Date of Report (Date of earliest event reported): | October 24, 2013 |
THE TIMKEN COMPANY |
(Exact Name of Registrant as Specified in its Charter) |
Ohio |
(State or Other Jurisdiction of Incorporation) |
1-1169 | 34-0577130 | |
(Commission File Number) | (I.R.S. Employer Identification No.) |
1835 Dueber Avenue, S.W., Canton, Ohio 44706-2798 |
(Address of Principal Executive Offices) (Zip Code) |
(330) 438-3000 |
(Registrant's Telephone Number, Including Area Code) |
THE TIMKEN COMPANY | |||
By: | /s/ William R. Burkhart | ||
William R. Burkhart | |||
Senior Vice President and General Counsel | |||
Date: | October 24, 2013 |
Ex. No. | Description | |
99.1 | Press Release of The Timken Company dated October 24, 2013 |
TIMKEN | PRESS RELEASE |
• | Earns $0.54 per diluted share on lower sales for the quarter |
• | Lowers full-year earnings outlook to $2.70 to $2.90 per share, reflecting slower economic recovery across key global markets |
• | Announced that its board of directors has approved a plan to pursue a separation of the company’s steel business from its bearings and power transmission business through a tax-free spinoff, creating a new independent publicly traded steel company in 2014; |
• | Expanded its product portfolio, launching new Timken® SNT plummer blocks and seals; introducing new Timken® encoders that utilize the latest magnetic encoder technology; and designing two new high-performance Timken® alloy steels to meet the specific needs of the oil and gas industry; |
• | Further aligned its operations with market needs, which includes capacity rationalizations, supply chain improvements and workforce reductions; and |
• | Returned $47 million in capital to shareholders through dividends and repurchases of company shares in the quarter, bringing the total capital returned through September 2013 to approximately $175 million. The company has approximately 5.6 million shares remaining under its board-approved share repurchase program. |
1 |
TIMKEN | PRESS RELEASE |
2013 | 2012 | |||
($ in Mils.) | EPS | ($ in Mils.) | EPS | |
Net Income attributable to The Timken Company | $210.1 | $2.18 | $420.2 | $4.28 |
Less: CDSOA receipts, net of tax | $(0.3) | $ - - | $68.4 | $0.70 |
Add: Charges due to plant closure, net of tax | $11.6 | $0.12 | $26.1 | $0.27 |
Net Income, after adjustments | $222.0 | $2.30 | $377.9 | $3.85 |
2 |
TIMKEN | PRESS RELEASE |
3 |
TIMKEN | PRESS RELEASE |
• | Mobile Industries sales down 11 to 13 percent for the year due to the impact of lower customer demand and the company’s market strategy; |
• | Process Industries sales to be down 7 to 9 percent, due to broad-based weakness in industrial markets, partially offset by the benefit of acquisitions; |
• | Aerospace sales down 3 to 5 percent, due to decreased demand in critical motion, civil aviation and defense; and |
• | Steel sales down 20 to 22 percent, driven by lower industrial and oil and gas end-market demand and lower surcharges, partially offset by growth in mobile on-highway. |
4 |
TIMKEN | PRESS RELEASE |
5 |
TIMKEN | PRESS RELEASE |
The Timken Company | |||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME | |||||||||||||
(Dollars in millions, except share data) (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net sales | $ | 1,061.5 | $ | 1,142.5 | $ | 3,277.9 | $ | 3,906.7 | |||||
Cost of products sold | 809.8 | 843.6 | 2,449.6 | 2,818.9 | |||||||||
Gross Profit | $ | 251.7 | $ | 298.9 | $ | 828.3 | $ | 1,087.8 | |||||
Selling, general & administrative expenses (SG&A) | 159.0 | 152.7 | 472.2 | 480.4 | |||||||||
Impairment and restructuring | 3.7 | 11.9 | 11.6 | 28.8 | |||||||||
Operating Income | $ | 89.0 | $ | 134.3 | $ | 344.5 | $ | 578.6 | |||||
Other income (expense), net | 0.3 | 0.5 | (0.9 | ) | 104.9 | ||||||||
Earnings Before Interest and Taxes (EBIT) (1) | $ | 89.3 | $ | 134.8 | $ | 343.6 | $ | 683.5 | |||||
Interest expense, net | (4.4 | ) | (6.7 | ) | (16.0 | ) | (22.0 | ) | |||||
Income Before Income Taxes | $ | 84.9 | $ | 128.1 | $ | 327.6 | $ | 661.5 | |||||
Provision for income taxes | 32.4 | 47.0 | 117.3 | 241.0 | |||||||||
Net Income | $ | 52.5 | $ | 81.1 | $ | 210.3 | $ | 420.5 | |||||
Less: Net Income Attributable to Noncontrolling Interest | 0.3 | 0.2 | 0.2 | 0.3 | |||||||||
Net Income Attributable to The Timken Company | $ | 52.2 | $ | 80.9 | $ | 210.1 | $ | 420.2 | |||||
Net Income per Common Share Attributable to The Timken Company Common Shareholders | |||||||||||||
Basic Earnings Per Share | $ | 0.55 | $ | 0.84 | $ | 2.20 | $ | 4.32 | |||||
Diluted Earnings Per Share | $ | 0.54 | $ | 0.83 | $ | 2.18 | $ | 4.28 | |||||
Average Shares Outstanding | 94,667,659 | 96,356,772 | 95,391,695 | 96,981,922 | |||||||||
Average Shares Outstanding - assuming dilution | 95,408,069 | 97,123,173 | 96,248,211 | 97,915,800 | |||||||||
(1) EBIT is defined as operating income plus other income (expense). EBIT is an important financial measure used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT is useful to investors as this measure is representative of the Company's performance and cash generation. |
6 |
TIMKEN | PRESS RELEASE |
BUSINESS SEGMENTS | |||||||||||||
(Dollars in millions) (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Mobile Industries | |||||||||||||
Net sales to external customers | $ | 348.0 | $ | 396.7 | $ | 1,137.5 | $ | 1,314.0 | |||||
Intersegment sales | 0.1 | 0.2 | 0.8 | 0.4 | |||||||||
Total net sales | $ | 348.1 | $ | 396.9 | $ | 1,138.3 | $ | 1,314.4 | |||||
Earnings before interest and taxes (EBIT) (1) | $ | 29.1 | $ | 37.9 | $ | 132.7 | $ | 173.4 | |||||
EBIT Margin (1) | 8.4 | % | 9.5 | % | 11.7 | % | 13.2 | % | |||||
Process Industries | |||||||||||||
Net sales to external customers | $ | 307.2 | $ | 309.8 | $ | 907.8 | $ | 1,000.5 | |||||
Intersegment sales | 1.1 | 1.3 | 3.1 | 3.9 | |||||||||
Total net sales | $ | 308.3 | $ | 311.1 | $ | 910.9 | $ | 1,004.4 | |||||
Earnings before interest and taxes (EBIT) (1) | $ | 50.8 | $ | 60.1 | $ | 148.0 | $ | 213.7 | |||||
EBIT Margin (1) | 16.5 | % | 19.3 | % | 16.2 | % | 21.3 | % | |||||
Aerospace | |||||||||||||
Net sales to external customers | $ | 76.3 | $ | 84.0 | $ | 240.8 | $ | 262.5 | |||||
Earnings before interest and taxes (EBIT) (1) | $ | 4.9 | $ | 7.7 | $ | 21.4 | $ | 26.3 | |||||
EBIT Margin (1) | 6.4 | % | 9.2 | % | 8.9 | % | 10.0 | % | |||||
Steel | |||||||||||||
Net sales to external customers | $ | 330.0 | $ | 352.0 | $ | 991.8 | $ | 1,329.7 | |||||
Intersegment sales | 20.5 | 25.0 | 58.9 | 82.6 | |||||||||
Total net sales | $ | 350.5 | $ | 377.0 | $ | 1,050.7 | $ | 1,412.3 | |||||
Earnings before interest and taxes (EBIT) (1) | $ | 29.2 | $ | 49.7 | $ | 107.3 | $ | 226.6 | |||||
EBIT Margin (1) | 8.3 | % | 13.2 | % | 10.2 | % | 16.0 | % | |||||
Unallocated corporate expense | $ | (24.3 | ) | $ | (20.1 | ) | $ | (67.0 | ) | $ | (63.8 | ) | |
Receipt of CDSOA distributions (2) | $ | — | $ | (0.9 | ) | $ | — | $ | 108.6 | ||||
Intersegment eliminations income (expense) (3) | $ | (0.4 | ) | $ | 0.4 | $ | 1.2 | $ | (1.3 | ) | |||
Consolidated | |||||||||||||
Net sales to external customers | $ | 1,061.5 | $ | 1,142.5 | $ | 3,277.9 | $ | 3,906.7 | |||||
Earnings before interest and taxes (EBIT) (1) | $ | 89.3 | $ | 134.8 | $ | 343.6 | $ | 683.5 | |||||
EBIT Margin (1) | 8.4 | % | 11.8 | % | 10.5 | % | 17.5 | % | |||||
(1) EBIT is defined as operating income plus other income (expense). EBIT Margin is EBIT as a percentage of net sales. EBIT and EBIT Margin are important financial measures used in the management of the business, including decisions concerning the allocation of resources and assessment of performance. Management believes that reporting EBIT and EBIT Margin is useful to investors as these measures are representative of the Company's performance and cash generation. | |||||||||||||
(2) U.S. Continued Dumping and Subsidy Offset Act receipts, net of expenses (CDSOA receipts), represent the amount of funds received by the Company from distribution of monies collected by U.S. Customs from antidumping cases to qualifying domestic producers. | |||||||||||||
(3) Intersegment eliminations represent profit or loss between the Steel segment and the Mobile Industries, Process Industries and Aerospace segments. |
7 |
TIMKEN | PRESS RELEASE |
Reconciliation of EBIT to GAAP Net Income: | |||||||||||||
This reconciliation is provided as additional relevant information about the Company's performance. Management believes consolidated earnings before interest and taxes (EBIT) are representative of the Company's performance and therefore useful to investors. Management also believes that it is appropriate to compare GAAP net income to consolidated EBIT. | |||||||||||||
(Dollars in millions) (Unaudited) | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net Income | $ | 52.5 | $ | 81.1 | $ | 210.3 | $ | 420.5 | |||||
Provision for income taxes | 32.4 | 47.0 | 117.3 | 241.0 | |||||||||
Interest expense | 4.9 | 7.3 | 17.5 | 24.0 | |||||||||
Interest income | (0.5 | ) | (0.6 | ) | (1.5 | ) | (2.0 | ) | |||||
Consolidated earnings before interest and taxes (EBIT) | $ | 89.3 | $ | 134.8 | $ | 343.6 | $ | 683.5 |
8 |
TIMKEN | PRESS RELEASE |
Reconciliation of Net Income Attributable to The Timken Company, After Adjustments, to GAAP Net Income Attributable to The Timken Company and Adjusted Earnings Per Share to GAAP Earnings Per Share: | ||||||||||||||||||||||||||||
This reconciliation is provided as additional relevant information about the Company's performance. Management believes that net income attributable to The Timken Company and diluted earnings per share, adjusted to remove charges due to plant closures and CDSOA receipts are representative of the Company's performance and therefore useful to investors. | ||||||||||||||||||||||||||||
(Dollars in millions, except share data) (Unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2013 | EPS | 2012 | EPS | 2013 | EPS | 2012 | EPS | |||||||||||||||||||||
Net Income Attributable to The Timken Company | $ | 52.2 | $ | 0.54 | $ | 80.9 | $ | 0.83 | $ | 210.1 | $ | 2.18 | $ | 420.2 | $ | 4.28 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||||||
CDSOA receipts, net of tax expense (1) | — | — | 0.6 | — | 0.3 | — | (68.4 | ) | (0.70 | ) | ||||||||||||||||||
Charges due to plant closures (2) | 2.1 | 0.02 | 8.4 | 0.09 | 11.6 | 0.12 | 26.1 | 0.27 | ||||||||||||||||||||
Net Income Attributable to The Timken Company, after adjustments | $ | 54.3 | $ | 0.56 | $ | 89.9 | $ | 0.92 | $ | 222.0 | $ | 2.30 | $ | 377.9 | $ | 3.85 | ||||||||||||
(1) CDSOA receipts for the first nine months of 2012 were $108.6 million, net of tax expense of $40.2 million. | ||||||||||||||||||||||||||||
(2) Charges due to plant closures relate to the Company's former manufacturing facilities in Sao Paulo, Brazil and St. Thomas, Ontario, Canada, net of tax. |
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TIMKEN | PRESS RELEASE |
Reconciliation of EBIT Margin, After Adjustments, to Net Income as a Percentage of Sales and EBIT, After Adjustments, to Net Income: | ||||||||||||||||||||
The following reconciliation is provided as additional relevant information about the Company's performance. Management believes that EBIT and EBIT margin, after adjustments, are representative of the Company's core operations and therefore useful to investors. | ||||||||||||||||||||
(Dollars in millions, except share data) (Unaudited) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | Percentage to Net Sales | 2012 | Percentage to Net Sales | 2013 | Percentage to Net Sales | 2012 | Percentage to Net Sales | |||||||||||||
Net Income | $ | 52.5 | 4.9 | % | $ | 81.1 | 7.1 | % | $ | 210.3 | 6.4 | % | $ | 420.5 | 10.8 | % | ||||
Provision for income taxes | 32.4 | 3.1 | % | 47.0 | 4.1 | % | 117.3 | 3.6 | % | 241.0 | 6.2 | % | ||||||||
Interest expense | 4.9 | 0.5 | % | 7.3 | 0.6 | % | 17.5 | 0.5 | % | 24.0 | 0.6 | % | ||||||||
Interest income | (0.5 | ) | (0.1 | )% | (0.6 | ) | (0.1 | )% | (1.5 | ) | — | % | (2.0 | ) | (0.1 | )% | ||||
Consolidated earnings before interest and taxes (EBIT) | $ | 89.3 | 8.4 | % | $ | 134.8 | 11.8 | % | $ | 343.6 | 10.5 | % | $ | 683.5 | 17.5 | % | ||||
Adjustments: | ||||||||||||||||||||
CDSOA receipts (1) | 0.1 | — | % | 0.9 | 0.1 | % | 0.5 | — | % | (108.6 | ) | (2.8 | )% | |||||||
Charges due to plant closures (2) | 2.1 | 0.2 | % | 8.4 | 0.7 | % | 13.9 | 0.4 | % | 26.1 | 0.7 | % | ||||||||
Consolidated earnings before interest and taxes (EBIT), after adjustments | $ | 91.5 | 8.6 | % | $ | 144.1 | 12.6 | % | $ | 358.0 | 10.9 | % | $ | 601.0 | 15.4 | % | ||||
(1) CDSOA receipts for the first nine months of 2012 were $108.6 million. | ||||||||||||||||||||
(2) Charges due to plant closures relate to the Company's former manufacturing facilities in Sao Paulo, Brazil and St. Thomas, Ontario, Canada. |
10 |
TIMKEN | PRESS RELEASE |
Reconciliation of Total Debt to Net Debt and the Ratio of Net Debt to Capital: | ||||||||||||
This reconciliation is provided as additional relevant information about The Timken Company's financial position. Capital, used for the ratio of total debt to capital, is defined as total debt plus total shareholders' equity. Capital, used for the ratio of net debt (cash) to capital, is defined as total debt less cash and cash equivalents plus total shareholder's equity. Management believes Net Debt (Cash) is an important measure of The Timken Company's financial position, due to the amount of cash and cash equivalents. | ||||||||||||
(Dollars in millions) (Unaudited) | ||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||
Short-term debt | $ | 271.2 | $ | 23.9 | ||||||||
Long-term debt | 205.4 | 455.1 | ||||||||||
Total Debt | $ | 476.6 | $ | 479.0 | ||||||||
Less: Cash and cash equivalents | (418.1 | ) | (586.4 | ) | ||||||||
Net Debt (Cash) | $ | 58.5 | $ | (107.4 | ) | |||||||
Total equity | $ | 2,367.1 | $ | 2,246.6 | ||||||||
Ratio of Total Debt to Capital | 16.8 | % | 17.6 | % | ||||||||
Ratio of Net Debt (Cash) to Capital | 2.4 | % | (5.0 | )% | ||||||||
Reconciliation of Free Cash Flow to GAAP Net Cash Provided by Operating Activities: | ||||||||||||
Management believes that free cash flow and free cash flow less discretionary pension and postretirement benefit contributions and CDSOA receipts are useful to investors because they are meaningful indicators of cash generated from operating activities available for the execution of its business strategy. | ||||||||||||
(Dollars in millions) (Unaudited) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net cash provided by operating activities | $ | 112.3 | $ | 130.1 | $ | 251.8 | $ | 366.5 | ||||
Less: capital expenditures | (65.2 | ) | (72.0 | ) | (210.4 | ) | (187.3 | ) | ||||
Less: cash dividends paid to shareholders | (21.8 | ) | (21.9 | ) | (66.0 | ) | (66.8 | ) | ||||
Free cash flow | 25.3 | 36.2 | (24.6 | ) | 112.4 | |||||||
Plus: discretionary pension and postretirement benefit contributions, net of the tax benefit (1) | — | 113.0 | 66.3 | 245.0 | ||||||||
Less: CDSOA receipts, net of tax expense (2) | — | 0.6 | 0.3 | (68.4 | ) | |||||||
Free cash flow adjusted for discretionary pension and postretirement contributions and CDSOA | $ | 25.3 | $ | 149.8 | $ | 42.0 | $ | 289.0 | ||||
(1) There were no discretionary pension and postretirement benefit contributions during the third quarter of 2013. The discretionary pension and postretirement benefit contributions for the first nine months of 2013 were $105.0 million, net of a tax benefit of $38.7 million. The discretionary pension and postretirement benefit contributions for the third quarter of 2012 were $160.3 million, net of a tax benefit of $47.3 million. The discretionary pension and postretirement benefit contributions for the first nine months of 2012 were $364.1 million, net of a tax benefit of $119.1 million. | ||||||||||||
(2) CDSOA receipts for the first nine months of 2012 were $108.6 million, net of tax expense of $40.2 million. |
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TIMKEN | PRESS RELEASE |
12 |
TIMKEN | PRESS RELEASE |
CONDENSED CONSOLIDATED BALANCE SHEET | |||||||
(Dollars in millions) (Unaudited) | |||||||
September 30, 2013 | December 31, 2012 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 418.1 | $ | 586.4 | |||
Accounts receivable | 593.7 | 546.7 | |||||
Inventories, net | 856.1 | 862.1 | |||||
Other current assets | 182.1 | 178.9 | |||||
Total Current Assets | 2,050.0 | 2,174.1 | |||||
Property, Plant and Equipment, net | 1,498.3 | 1,405.3 | |||||
Goodwill | 359.7 | 338.9 | |||||
Other assets | 284.9 | 326.4 | |||||
Total Assets | $ | 4,192.9 | $ | 4,244.7 | |||
LIABILITIES | |||||||
Accounts payable | $ | 252.5 | $ | 216.2 | |||
Short-term debt | 271.2 | 23.9 | |||||
Income taxes | 116.7 | 36.4 | |||||
Accrued expenses | 338.0 | 391.4 | |||||
Total Current Liabilities | 978.4 | 667.9 | |||||
Long-term debt | 205.4 | 455.1 | |||||
Accrued pension cost | 230.7 | 391.4 | |||||
Accrued postretirement benefits cost | 354.9 | 371.8 | |||||
Other non-current liabilities | 56.4 | 111.9 | |||||
Total Liabilities | 1,825.8 | 1,998.1 | |||||
EQUITY | |||||||
The Timken Company shareholders' equity | 2,353.3 | 2,232.2 | |||||
Noncontrolling Interest | 13.8 | 14.4 | |||||
Total Equity | 2,367.1 | 2,246.6 | |||||
Total Liabilities and Equity | $ | 4,192.9 | $ | 4,244.7 |
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TIMKEN | PRESS RELEASE |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
(Dollars in millions) (Unaudited) | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Cash Provided (Used) | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||
Net income attributable to The Timken Company | $ | 52.2 | $ | 80.9 | $ | 210.1 | $ | 420.2 | ||||
Net income attributable to noncontrolling interest | 0.3 | 0.2 | 0.2 | 0.3 | ||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||||||||||||
Depreciation and amortization | 47.6 | 49.0 | 144.7 | 148.8 | ||||||||
Impairment charges | — | 6.4 | — | 6.4 | ||||||||
Pension and other postretirement expense | 21.0 | 19.7 | 64.8 | 70.1 | ||||||||
Pension and other postretirement benefit contributions and payments | (12.6 | ) | (173.9 | ) | (140.4 | ) | (399.8 | ) | ||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | 33.6 | 88.3 | (40.3 | ) | 13.8 | |||||||
Inventories | (33.1 | ) | 20.1 | 12.8 | 35.2 | |||||||
Accounts payable | 5.1 | (14.9 | ) | 30.3 | (17.0 | ) | ||||||
Accrued expenses | 19.2 | 2.7 | (59.5 | ) | (74.5 | ) | ||||||
Income taxes | (15.5 | ) | 36.8 | 37.2 | 143.9 | |||||||
Other - net | (5.5 | ) | 14.8 | (8.1 | ) | 19.1 | ||||||
Net Cash Provided By Operating Activities | $ | 112.3 | $ | 130.1 | $ | 251.8 | $ | 366.5 | ||||
INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | $ | (65.2 | ) | $ | (72.0 | ) | $ | (210.4 | ) | $ | (187.3 | ) |
Acquisitions | 2.8 | — | (64.5 | ) | (0.2 | ) | ||||||
Investments - net | (1.4 | ) | (1.0 | ) | 5.6 | 17.2 | ||||||
Other | 0.8 | 1.3 | 2.7 | 5.3 | ||||||||
Net Cash Used by Investing Activities | $ | (63.0 | ) | $ | (71.7 | ) | $ | (266.6 | ) | $ | (165.0 | ) |
FINANCING ACTIVITIES | ||||||||||||
Cash dividends paid to shareholders | $ | (21.8 | ) | $ | (21.9 | ) | $ | (66.0 | ) | $ | (66.8 | ) |
Purchase of treasury shares, net | (25.6 | ) | (60.6 | ) | (107.4 | ) | (112.3 | ) | ||||
Net proceeds from common share activity | 2.8 | 0.4 | 21.4 | 20.2 | ||||||||
Net proceeds (payments) from credit facilities | 14.4 | (5.9 | ) | (2.2 | ) | (26.5 | ) | |||||
Other | (0.5 | ) | — | 8.4 | 3.6 | |||||||
Net Cash Used by Financing Activities | $ | (30.7 | ) | $ | (88.0 | ) | $ | (145.8 | ) | $ | (181.8 | ) |
Effect of exchange rate changes on cash | 2.7 | 5.2 | (7.7 | ) | 1.0 | |||||||
(Decrease) Increase in Cash and Cash Equivalents | $ | 21.3 | $ | (24.4 | ) | $ | (168.3 | ) | $ | 20.7 | ||
Cash and cash equivalents at beginning of period | 396.8 | 509.9 | 586.4 | 464.8 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 418.1 | $ | 485.5 | $ | 418.1 | $ | 485.5 |
14 |