EX-20 2 a11-25453_1ex20.htm EX-20

Exhibit 20

 

Subsidiary Guarantees of Debt

 

The company’s senior notes are guaranteed on a full, unconditional and joint and several basis by certain of the company’s material domestic subsidiaries. These guarantees are required in support of the notes, are co-terminous with the terms of the respective note indentures and would require performance upon certain events of default referred to in the respective guarantees. The maximum potential amounts that could be required to be paid under the domestic guarantees are essentially equal to the then outstanding principal and interest under the respective notes. The following is condensed, consolidating financial information (in millions of dollars) for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of October 2, 2011, and December 31, 2010, and for the three and nine months ended October 2, 2011, and September 26, 2010. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements are not required by the current regulations.

 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF EARNINGS

 

 

 

For the Three Months Ended October 2, 2011

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

—

 

$

1,408.2

 

$

850.1

 

$

—

 

$

2,258.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (excluding depreciation)

 

—

 

(1,188.2

)

(674.0

)

—

 

(1,862.2

)

Depreciation and amortization

 

(1.3

)

(35.5

)

(37.7

)

—

 

(74.5

)

Selling, general and administrative

 

(18.2

)

(47.1

)

(24.4

)

—

 

(89.7

)

Business consolidation and other activities

 

(0.5

)

(1.7

)

(1.1

)

—

 

(3.3

)

Equity in results of subsidiaries

 

134.7

 

—

 

—

 

(134.7

)

—

 

Intercompany license fees

 

60.6

 

(56.1

)

(4.5

)

—

 

—

 

 

 

175.3

 

(1,328.6

)

(741.7

)

(134.7

)

(2,029.7

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before interest and taxes

 

175.3

 

79.6

 

108.4

 

(134.7

)

228.6

 

Interest expense

 

(38.7

)

1.2

 

(5.5

)

—

 

(43.0

)

Earnings (loss) before taxes

 

136.6

 

80.8

 

102.9

 

(134.7

)

185.6

 

Tax provision

 

(4.5

)

(30.4

)

(12.7

)

—

 

(47.6

)

Equity in results of affiliates

 

—

 

0.7

 

0.1

 

—

 

0.8

 

Net earnings (loss) from continuing operations

 

132.1

 

51.1

 

90.3

 

(134.7

)

138.8

 

Discontinued operations, net of tax

 

—

 

(1.3

)

—

 

—

 

(1.3

)

Net earnings (loss)

 

132.1

 

49.8

 

90.3

 

(134.7

)

137.5

 

Less net earnings attributable to noncontrolling interests

 

—

 

—

 

(5.4

)

—

 

(5.4

)

Net earnings (loss) attributable to Ball Corporation

 

$

132.1

 

$

49.8

 

$

84.9

 

$

(134.7

)

$

132.1

 

 

1


 

 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF EARNINGS

 

 

 

For the Nine Months Ended October 2, 2011

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

—

 

$

4,085.8

 

$

2,493.4

 

$

—

 

$

6,579.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (excluding depreciation)

 

—

 

(3,447.7

)

(1,930.7

)

—

 

(5,378.4

)

Depreciation and amortization

 

(2.9

)

(109.3

)

(110.0

)

—

 

(222.2

)

Selling, general and administrative

 

(56.6

)

(141.4

)

(84.2

)

—

 

(282.2

)

Business consolidation and other activities

 

(0.8

)

(15.2

)

(3.7

)

—

 

(19.7

)

Equity in results of subsidiaries

 

414.5

 

—

 

—

 

(414.5

)

—

 

Intercompany license fees

 

131.7

 

(120.6

)

(11.1

)

—

 

—

 

 

 

485.9

 

(3,834.2

)

(2,139.7

)

(414.5

)

(5,902.5

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before interest and taxes

 

485.9

 

251.6

 

353.7

 

(414.5

)

676.7

 

Interest expense

 

(117.2

)

3.0

 

(20.5

)

—

 

(134.7

)

Earnings (loss) before taxes

 

368.7

 

254.6

 

333.2

 

(414.5

)

542.0

 

Tax provision

 

(2.2

)

(101.5

)

(56.5

)

—

 

(160.2

)

Equity in results of affiliates

 

—

 

1.0

 

0.9

 

—

 

1.9

 

Net earnings (loss) from continuing operations

 

366.5

 

154.1

 

277.6

 

(414.5

)

383.7

 

Discontinued operations, net of tax

 

—

 

(2.9

)

—

 

—

 

(2.9

)

Net earnings (loss)

 

366.5

 

151.2

 

277.6

 

(414.5

)

380.8

 

Less net earnings attributable to noncontrolling interests

 

—

 

—

 

(14.3

)

—

 

(14.3

)

Net earnings (loss) attributable to Ball Corporation

 

$

366.5

 

$

151.2

 

$

263.3

 

$

(414.5

)

$

366.5

 

 

2


 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF EARNINGS

 

 

 

For the Three Months Ended September 26, 2010

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

—

 

$

1,371.9

 

$

663.1

 

$

—

 

$

2,035.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (excluding depreciation)

 

—

 

1,131.8

 

521.6

 

—

 

1,653.4

 

Depreciation and amortization

 

0.8

 

37.3

 

29.0

 

—

 

67.1

 

Selling, general and administrative

 

22.0

 

47.5

 

23.5

 

—

 

93.0

 

Business consolidation activities

 

0.7

 

0.7

 

(13.0

)

—

 

(11.6

)

Equity in results of subsidiaries

 

(226.0

)

—

 

—

 

226.0

 

—

 

Intercompany license fees

 

(36.5

)

33.9

 

2.6

 

—

 

(0.0

)

 

 

(239.0

)

1,251.2

 

563.7

 

226.0

 

1,801.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before interest and taxes

 

239.0

 

120.7

 

99.4

 

(226.0

)

233.1

 

Interest expense

 

(30.7

)

0.3

 

(5.8

)

—

 

(36.2

)

Earnings (loss) before taxes

 

208.3

 

121.0

 

93.6

 

(226.0

)

196.9

 

Tax provision

 

17.7

 

(44.3

)

(33.9

)

—

 

(60.5

)

Equity in results of affiliates

 

—

 

0.8

 

85.0

 

—

 

85.8

 

Net earnings (loss) from continuing operations

 

226.0

 

77.5

 

144.7

 

(226.0

)

222.2

 

Discontinued operations, net of tax

 

1.5

 

4.6

 

(0.8

)

—

 

5.3

 

Net earnings (loss)

 

227.5

 

82.1

 

143.9

 

(226.0

)

227.5

 

Less net earnings attributable to noncontrolling interests

 

—

 

—

 

—

 

—

 

—

 

Net earnings (loss) attributable to Ball Corporation

 

$

227.5

 

$

82.1

 

$

143.9

 

$

(226.0

)

$

227.5

 

 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF EARNINGS

 

 

 

For the Nine Months Ended September 26, 2010

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

—

 

$

3,903.9

 

$

1,730.9

 

$

—

 

$

5,634.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

Cost of sales (excluding depreciation)

 

—

 

3,262.2

 

1,352.5

 

—

 

4,614.7

 

Depreciation and amortization

 

2.4

 

112.0

 

77.8

 

—

 

192.2

 

Selling, general and administrative

 

48.6

 

139.9

 

61.4

 

—

 

249.9

 

Business consolidation activities

 

3.8

 

(0.8

)

(12.8

)

—

 

(9.8

)

Equity in results of subsidiaries

 

(383.5

)

—

 

—

 

383.5

 

—

 

Intercompany license fees

 

(123.8

)

117.7

 

6.1

 

—

 

0.0

 

 

 

(452.5

)

3,631.0

 

1,485.0

 

383.5

 

5,047.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before interest and taxes

 

452.5

 

272.9

 

245.9

 

(383.5

)

587.8

 

Interest expense

 

(102.4

)

1.0

 

(13.4

)

—

 

(114.8

)

Earnings (loss) before taxes

 

350.1

 

273.9

 

232.5

 

(383.5

)

473.0

 

Tax provision

 

25.4

 

(98.2

)

(69.4

)

—

 

(142.2

)

Equity in results of affiliates

 

—

 

1.5

 

117.0

 

—

 

118.5

 

Net earnings (loss) from continuing operations

 

375.5

 

177.2

 

280.1

 

(383.5

)

449.3

 

Discontinued operations, net of tax

 

0.3

 

(69.2

)

(4.5

)

—

 

(73.4

)

Net earnings (loss)

 

375.8

 

108.0

 

275.6

 

(383.5

)

375.9

 

Less net earnings attributable to noncontrolling interests

 

—

 

—

 

(0.1

)

—

 

(0.1

)

Net earnings (loss) attributable to Ball Corporation

 

$

375.8

 

$

108.0

 

$

275.5

 

$

(383.5

)

$

375.8

 

 

3


 

 

 

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

 

 

October 2, 2011

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1.2

 

$

2.3

 

$

186.6

 

$

—

 

$

190.1

 

Receivables, net

 

(1.5

)

179.0

 

930.1

 

—

 

1,107.6

 

Inventories, net

 

—

 

684.7

 

409.9

 

—

 

1,094.6

 

Def taxes and other current assets

 

18.4

 

105.5

 

57.7

 

—

 

181.6

 

Total current assets

 

18.1

 

971.5

 

1,584.3

 

—

 

2,573.9

 

Property, plant and equipment

 

33.1

 

899.2

 

1,310.2

 

—

 

2,242.5

 

Investment in subsidiaries

 

3,709.5

 

353.9

 

78.6

 

(4,142.0

)

—

 

Goodwill

 

—

 

927.0

 

1,356.1

 

—

 

2,283.1

 

Intangibles and other assets, net

 

147.3

 

102.3

 

189.3

 

—

 

438.9

 

Total Assets

 

$

3,908.0

 

$

3,253.9

 

$

4,518.5

 

$

(4,142.0

)

$

7,538.4

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Short-term debt and current portion of long-term debt

 

$

37.2

 

$

0.1

 

$

441.9

 

 

 

$

479.2

 

Accounts payable

 

14.9

 

391.7

 

370.2

 

—

 

776.8

 

Accrued employee costs

 

44.8

 

138.2

 

72.4

 

—

 

255.4

 

Other current liabilities

 

(22.1

)

156.2

 

140.1

 

—

 

274.2

 

Total current liabilities

 

74.8

 

686.2

 

1,024.6

 

—

 

1,785.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

2,427.7

 

0.2

 

549.6

 

—

 

2,977.5

 

Intercompany borrowings

 

(207.6

)

(129.1

)

336.7

 

—

 

—

 

Employee benefit obligations

 

262.6

 

354.7

 

335.0

 

—

 

952.3

 

Deferred taxes and other liabilities

 

(57.2

)

120.8

 

191.4

 

 

 

255.0

 

Total liabilities

 

2,500.3

 

1,032.8

 

2,437.3

 

—

 

5,970.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred stock

 

—

 

—

 

4.8

 

(4.8

)

—

 

Preferred shareholders’ equity

 

—

 

—

 

4.8

 

(4.8

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

931.2

 

799.7

 

668.2

 

(1,467.9

)

931.2

 

Retained earnings

 

3,162.0

 

1,631.9

 

1,187.1

 

(2,819.0

)

3,162.0

 

Accumulated other comprehensive earnings (loss)

 

(164.9

)

(210.5

)

60.8

 

149.7

 

(164.9

)

Treasury stock, at cost

 

(2,520.6

)

—

 

—

 

—

 

(2,520.6

)

Common shareholders’ equity

 

1,407.7

 

2,221.1

 

1,916.1

 

(4,137.2

)

1,407.7

 

Total Ball Corporation shareholders’ equity

 

1,407.7

 

2,221.1

 

1,920.9

 

(4,142.0

)

1,407.7

 

Noncontrolling interests

 

—

 

—

 

160.3

 

—

 

160.3

 

Total shareholders’ equity

 

1,407.7

 

2,221.1

 

2,081.2

 

(4,142.0

)

1,568.0

 

Total Liabilities and Shareholders’ Equity

 

$

3,908.0

 

$

3,253.9

 

$

4,518.5

 

$

(4,142.0

)

$

7,538.4

 

 

4


 

 

 

CONDENSED, CONSOLIDATING BALANCE SHEET

 

 

 

December 31, 2010

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Eliminating

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Adjustments

 

Total

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

0.2

 

$

1.7

 

$

150.1

 

$

—

 

$

152.0

 

Receivables, net

 

(0.5

)

157.0

 

693.2

 

—

 

849.7

 

Inventories, net

 

—

 

763.3

 

320.6

 

—

 

1,083.9

 

Deferred taxes and other current assets

 

19.0

 

126.8

 

74.3

 

—

 

220.1

 

Total current assets

 

18.7

 

1,048.8

 

1,238.2

 

—

 

2,305.7

 

Property, plant and equipment, net

 

29.6

 

893.8

 

1,124.8

 

—

 

2,048.2

 

Investment in subsidiaries

 

3,372.9

 

217.3

 

151.0

 

(3,741.2

)

—

 

Goodwill

 

—

 

927.0

 

1,178.3

 

—

 

2,105.3

 

Intangibles and other assets, net

 

176.0

 

129.0

 

163.5

 

—

 

468.5

 

Total Assets

 

$

3,597.2

 

$

3,215.9

 

$

3,855.8

 

$

(3,741.2

)

$

6,927.7

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

Short-term debt and current portion of long-term debt

 

$

17.9

 

$

0.2

 

$

92.6

 

$

—

 

$

110.7

 

Accounts payable

 

17.5

 

362.2

 

320.6

 

—

 

700.3

 

Accrued employee costs

 

24.7

 

165.1

 

68.4

 

—

 

258.2

 

Other current liabilities

 

59.3

 

126.8

 

128.0

 

—

 

314.1

 

Total current liabilities

 

119.4

 

654.3

 

609.6

 

—

 

1,383.3

 

Long-term debt

 

2,333.5

 

0.4

 

367.7

 

—

 

2,701.6

 

Intercompany borrowings

 

(536.7

)

105.3

 

431.4

 

—

 

—

 

Employee benefit obligations

 

197.1

 

419.9

 

346.3

 

—

 

963.3

 

Deferred taxes and other liabilities

 

(34.1

)

65.8

 

189.7

 

—

 

221.4

 

Total liabilities

 

2,079.2

 

1,245.7

 

1,944.7

 

—

 

5,269.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

Convertible preferred stock

 

—

 

—

 

4.8

 

(4.8

)

—

 

Preferred shareholders’ equity

 

—

 

—

 

4.8

 

(4.8

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

893.4

 

684.4

 

719.2

 

(1,403.6

)

893.4

 

Retained earnings

 

2,829.8

 

1,480.8

 

923.8

 

(2,404.6

)

2,829.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated other comprehensive earnings (loss)

 

(82.1

)

(195.0

)

123.2

 

71.8

 

(82.1

)

Treasury stock, at cost

 

(2,123.1

)

—

 

—

 

—

 

(2,123.1

)

Common shareholders’ equity

 

1,518.0

 

1,970.2

 

1,766.2

 

(3,736.4

)

1,518.0

 

Total Ball Corporation shareholders’ equity

 

1,518.0

 

1,970.2

 

1,771.0

 

(3,741.2

)

1,518.0

 

Noncontrolling interests

 

—

 

—

 

140.1

 

—

 

140.1

 

Total shareholders’ equity

 

1,518.0

 

1,970.2

 

1,911.1

 

(3,741.2

)

1,658.1

 

Total Liabilities and Shareholders’ Equity

 

$

3,597.2

 

$

3,215.9

 

$

3,855.8

 

$

(3,741.2

)

$

6,927.7

 

 

5


 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF CASH FLOWS

 

 

 

For the Nine Months Ended October 2, 2011

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Total

 

 

 

 

 

 

 

 

 

 

 

Cash provided by (used in) continuing operating activities

 

$

(127.3

)

$

486.2

 

$

89.6

 

$

448.5

 

Cash provided by (used in) discontinued operating activities

 

—

 

(3.3

)

(4.2

)

(7.5

)

Total cash provided by (used in) operating activities

 

(127.3

)

482.9

 

85.4

 

441.0

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(7.1

)

(123.8

)

(192.9

)

(323.8

)

Business acquisition

 

—

 

—

 

(295.2

)

(295.2

)

Investments in and advances to affiliates

 

439.0

 

(372.0

)

(86.5

)

(19.5

)

Other, net

 

(4.2

)

13.7

 

2.7

 

12.2

 

Total cash provided by (used in) investing activities

 

427.7

 

(482.1

)

(571.9

)

(626.3

)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

228.8

 

—

 

456.9

 

685.7

 

Repayments of long-term borrowings

 

(128.5

)

(0.2

)

(269.6

)

(398.3

)

Change in short-term borrowings

 

11.5

 

—

 

328.6

 

340.1

 

Proceeds from issuances of common stock

 

31.8

 

—

 

—

 

31.8

 

Acquisitions of treasury stock

 

(413.1

)

—

 

—

 

(413.1

)

Common dividends

 

(34.6

)

—

 

—

 

(34.6

)

Other, net

 

4.7

 

—

 

—

 

4.7

 

Cash provided by (used in) financing activities

 

(299.4

)

(0.2

)

515.9

 

216.3

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

—

 

—

 

7.1

 

7.1

 

 

 

 

 

 

 

 

 

 

 

Change in cash and cash equivalents

 

1.0

 

0.6

 

36.5

 

38.1

 

Cash and cash equivalents — beginning of period

 

0.2

 

1.7

 

150.1

 

152.0

 

Cash and cash equivalents — end of period

 

$

1.2

 

$

2.3

 

$

186.6

 

$

190.1

 

 

6


 

 

 

UNAUDITED CONDENSED CONSOLIDATING

 

 

 

STATEMENT OF CASH FLOWS

 

 

 

For the Nine Months Ended September 26, 2010

 

 

 

Ball

 

Guarantor

 

Non-Guarantor

 

Consolidated

 

($ in millions)

 

Corporation

 

Subsidiaries

 

Subsidiaries

 

Total

 

 

 

 

 

 

 

 

 

 

 

Cash provided by (used in) continuing operating activities

 

$

13.5

 

$

400.6

 

$

(58.2

)

$

355.9

 

Cash provided by (used in) discontinued operating activities

 

0.3

 

19.4

 

(4.2

)

15.5

 

Total cash provided by (used in) operating activities

 

13.8

 

420.0

 

(62.4

)

371.4

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(7.6

)

(56.3

)

(67.2

)

(131.1

)

Business acquisition

 

—

 

(25.0

)

(35.0

)

(60.0

)

Acquisition of equity affiliate

 

—

 

—

 

(63.8

)

(63.8

)

Proceeds from sale of business

 

—

 

280.0

 

—

 

280.0

 

Investments in and advances to affiliates

 

242.5

 

(602.9

)

360.4

 

—

 

Other, net

 

(6.8

)

(2.3

)

(1.0

)

(10.1

)

Cash provided by (used in) continuing investing activities

 

228.1

 

(406.5

)

193.4

 

15.0

 

Cash used in discontinued investing activities

 

—

 

(9.2

)

—

 

(9.2

)

Total cash provided by (used in) investing activities

 

228.1

 

(415.7

)

193.4

 

5.8

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

1,045.2

 

0.6

 

153.6

 

1,199.4

 

Repayments of long-term borrowings

 

(1,056.6

)

(3.9

)

(209.6

)

(1,270.1

)

Change in short-term borrowings

 

15.5

 

—

 

(10.3

)

5.2

 

Proceeds from issuances of common stock

 

35.0

 

—

 

—

 

35.0

 

Acquisitions of treasury stock

 

(353.0

)

—

 

—

 

(353.0

)

Common dividends

 

(27.2

)

—

 

—

 

(27.2

)

Other, net

 

(5.8

)

—

 

—

 

(5.8

)

Cash provided by (used in) financing activities

 

(346.9

)

(3.3

)

(66.3

)

(416.5

)

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

—

 

—

 

(2.5

)

(2.5

)

 

 

 

 

 

 

 

 

 

 

Change in cash and cash equivalents

 

(105.0

)

1.0

 

62.1

 

(41.9

)

Cash and cash equivalents — beginning of period

 

111.3

 

0.1

 

99.2

 

210.6

 

Cash and cash equivalents — end of period

 

$

6.3

 

$

1.1

 

$

161.3

 

$

168.7

 

 

7