Selected Condensed Consolidating Financial Statements of Parent, Issuer, Guarantors and Non-Guarantors

9 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Selected Condensed Consolidating Financial Statements of Parent, Issuer, Guarantors and Non-Guarantors

Note 12. Selected Condensed Consolidating Financial Statements of Parent, Issuer, Guarantors and Non-Guarantors

The notes issued by WRKCo (“Issuer”) and registered under the Securities Act, are fully and unconditionally guaranteed on a joint and several basis by Parent and the Guarantor Subsidiaries. See “Note 13. Debt — Exchanged Notes” and “Note 14. Selected Condensed Consolidating Financial Statements of Parent, Issuer, Guarantors and Non-Guarantors” of the Notes to Consolidated Financial Statements section in the Fiscal 2019 Form 10-K for additional information regarding our registered notes and the guarantees of our notes.

In accordance with GAAP, we retrospectively account for changes in our legal structure that constitute transfers of businesses between issuers, guarantors and non-guarantors. As such, our prior period financial statements may vary from those previously reported. The information in the prior year tables reflect such revisions, as well as revisions to correct immaterial errors in prior presentations.

In accordance with Rule 3-10 of Regulation S-X, the following tables present condensed consolidating financial data of the Parent, the Issuer, the Guarantor Subsidiaries, the non-guarantor subsidiaries and eliminations. Such financial data include the related Condensed Consolidating Statements of Income for the three and nine months ended June 30, 2020 and June 30, 2019, Condensed Consolidating Balance Sheets as of June 30, 2020 and September 30, 2019 and Condensed Consolidating Statements of Cash Flows for the nine months ended June 30, 2020 and June 30, 2019.

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	Three Months Ended June 30, 2020
(In millions)	Parent		Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—	$	—		$	604.9		$	4,293.6		$	(662.2	)	$	4,236.3
Cost of goods sold		—		—			485.3			3,635.4			(654.4	)		3,466.3
Gross profit		—		—			119.6			658.2			(7.8	)		770.0
Selling, general and administrative,    excluding intangible amortization		—		0.4			18.6			371.1			—			390.1
Selling, general and administrative    intangible amortization		—		—			24.5			75.1			—			99.6
(Gain) loss on disposal of assets		—		—			(0.1	)		1.1			—			1.0
Multiemployer pension withdrawal income		—		—			(2.0	)		—			—			(2.0	)
Restructuring and other costs		—		—			—			9.7			—			9.7
Operating profit (loss)		—		(0.4	)		78.6			201.2			(7.8	)		271.6
Interest (expense) income, net		—		(60.6	)		(33.5	)		1.7			—			(92.4	)
Intercompany interest (expense) income, net		—		(1.5	)		(17.8	)		11.5			7.8			—
Loss on extinguishment of debt		—		(0.6	)		—			—			—			(0.6	)
Pension and other postretirement non-    service (expense) income		—		—			(1.4	)		27.0			—			25.6
Other income (expense), net		—		0.5			—			(5.5	)		—			(5.0	)
Equity in income of consolidated entities		178.5		272.7			195.8			—			(647.0	)		—
Income before income taxes		178.5		210.1			221.7			235.9			(647.0	)		199.2
Income tax benefit (expense)		—		15.6			(0.6	)		(34.2	)		—			(19.2	)
Consolidated net income		178.5		225.7			221.1			201.7			(647.0	)		180.0
Less: Net income attributable to    noncontrolling interests		—		—			—			(1.5	)		—			(1.5	)
Net income attributable to common    stockholders	$	178.5	$	225.7		$	221.1		$	200.2		$	(647.0	)	$	178.5
Comprehensive income attributable to    common stockholders	$	210.1	$	257.2		$	250.2		$	231.3		$	(738.7	)	$	210.1

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	Nine Months Ended June 30, 2020
(In millions)	Parent		Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—	$	—		$	1,825.1		$	13,233.2		$	(1,951.0	)	$	13,107.3
Cost of goods sold		—		—			1,469.1			11,181.4			(1,927.0	)		10,723.5
Gross profit		—		—			356.0			2,051.8			(24.0	)		2,383.8
Selling, general and administrative,    excluding intangible amortization		—		0.7			75.3			1,158.4			—			1,234.4
Selling, general and administrative    intangible amortization		—		—			75.0			226.5			—			301.5
Gain on disposal of assets		—		—			(0.1	)		(5.8	)		—			(5.9	)
Multiemployer pension withdrawal income		—		—			(1.9	)		0.8			—			(1.1	)
Restructuring and other costs		—		3.6			—			52.6			—			56.2
Operating profit (loss)		—		(4.3	)		207.7			619.3			(24.0	)		798.7
Interest (expense) income, net		—		(189.1	)		(102.3	)		8.2			—			(283.2	)
Intercompany interest (expense) income, net		—		(8.3	)		(67.2	)		51.5			24.0			—
Loss on extinguishment of debt		—		(1.0	)		—			(0.1	)		—			(1.1	)
Pension and other postretirement non-    service (expense) income		—		—			(5.2	)		83.6			—			78.4
Other income (expense), net		0.1		0.5			1.3			(11.5	)		—			(9.6	)
Equity in income of unconsolidated entities		—		—			—			8.7			—			8.7
Equity in income of consolidated entities		465.0		751.6			445.2			—			(1,661.8	)		—
Income before income taxes		465.1		549.4			479.5			759.7			(1,661.8	)		591.9
Income tax benefit (expense)		—		50.4			(2.3	)		(171.6	)		—			(123.5	)
Consolidated net income		465.1		599.8			477.2			588.1			(1,661.8	)		468.4
Less: Net income attributable to    noncontrolling interests		—		—			—			(3.3	)		—			(3.3	)
Net income attributable to common    stockholders	$	465.1	$	599.8		$	477.2		$	584.8		$	(1,661.8	)	$	465.1
Comprehensive income attributable to    common stockholders	$	220.3	$	355.9		$	238.6		$	347.4		$	(941.9	)	$	220.3

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	Three Months Ended June 30, 2019
(In millions)	Parent		Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—	$	—		$	643.0		$	4,676.3		$	(629.3	)	$	4,690.0
Cost of goods sold		—		—			475.6			3,844.9			(619.4	)		3,701.1
Gross profit		—		—			167.4			831.4			(9.9	)		988.9
Selling, general and administrative,    excluding intangible amortization		—		(0.4	)		26.0			416.8			—			442.4
Selling, general and administrative    intangible amortization		—		—			26.1			76.3			—			102.4
Loss on disposal of assets		—		—			0.1			6.4			—			6.5
Multiemployer pension withdrawal income		—		—			—			(1.7	)		—			(1.7	)
Restructuring and other costs		—		1.4			0.1			16.4			—			17.9
Operating profit (loss)		—		(1.0	)		115.1			317.2			(9.9	)		421.4
Interest expense, net		—		(66.5	)		(36.9	)		(7.7	)		—			(111.1	)
Intercompany interest (expense) income, net		—		(2.5	)		(33.3	)		25.9			9.9			—
Loss on extinguishment of debt		—		(0.8	)		(2.3	)		(0.1	)		—			(3.2	)
Pension and other postretirement non-    service (expense) income		—		—			(1.4	)		20.3			—			18.9
Other (expense) income, net		—		—			(35.2	)		38.9			—			3.7
Equity in income of unconsolidated entities		—		—			—			1.7			—			1.7
Equity in income (loss) of consolidated    entities		252.6		276.9			(11.4	)		—			(518.1	)		—
Income (loss) before income taxes		252.6		206.1			(5.4	)		396.2			(518.1	)		331.4
Income tax benefit (expense)		—		17.9			(1.9	)		(93.6	)		—			(77.6	)
Consolidated net income (loss)		252.6		224.0			(7.3	)		302.6			(518.1	)		253.8
Less: Net income attributable to    noncontrolling interests		—		—			—			(1.2	)		—			(1.2	)
Net income (loss) attributable to common    stockholders	$	252.6	$	224.0		$	(7.3	)	$	301.4		$	(518.1	)	$	252.6
Comprehensive income attributable to    common stockholders	$	282.7	$	253.7		$	20.7		$	331.8		$	(606.2	)	$	282.7

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
	Nine Months Ended June 30, 2019
(In millions)	Parent		Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—	$	—		$	1,906.0		$	13,648.2		$	(1,916.8	)	$	13,637.4
Cost of goods sold		—		—			1,503.3			11,370.7			(1,906.9	)		10,967.1
Gross profit		—		—			402.7			2,277.5			(9.9	)		2,670.3
Selling, general and administrative,    excluding intangible amortization		—		—			53.3			1,234.1			—			1,287.4
Selling, general and administrative    intangible amortization		—		—			78.4			219.3			—			297.7
Loss (gain) on disposal of assets		—		—			0.1			(37.4	)		—			(37.3	)
Multiemployer pension withdrawal income		—		—			—			(1.7	)		—			(1.7	)
Land and Development impairments		—		—			—			13.0			—			13.0
Restructuring and other costs		—		5.3			0.2			101.6			—			107.1
Operating profit (loss)		—		(5.3	)		270.7			748.6			(9.9	)		1,004.1
Interest expense, net		—		(178.5	)		(128.8	)		(10.0	)		—			(317.3	)
Intercompany interest income (expense), net		—		1.0			(87.9	)		77.0			9.9			—
Loss on extinguishment of debt		—		(2.6	)		(1.9	)		(0.2	)		—			(4.7	)
Pension and other postretirement non-    service (expense) income		—		—			(4.8	)		59.7			—			54.9
Other (expense) income, net		—		(4.0	)		(35.6	)		37.3			—			(2.3	)
Equity in income of unconsolidated entities		—		—			—			8.3			—			8.3
Equity in income of consolidated entities		552.1		671.1			403.0			—			(1,626.2	)		—
Income before income taxes		552.1		481.7			414.7			920.7			(1,626.2	)		743.0
Income tax benefit (expense)		—		46.9			(3.2	)		(231.2	)		—			(187.5	)
Consolidated net income		552.1		528.6			411.5			689.5			(1,626.2	)		555.5
Less: Net income attributable to    noncontrolling interests		—		—			—			(3.4	)		—			(3.4	)
Net income attributable to common    stockholders	$	552.1	$	528.6		$	411.5		$	686.1		$	(1,626.2	)	$	552.1
Comprehensive income attributable to    common stockholders	$	552.0	$	530.6		$	415.9		$	687.0		$	(1,633.5	)	$	552.0

CONDENSED CONSOLIDATING BALANCE SHEETS
	June 30, 2020
(In millions)	Parent		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	178.4	$	113.1	$	—		$	291.5
Accounts receivable		—		—		38.9		2,092.7		(48.4	)		2,083.2
Inventories		—		—		239.9		1,897.8		—			2,137.7
Other current assets		0.5		—		6.3		483.4		—			490.2
Intercompany receivables		—		24.0		0.3		1,372.8		(1,397.1	)		—
Assets held for sale		—		—		—		3.3		—			3.3
Total current assets		0.5		24.0		463.8		5,963.1		(1,445.5	)		5,005.9
Property, plant and equipment, net		—		—		14.8		10,907.8		—			10,922.6
Goodwill		—		—		1,158.6		6,111.9		—			7,270.5
Intangibles, net		—		—		1,409.9		2,339.5		—			3,749.4
Restricted assets held by special purpose    entities		—		—		—		1,269.2		—			1,269.2
Prepaid pension asset		—		—		—		305.9		—			305.9
Intercompany notes receivable		—		154.9		149.8		2,821.3		(3,126.0	)		—
Investments in consolidated subsidiaries		12,158.9		18,891.4		19,827.1		—		(50,877.4	)		—
Other assets		—		91.4		233.8		1,515.6		(86.7	)		1,754.1
Total Assets	$	12,159.4	$	19,161.7	$	23,257.8	$	31,234.3	$	(55,535.6	)	$	30,277.6
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	79.9	$	—	$	133.2	$	—		$	213.1
Accounts payable		—		1.1		24.2		1,536.6		(48.4	)		1,513.5
Accrued compensation and benefits		0.2		—		14.5		362.5		—			377.2
Other current liabilities		—		51.8		107.7		523.6		—			683.1
Intercompany payables		446.1		57.7		470.6		422.7		(1,397.1	)		—
Total current liabilities		446.3		190.5		617.0		2,978.6		(1,445.5	)		2,786.9
Long-term debt due after one year		—		6,706.4		1,972.0		1,161.9		—			9,840.3
Intercompany notes payable		—		753.3		2,068.0		304.7		(3,126.0	)		—
Pension liabilities, net of current portion		—		—		141.6		129.7		—			271.3
Postretirement benefit liabilities, net of    current portion		—		—		25.2		126.7		—			151.9
Non-recourse liabilities held by special    purpose entities		—		—		—		1,138.7		—			1,138.7
Deferred income taxes		—		—		310.0		2,664.9		(86.7	)		2,888.2
Other long-term liabilities		—		35.3		152.5		1,281.0		—			1,468.8
Redeemable noncontrolling interests		—		—		—		1.6		—			1.6
Total stockholders’ equity		11,713.1		11,476.2		17,971.5		21,429.7		(50,877.4	)		11,713.1
Noncontrolling interests		—		—		—		16.8		—			16.8
Total equity		11,713.1		11,476.2		17,971.5		21,446.5		(50,877.4	)		11,729.9
Total Liabilities and Equity	$	12,159.4	$	19,161.7	$	23,257.8	$	31,234.3	$	(55,535.6	)	$	30,277.6

CONDENSED CONSOLIDATING BALANCE SHEETS
	September 30, 2019
(In millions)	Parent		Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	17.8	$	133.8	$	—		$	151.6
Accounts receivable		—		—		31.1		2,201.7		(39.6	)		2,193.2
Inventories		—		—		254.3		1,853.2		—			2,107.5
Other current assets		—		1.2		11.8		483.2		—			496.2
Intercompany receivables		—		227.7		—		1,128.6		(1,356.3	)		—
Assets held for sale		—		—		—		25.8		—			25.8
Total current assets		—		228.9		315.0		5,826.3		(1,395.9	)		4,974.3
Property, plant and equipment, net		—		—		18.9		11,170.6		—			11,189.5
Goodwill		—		—		1,158.6		6,127.0		—			7,285.6
Intangibles, net		—		—		1,485.0		2,574.5		—			4,059.5
Restricted assets held by special purpose    entities		—		—		—		1,274.3		—			1,274.3
Prepaid pension asset		—		—		—		224.7		—			224.7
Intercompany notes receivable		—		155.0		156.9		3,026.8		(3,338.7	)		—
Investments in consolidated subsidiaries		11,973.6		18,524.2		20,103.6		—		(50,601.4	)		—
Other assets		—		67.8		185.3		971.8		(76.1	)		1,148.8
Total Assets	$	11,973.6	$	18,975.9	$	23,423.3	$	31,196.0	$	(55,412.1	)	$	30,156.7
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	135.3	$	108.9	$	316.9	$	—		$	561.1
Accounts payable		—		0.7		31.3		1,839.4		(39.6	)		1,831.8
Accrued compensation and benefits		0.3		—		14.5		455.6		—			470.4
Other current liabilities		—		18.6		83.8		469.4		—			571.8
Intercompany payables		303.4		—		1,052.9		—		(1,356.3	)		—
Total current liabilities		303.7		154.6		1,291.4		3,081.3		(1,395.9	)		3,435.1
Long-term debt due after one year		—		6,608.0		1,982.9		911.4		—			9,502.3
Intercompany notes payable		—		636.3		2,390.5		311.9		(3,338.7	)		—
Pension liabilities, net of current portion		—		—		147.6		146.4		—			294.0
Postretirement benefit liabilities, net of    current portion		—		—		25.7		136.4		—			162.1
Non-recourse liabilities held by special    purpose entities		—		—		—		1,145.2		—			1,145.2
Deferred income taxes		—		—		278.9		2,675.2		(76.1	)		2,878.0
Other long-term liabilities		—		12.9		131.2		909.8		—			1,053.9
Redeemable noncontrolling interests		—		—		—		1.9		—			1.9
Total stockholders’ equity		11,669.9		11,564.1		17,175.1		21,862.2		(50,601.4	)		11,669.9
Noncontrolling interests		—		—		—		14.3		—			14.3
Total equity		11,669.9		11,564.1		17,175.1		21,876.5		(50,601.4	)		11,684.2
Total Liabilities and Equity	$	11,973.6	$	18,975.9	$	23,423.3	$	31,196.0	$	(55,412.1	)	$	30,156.7

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Nine Months Ended June 30, 2020
(In millions)	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Operating activities:
Net cash provided by (used for) operating    activities	$	275.9		$	(38.1	)	$	250.6		$	850.6		$	—		$	1,339.0
Investing activities:
Capital expenditures		—			—			—			(860.2	)		—			(860.2	)
Investment in unconsolidated entities		—			—			—			(1.0	)		—			(1.0	)
Proceeds from sale of property, plant and    equipment		—			—			0.1			22.4			—			22.5
Proceeds from property, plant and equipment    insurance settlement		—			—			—			2.4			—			2.4
Intercompany notes proceeds		—			—			5.0			—			(5.0	)		—
Other, net		—			—			9.9			1.0			—			10.9
Net cash provided by (used for) investing    activities		—			—			15.0			(835.4	)		(5.0	)		(825.4	)
Financing activities:
Proceeds from issuance of notes		—			598.6			—			—			—			598.6
Additions to revolving credit facilities		—			350.0			—			63.0			—			413.0
Repayments of revolving credit facilities		—			(350.0	)		—			(128.2	)		—			(478.2	)
Additions to debt		—			—			—			683.1			—			683.1
Repayments of debt		—			(500.0	)		(105.0	)		(590.8	)		—			(1,195.8	)
Repayments of commercial paper, net		—			(9.3	)		—			—			—			(9.3	)
Other debt repayments, net		—			(46.0	)		—			(23.2	)		—			(69.2	)
Issuances of common stock, net of related    minimum tax withholdings		16.7			—			—			—			—			16.7
Cash dividends paid to stockholders		(292.6	)		—			—			—			—			(292.6	)
Cash distributions paid to noncontrolling    interests		—			—			—			(1.4	)		—			(1.4	)
Intercompany notes payments		—			—			—			(5.0	)		5.0			—
Other, net		—			(5.2	)		—			(11.8	)		—			(17.0	)
Net cash (used for) provided by    financing activities		(275.9	)		38.1			(105.0	)		(14.3	)		5.0			(352.1	)
Effect of exchange rate changes on cash,    cash equivalents and restricted cash		—			—			—			(21.6	)		—			(21.6	)
Increase (decrease) in cash, cash    equivalents and restricted cash		—			—			160.6			(20.7	)		—			139.9
Cash, cash equivalents and restricted cash    at beginning of period		—			—			17.8			133.8			—			151.6
Cash, cash equivalents and restricted cash    at end of period	$	—		$	—		$	178.4		$	113.1		$	—		$	291.5

The condensed consolidating statements of cash flows for the nine months ended June 30, 2020 do not include non-cash transactions between Parent, Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries. From time to time, we may enter into non-cash transactions for simplicity of execution of intercompany transactions. These may include intercompany non-cash capitalizations, intercompany non-cash returns of capital, intercompany debt-to-equity conversions or other transactions of a similar nature. The table below summarizes these non-cash transactions.

	Nine Months Ended June 30, 2020
(In millions)	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Investing activities:
Intercompany notes issued	$	—		$	—		$	(63.6	)	$	(117.0	)	$	180.6		$	—
Intercompany notes proceeds	$	—		$	—		$	65.8		$	322.5		$	(388.3	)	$	—
Intercompany capital investment	$	(407.3	)	$	(625.6	)	$	(917.8	)	$	—		$	1,950.7		$	—
Intercompany return of capital	$	442.0		$	21.2		$	619.7		$	—		$	(1,082.9	)	$	—
Financing activities:
Intercompany notes borrowing	$	—		$	117.0		$	—		$	63.6		$	(180.6	)	$	—
Intercompany notes payments	$	—		$	—		$	(322.5	)	$	(65.8	)	$	388.3		$	—
Intercompany capital receipt	$	—		$	—		$	625.2		$	1,325.5		$	(1,950.7	)	$	—
Intercompany capital distribution	$	—		$	(442.0	)	$	(21.2	)	$	(619.7	)	$	1,082.9		$	—
Intercompany dividends paid	$	—		$	—		$	(48.3	)	$	(1,436.9	)	$	1,485.2		$	—

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Nine Months Ended June 30, 2019
(In millions)	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Operating activities:
Net cash provided by (used for) operating    activities	$	430.7		$	(512.4	)	$	445.9		$	1,035.4		$	—		$	1,399.6
Investing activities:
Capital expenditures		—			—			(2.5	)		(974.3	)		—			(976.8	)
Cash paid related to business combinations,    net of cash acquired		—			—			—			(3,368.3	)		—			(3,368.3	)
Investment in unconsolidated entities		—			—			—			(10.4	)		—			(10.4	)
Proceeds from sale of property, plant and    equipment		—			—			—			108.3			—			108.3
Proceeds from property, plant and equipment    insurance settlement		—			—			—			16.5			—			16.5
Intercompany notes issued		—			—			(0.1	)		(75.7	)		75.8			—
Intercompany notes proceeds		—			9.2			4.3			3,870.2			(3,883.7	)		—
Intercompany capital investment		(563.0	)		(563.0	)		—			—			1,126.0			—
Other, net		—			—			28.2			1.8			—			30.0
Net cash (used for) provided by investing    activities		(563.0	)		(553.8	)		29.9			(431.9	)		(2,681.9	)		(4,200.7	)
Financing activities:
Proceeds from issuance of notes		—			2,498.2			—			—			—			2,498.2
Additions to revolving credit facilities		—			67.2			—			125.0			—			192.2
Repayments of revolving credit facilities		—			(67.2	)		—			(110.0	)		—			(177.2	)
Additions to debt		—			4,101.8			(1.0	)		340.2			—			4,441.0
Repayments of debt		—			(2,187.1	)		(958.6	)		(1,519.3	)		—			(4,665.0	)
Additions to commercial paper, net		—			445.6			—			—			—			445.6
Other debt additions, net		—			35.3			—			10.6			—			45.9
Issuances of common stock, net of related    minimum tax withholdings		8.6			—			—			—			—			8.6
Purchases of common stock		(88.6	)		—			—			—			—			(88.6	)
Cash dividends paid to stockholders		(350.7	)		—			—			—			—			(350.7	)
Cash distributions paid to noncontrolling    interests		—			—			—			(3.4	)		—			(3.4	)
Intercompany notes borrowing		—			—			75.7			0.1			(75.8	)		—
Intercompany notes payments		—			(3,800.0	)		(70.2	)		(13.5	)		3,883.7			—
Intercompany capital receipt		563.0			—			—			563.0			(1,126.0	)		—
Other, net		—			(27.8	)		—			20.7			—			(7.1	)
Net cash provided by (used for)    financing activities		132.3			1,066.0			(954.1	)		(586.6	)		2,681.9			2,339.5
Effect of exchange rate changes on cash,    cash equivalents and restricted cash		—			—			—			3.9			—			3.9
(Decrease) increase in cash, cash    equivalents and restricted cash		—			(0.2	)		(478.3	)		20.8			—			(457.7	)
Cash, cash equivalents and restricted cash    at beginning of period		—			0.2			490.8			145.8			—			636.8
Cash, cash equivalents and restricted cash    at end of period	$	—		$	—		$	12.5		$	166.6		$	—		$	179.1

The condensed consolidating statements of cash flows for the nine months ended June 30, 2019 do not include non-cash transactions between Parent, Issuer, Guarantor Subsidiaries and Non-Guarantor Subsidiaries. From time to time, we may enter into non-cash transactions for simplicity of execution of intercompany transactions. These may include intercompany non-cash capitalizations, intercompany non-cash returns of capital, intercompany debt-to-equity conversions or other transactions of a similar nature. The table below summarizes these non-cash transactions.

	Nine Months Ended June 30, 2019
(In millions)	Parent			Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Operating activities:
Intercompany receivables	$	(140.9	)	$	—		$	—		$	—		$	140.9		$	—
Intercompany payables	$	—		$	—		$	—		$	140.9		$	(140.9	)	$	—
Investing activities:
Intercompany notes issued	$	—		$	(3,800.0	)	$	(4,666.4	)	$	(8,715.4	)	$	17,181.8		$	—
Intercompany notes proceeds	$	—		$	4,519.8		$	4,519.8		$	4,759.6		$	(13,799.2	)	$	—
Intercompany capital investment	$	(10,396.2	)	$	(5,895.5	)	$	(6,880.5	)	$	—		$	23,172.2		$	—
Intercompany return of capital	$	606.7		$	1,479.6		$	1,021.4		$	—		$	(3,107.7	)	$	—
Financing activities:
Intercompany notes borrowing	$	—		$	4,436.3		$	479.1		$	12,266.4		$	(17,181.8	)	$	—
Intercompany notes payments	$	—		$	—		$	(959.6	)	$	(12,839.6	)	$	13,799.2		$	—
Intercompany capital receipt	$	—		$	10,396.2		$	5,413.7		$	7,362.3		$	(23,172.2	)	$	—
Intercompany capital distribution	$	(563.0	)	$	(606.7	)	$	(457.5	)	$	(1,480.5	)	$	3,107.7		$	—
Intercompany dividends paid	$	—		$	—		$	(302.2	)	$	(1,419.6	)	$	1,721.8		$	—