Note 14 – Guarantor Subsidiaries

The 2017 Notes and 2018 Notes issued by our wholly-owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other wholly-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.

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited


	For the Three Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Revenue, net	$	61.3	$	241.6		$	287.0		$	44.9		$	(9.0	)	$	625.8
Cost of sales		46.9		201.0			254.5			40.1			(9.0	)		533.5


Gross profit		14.4		40.6			32.5			4.8			—			92.3
Selling, general and administrative expenses		6.6		24.1			15.0			3.1			—			48.8
Loss on disposal of property, plant & equipment		—		—			0.3			—			—			0.3


Operating income		7.8		16.5			17.2			1.7			—			43.2

Other expense (income), net		0.6		—			(0.9	)		(0.2	)		—			(0.5	)
Intercompany interest (income) expense, net		—		(2.4	)		2.4			—			—			—
Interest expense, net		0.1		13.3			0.1			—			—			13.5


Income before income tax expense (benefit) and equity income		7.1		5.6			15.6			1.9			—			30.2

Income tax expense (benefit)		3.7		(0.1	)		0.5			(0.2	)		—			3.9
Equity income		21.7		1.3			6.7			—			(29.7	)		—


Net income	$	25.1	$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3

Less: Net income attributable to non-controlling interests		—		—			—			1.2			—			1.2


Net income attributed to Cott Corporation	$	25.1	$	7.0		$	21.8		$	0.9		$	(29.7	)	$	25.1


Comprehensive income (loss) attributed to Cott Corporation	$	18.2	$	(4.5	)	$	12.7		$	(4.3	)	$	(3.9	)	$	18.2

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited


	For the Six Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Revenue, net	$	105.0	$	449.7		$	527.5		$	84.6		$	(17.2	)	$	1,149.6
Cost of sales		84.6		377.2			472.7			76.6			(17.2	)		993.9


Gross profit		20.4		72.5			54.8			8.0			—			155.7
Selling, general and administrative expenses		15.3		39.7			30.0			5.6			—			90.6
Loss on disposal of property, plant & equipment		—		0.4			0.5			—			—			0.9


Operating income		5.1		32.4			24.3			2.4			—			64.2

Other expense (income), net		0.5		0.1			(0.9	)		(0.4	)		—			(0.7	)
Intercompany interest (income) expense, net		—		(4.7	)		4.7			—			—			—
Interest expense, net		0.2		27.0			0.3			—			—			27.5


Income before income tax expense (benefit) and equity income		4.4		10.0			20.2			2.8			—			37.4

Income tax expense (benefit)		3.2		0.6			0.6			(0.1	)		—			4.3
Equity income		29.8		2.3			11.8			—			(43.9	)		—


Net income	$	31.0	$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1

Less: Net income attributable to non-controlling interests		—		—			—			2.1			—			2.1


Net income attributed to Cott Corporation	$	31.0	$	11.7		$	31.4		$	0.8		$	(43.9	)	$	31.0


Comprehensive income (loss) attributed to Cott Corporation	$	31.6	$	17.4		$	(62.0	)	$	45.6		$	(1.0	)	$	31.6

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited


	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Revenue, net	$	60.8		$	254.3		$	288.3		$	47.3		$	(10.7	)	$	640.0
Cost of sales		47.6			222.8			250.0			42.3			(10.7	)		552.0


Gross profit		13.2			31.5			38.3			5.0			—			88.0
Selling, general and administrative expenses		9.6			21.9			10.3			3.3			—			45.1


Operating income		3.6			9.6			28.0			1.7			—			42.9

Other (income) expense, net		(0.3	)		0.3			0.1			(0.1	)		—			—
Intercompany interest (income) expense, net		(1.8	)		0.2			1.6			—			—			—
Interest expense, net		0.2			13.8			0.6			—			—			14.6


Income (loss) before income tax (benefit) expense and equity income (loss)		5.5			(4.7	)		25.7			1.8			—			28.3

Income tax (benefit) expense		—			(0.1	)		0.7			0.1			—			0.7
Equity income (loss)		21.0			0.9			(3.4	)		—			(18.5	)		—


Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6

Less: Net income attributable to non-controlling interests		—			—			—			1.1			—			1.1


Net income (loss) attributed to Cott Corporation	$	26.5		$	(3.7	)	$	21.6		$	0.6		$	(18.5	)	$	26.5


Comprehensive income (loss) attributed to Cott Corporation	$	27.8		$	(5.1	)	$	21.0		$	3.1		$	(18.8	)	$	28.0

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited


	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Revenue, net	$	102.7		$	469.3		$	540.9		$	80.4		$	(19.2	)	$	1,174.1
Cost of sales		82.5			408.8			473.4			71.0			(19.2	)		1,016.5


Gross profit		20.2			60.5			67.5			9.4			—			157.6
Selling, general and administrative expenses		17.8			40.5			25.1			6.8			—			90.2


Operating (loss) income		2.4			20.0			42.4			2.6			—			67.4

Other (income) expense, net		0.1			0.7			0.1			(0.1	)		—			0.8
Intercompany interest (income) expense, net		(3.5	)		0.2			3.3			—			—			—
Interest expense, net		0.2			27.6			1.1			0.1			—			29.0


Income (loss) before income tax (benefit) expense and equity income (loss)		5.6			(8.5	)		37.9			2.6			—			37.6

Income tax (benefit) expense		1.1			1.2			(0.2	)		0.2			—			2.3
Equity income (loss)		28.8			2.2			(7.2	)		—			(23.8	)		—


Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3

Less: Net income attributable to non-controlling interests		—			—			—			2.0			—			2.0


Net income (loss) attributed to Cott Corporation	$	33.3		$	(7.5	)	$	30.9		$	0.4		$	(23.8	)	$	33.3


Comprehensive income (loss) attributed to Cott Corporation	$	43.9		$	10.3		$	134.8		$	33.9		$	(178.4	)	$	44.5

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited


	As of June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
*Current assets*
Cash & cash equivalents	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1
Accounts receivable, net of allowance		31.7			111.8			165.9			16.4			(63.4	)		262.4
Income taxes recoverable		—			8.3			—			—			—			8.3
Inventories		21.3			79.6			123.5			9.6			—			234.0
Prepaid expenses and other assets		1.3			17.0			6.7			0.1			—			25.1


Total current assets		71.1			219.9			314.9			34.4			(63.4	)		576.9

Property, plant & equipment		49.0			185.7			244.5			9.6			—			488.8
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			104.1			207.6			16.5			—			329.1
Deferred income taxes		3.1			—			—			0.2			—			3.3
Other tax receivable		0.4			—			0.6			—			—			1.0
Due from affiliates		33.8			170.0			78.0			41.9			(323.7	)		—
Investments in subsidiaries		475.2			377.8			525.0			227.5			(1,605.5	)		—


Total assets	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7


LIABILITIES AND EQUITY
*Current liabilities*
Current maturities of long-term debt	$	—		$	1.3		$	0.1		$	0.4		$	—		$	1.8
Accounts payable and accrued liabilities		27.6			129.5			156.0			15.3			(63.4	)		265.0


Total current liabilities		27.6			130.8			156.1			15.7			(63.4	)		266.8

Long-term debt		0.3			599.0			1.3			1.6			—			602.2
Deferred income taxes		—			29.1			7.4			0.7			—			37.2
Other long-term liabilities		0.2			3.8			16.2			—			—			20.2
Due to affiliates		43.0			76.7			172.5			31.5			(323.7	)		—


Total liabilities		71.1			839.4			353.5			49.5			(387.1	)		926.4

*Equity*
Capital stock, no par		395.7			574.4			1,458.9			174.8			(2,208.1	)		395.7
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		44.8			—			—			—			—			44.8
Retained earnings (deficit)		175.0			(348.3	)		(343.7	)		(44.3	)		736.3			175.0
Accumulated other comprehensive (loss) income		(24.1	)		(3.5	)		0.1			137.1			(133.7	)		(24.1	)

Total Cott Corporation equity		589.3			222.6			1,115.3			267.6			(1,605.5	)		589.3
Non-controlling interests		—			—			—			13.0			—			13.0

Total equity		589.3			222.6			1,115.3			280.6			(1,605.5	)		602.3

Total liabilities and equity	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7

Consolidating Balance Sheets

(in millions of U.S. dollars)


	As of December 31, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
*Current assets*
Cash & cash equivalents	$	13.7		$	20.7		$	58.9		$	7.6		$	—		$	100.9
Accounts receivable, net of allowance		22.4			97.2			136.3			14.6			(59.7	)		210.8
Income taxes recoverable		—			8.8			0.8			0.3			—			9.9
Inventories		18.1			60.2			124.2			7.5			—			210.0
Prepaid expenses and other assets		1.8			13.8			3.6			0.1			—			19.3


Total current assets		56.0			200.7			323.8			30.1			(59.7	)		550.9

Property, plant & equipment		48.0			179.3			245.1			9.8			—			482.2
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			105.3			216.5			18.4			—			341.1
Deferred income taxes		4.1			—			—			—			—			4.1
Other tax receivable		0.5			—			0.5			—			—			1.0
Due from affiliates		30.3			166.4			79.1			41.9			(317.7	)		—
Investments in subsidiaries		459.8			365.5			572.3			225.3			(1,622.9	)		—


Total assets	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9


LIABILITIES AND EQUITY
*Current liabilities*
Current maturities of long-term debt	$	—		$	2.9		$	0.1		$	0.4		$	—		$	3.4
Accounts payable and accrued liabilities		27.1			117.1			181.2			15.4			(59.7	)		281.1


Total current liabilities		27.1			120.0			181.3			15.8			(59.7	)		284.5
Long-term debt		0.2			599.0			1.2			1.7			—			602.1
Deferred income taxes		—			26.8			6.8			0.5			—			34.1
Other long-term liabilities		0.2			3.5			16.3			—			—			20.0
Due to affiliates		43.2			77.8			168.9			27.8			(317.7	)		—


Total liabilities		70.7			827.1			374.5			45.8			(377.4	)		940.7

*Equity*
Capital stock, no par		395.9			569.3			1,396.5			218.2			(2,184.0	)		395.9
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		42.6			—			—			—			—			42.6
Retained earnings (deficit)		144.1			(365.5	)		(329.0	)		(43.2	)		737.7			144.1
Accumulated other comprehensive (loss) income		(24.7	)		(9.2	)		93.5			92.3			(176.6	)		(24.7	)

Total Cott Corporation equity		555.8			194.6			1,161.0			267.3			(1,622.9	)		555.8
Non-controlling interests		—			—			—			12.4			—			12.4

Total equity		555.8			194.6			1,161.0			279.7			(1,622.9	)		568.2

Total liabilities and equity	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited


	For the Three Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Operating Activities
Net income	$	25.1		$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Depreciation & amortization		1.5			8.9			11.9			1.4			—			23.7
Amortization of financing fees		—			0.9			—			—			—			0.9
Share-based compensation expense		0.7			0.3			0.3			0.1			—			1.4
Increase (decrease) in deferred income taxes		1.8			2.1			0.4			(0.3	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			—			0.3			—			—			0.3
Equity (loss) income, net of distributions		(21.7	)		(1.3	)		(6.7	)		—			29.7			—
Intercompany transactions		12.0			0.2			—			—			(12.2	)		—
Other non-cash items		0.8			0.2			—			—			—			1.0
Net change in operating assets and liabilities, net of acquisition		(9.9	)		(0.4	)		(20.1	)		(0.4	)		12.2			(18.6	)

Net cash provided by operating activities		10.3			17.9			7.0			2.9			—			38.1


Investing Activities
Additions to property, plant & equipment		(2.7	)		(13.7	)		(3.1	)		(0.2	)		—			(19.7	)
Additions to intangibles and other assets		—			(1.4	)		0.4			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(0.9	)		0.9			—

Net cash used in investing activities		(2.7	)		(15.1	)		(1.7	)		(1.1	)		0.9			(19.7	)


Financing Activities
Payments of long-term debt		—			(1.3	)		—			(0.1	)		—			(1.4	)
Borrowings under ABL		—			17.5			—			—			—			17.5
Payments under ABL		—			(17.5	)		—			—			—			(17.5	)
Advances from affiliates		0.9			—			—			—			(0.9	)		—
Distributions to non-controlling interests		—			—			—			(0.3	)		—			(0.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)

Net cash provided by (used in) financing activities		0.6			(1.3	)		—			(0.4	)		(0.9	)		(2.0	)

Effect of exchange rate changes on cash		(0.4	)		—			(0.2	)		(0.3	)		—			(0.9	)

Net increase in cash & cash equivalents		7.8			1.5			5.1			1.1			—			15.5

Cash & cash equivalents, beginning of period		9.0			1.7			13.7			7.2			—			31.6

Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited


	For the Six Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Operating Activities
Net income	$	31.0		$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Depreciation & amortization		3.1			17.7			23.9			2.8			—			47.5
Amortization of financing fees		0.1			1.9			0.1			—			—			2.1
Share-based compensation expense		0.8			0.8			0.5			0.1			—			2.2
Increase (decrease) in deferred income taxes		1.1			2.5			0.6			(0.2	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.4			0.5			—			—			0.9
Equity (loss) income, net of distributions		(29.8	)		(2.3	)		(11.8	)		—			43.9			—
Intercompany transactions		16.2			1.4			—			—			(17.6	)		—
Other non-cash items		0.4			0.2			—			—			—			0.6
Net change in operating assets and liabilities, net of acquisition		(18.7	)		(21.0	)		(72.8	)		0.4			17.6			(94.5	)

Net cash provided by (used in) operating activities		4.2			13.3			(28.5	)		6.0			—			(5.0	)


Investing Activities
Acquisition		—			—			(5.0	)		—			—			(5.0	)
Additions to property, plant & equipment		(4.2	)		(24.8	)		(8.1	)		(0.3	)		—			(37.4	)
Additions to intangibles and other assets		—			(3.6	)		(0.1	)		—			—			(3.7	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(3.5	)		3.5			—

Net cash used in investing activities		(4.2	)		(28.4	)		(12.2	)		(3.8	)		3.5			(45.1	)


Financing Activities
Payments of long-term debt		—			(2.4	)		—			(0.2	)		—			(2.6	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		3.5			—			—			—			(3.5	)		—
Distributions to non-controlling interests		—			—			—			(1.4	)		—			(1.4	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)

Net cash provided by (used in) financing activities		3.2			(2.4	)		—			(1.6	)		(3.5	)		(4.3	)

Effect of exchange rate changes on cash		(0.1	)		—			0.6			0.1			—			0.6

Net increase (decrease) in cash & cash equivalents		3.1			(17.5	)		(40.1	)		0.7			—			(53.8	)

Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9

Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited


	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Operating Activities
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Depreciation & amortization		1.4			8.7			12.2			1.5			—			23.8
Amortization of financing fees		0.1			0.7			0.1			—			—			0.9
Share-based compensation expense		0.9			1.4			0.4			—			—			2.7
Increase in deferred income taxes		0.6			0.1			0.3			—			—			1.0
Equity income (loss), net of distributions		21.0			0.9			(3.4	)		—			(18.5	)		—
Intercompany transactions		2.3			1.1			—			—			(3.4	)		—
Other non-cash items		(0.4	)		2.0			—			—			—			1.6
Net change in operating assets and liabilities		(26.7	)		22.3			(66.1	)		(6.2	)		40.4			(36.3	)

Net cash provided by (used in) operating activities		25.7			33.5			(34.9	)		(3.0	)		—			21.3


Investing Activities
Additions to property, plant & equipment		(1.5	)		(6.2	)		(3.1	)		—			—			(10.8	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.8	)		—			—			—			(1.8	)
Advances to affiliates		(19.8	)		—			6.0			4.1			9.7			—

Net cash (used in) provided by investing activities		(19.9	)		(10.6	)		2.8			2.9			9.7			(15.1	)


Financing Activities
Payments of long-term debt		—			(2.0	)		—			(0.1	)		—			(2.1	)
Borrowings under ABL		—			43.6			—			—			—			43.6
Payments under ABL		—			(58.7	)		—			—			—			(58.7	)
Advances from affiliates		(4.1	)		(6.0	)		19.8			—			(9.7	)		—
Distributions to non-controlling interests		—			—			—			(0.9	)		—			(0.9	)

Net cash (used in) provided by financing activities		(4.1	)		(23.1	)		19.8			(1.0	)		(9.7	)		(18.1	)

Effect of exchange rate changes on cash		—			—			0.1			—			—			0.1

Net increase (decrease) in cash & cash equivalents		1.7			(0.2	)		(12.2	)		(1.1	)		—			(11.8	)

Cash & cash equivalents, beginning of period		7.0			1.7			20.6			6.5			—			35.8

Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited


	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated

Operating Activities
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Depreciation & amortization		3.0			17.3			24.1			3.0			—			47.4
Amortization of financing fees		0.2			1.5			0.1			—			—			1.8
Share-based compensation expense		1.0			2.2			0.6			—			—			3.8
Increase (decrease) in deferred income taxes		0.9			1.2			(0.2	)		—			—			1.9
Equity (loss) income, net of distributions		(28.8	)		(2.2	)		7.2			—			23.8			—
Intercompany transactions		6.9			2.7			—			—			(9.6	)		—
Other non-cash items		—			1.8			—			—			—			1.8
Net change in operating assets and liabilities		(16.9	)		(21.5	)		(67.8	)		0.3			9.6			(96.3	)

Net cash (used in) provided by operating activities		(0.4	)		(4.5	)		(5.1	)		5.7			—			(4.3	)


Investing Activities
Additions to property, plant & equipment		(2.2	)		(14.2	)		(6.9	)		—			—			(23.3	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.7	)		—			—			—			(1.7	)
Advances to affiliates		—			—			(6.4	)		(1.9	)		8.3			—

Net cash used in investing activities		(0.8	)		(18.5	)		(13.4	)		(3.1	)		8.3			(27.5	)


Financing Activities
Payments of long-term debt		—			(3.2	)		—			(0.2	)		—			(3.4	)
Borrowings under ABL		—			143.4			—			—			—			143.4
Payments under ABL		—			(131.2	)		—			—			—			(131.2	)
Advances from affiliates		1.9			6.4			—			—			(8.3	)		—
Distributions to non-controlling interests		—			—			—			(2.5	)		—			(2.5	)

Net cash provided by (used in) financing activities		1.9			15.4			—			(2.7	)		(8.3	)		6.3
Effect of exchange rate changes on cash		0.2			—			0.9			0.2			—			1.3

Net increase (decrease) in cash & cash equivalents		0.9			(7.6	)		(17.6	)		0.1			—			(24.2	)

Cash & cash equivalents, beginning of period		7.8			9.1			26.0			5.3			—			48.2

Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0