash provided by operating activities
|
281.2
|
213.8
|
||||||
Investing Activities
|
||||||||
Capital expenditures and purchases of intangibles
|
(83.3
|
)
|
(121.3
|
)
|
||||
Proceeds on sales of property and equipment leased to others
|
2.2
|
1.5
|
||||||
Payment for acquisition of businesses, net of cash acquired
|
(25.3
|
)
|
(1,638.7
|
)
|
||||
Proceeds on sale of non-core products
|
10.3
|
-
|
||||||
Other
|
(1.6
|
)
|
2.1
|
|||||
Net cash used in investing activities
|
(97.7
|
)
|
(1,756.4
|
)
|
||||
Financing Activities
|
||||||||
Net change in short-term debt
|
-
|
(0.7
|
)
|
|||||
Borrowings on revolving credit facility
|
156.9
|
95.0
|
||||||
Payments on revolving credit facility
|
(20.0
|
)
|
(135.0
|
)
|
||||
Proceeds from long-term debt
|
530.4
|
2,225.0
|
||||||
Payment of long-term debt
|
(767.9
|
)
|
(401.6
|
)
|
||||
Repurchase of registered debentures
|
-
|
(5.9
|
)
|
|||||
Debt issuance costs
|
(2.3
|
)
|
(50.3
|
)
|
||||
Purchase of noncontrolling interest of former joint venture
|
(0.4
|
)
|
(1.9
|
)
|
||||
Payment of cash dividends
|
(43.8
|
)
|
(37.1
|
)
|
||||
Proceeds on exercise of stock options
|
6.2
|
12.1
|
||||||
Proceeds from stock issuance
|
3.8
|
2.8
|
||||||
Excess tax benefits from employee stock plans
|
3.6
|
3.6
|
||||||
Treasury stock acquired
|
(8.4
|
)
|
(63.3
|
)
|
||||
Net cash (used in) provided by financing activities
|
(141.9
|
)
|
1,642.7
|
|||||
Effect of exchange rate changes on cash
|
(2.2
|
)
|
(6.6
|
)
|
||||
Net Cash Flows
|
39.4
|
93.5
|
||||||
Cash and Cash Equivalents:
|
||||||||
At beginning of period
|
192.8
|
99.3
|
||||||
At end of period
|
$
|
232.2
|
$
|
192.8
|