EXHIBIT 20.1 SUBSIDIARY GUARANTEES OF DEBT
Published on August 11, 2004
Exhibit 20.1
Subsidiary Guarantees of Debt
The companys Senior Notes, Senior Subordinated Notes and senior credit facilities are guaranteed on a full, unconditional and joint and several basis by certain of the companys wholly owned domestic subsidiaries. The following is condensed, consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries, as of July 4, 2004, and December 31, 2003 (in millions of dollars). The presentation of certain prior-year amounts has been changed in order to conform to the current-year presentation. Separate financial statements for the guarantor subsidiaries and the non-guarantor subsidiaries are not presented because management has determined that such financial statements would not be material to investors.
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CONSOLIDATED BALANCE SHEET |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
July 4, 2004 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| ASSETS | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | $ | 9.8 | $ | 0.9 | $ | 25.2 | $ | -- | $ | 35.9 | |||||||
| Receivables, net | 1.2 | 125.4 | 375.9 | -- | 502.5 | ||||||||||||
| Inventories, net | -- | 406.9 | 201.0 | -- | 607.9 | ||||||||||||
| Deferred taxes and prepaid expenses | 274.2 | 176.4 | 15.0 | (388.6 | ) | 77.0 | |||||||||||
| Total current assets | 285.2 | 709.6 | 617.1 | (388.6 | ) | 1,223.3 | |||||||||||
| Property, plant and equipment, at cost | 34.6 | 1,883.5 | 881.8 | -- | 2,799.9 | ||||||||||||
| Accumulated depreciation | (14.0 | ) | (1,096.6 | ) | (233.4 | ) | -- | (1,344.0 | ) | ||||||||
| 20.6 | 786.9 | 648.4 | -- | 1,455.9 | |||||||||||||
| Investments in subsidiaries | 1,983.6 | 515.6 | 9.8 | (2,509.0 | ) | -- | |||||||||||
| Investments in affiliates | 4.2 | 30.1 | 60.1 | -- | 94.4 | ||||||||||||
| Goodwill | -- | 339.8 | 974.6 | -- | 1,314.4 | ||||||||||||
| Intangibles and other assets, net | 51.5 | 97.8 | 97.8 | -- | 247.1 | ||||||||||||
| Total Assets | $ | 2,345.1 | $ | 2,479.8 | $ | 2,407.8 | $ | (2,897.6 | ) | $ | 4,335.1 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Short-term debt and current portion | $ | 20.4 | $ | 6.4 | $ | 131.0 | $ | -- | $ | 157.8 | |||||||
| of long-term debt | |||||||||||||||||
| Accounts payable | 2.9 | 275.4 | 203.7 | -- | 482.0 | ||||||||||||
| Accrued employee costs | 13.1 | 109.3 | 29.6 | -- | 152.0 | ||||||||||||
| Income taxes payable | -- | 423.1 | 55.1 | (388.6 | ) | 89.6 | |||||||||||
| Other current liabilities | 33.3 | 30.7 | 75.4 | -- | 139.4 | ||||||||||||
| Total current liabilities | 69.7 | 844.9 | 494.8 | (388.6 | ) | 1,020.8 | |||||||||||
| Long-term debt | 1,115.2 | 22.7 | 446.2 | -- | 1,584.1 | ||||||||||||
| Intercompany borrowings | 159.1 | 348.1 | 191.7 | (698.9 | ) | -- | |||||||||||
| Employee benefit obligations | 130.5 | 161.4 | 419.2 | -- | 711.1 | ||||||||||||
| Deferred taxes and other liabilities | (21.3 | ) | 31.8 | 110.2 | -- | 120.7 | |||||||||||
| Total liabilities | 1,453.2 | 1,408.9 | 1,662.1 | (1,087.5 | ) | 3,436.7 | |||||||||||
| Contingencies | -- | -- | -- | -- | -- | ||||||||||||
| Minority interests | -- | -- | 6.5 | -- | 6.5 | ||||||||||||
| Shareholders' equity: | |||||||||||||||||
| Convertible preferred stock | -- | -- | 179.6 | (179.6 | ) | -- | |||||||||||
| Preferred shareholders' equity | -- | -- | 179.6 | (179.6 | ) | -- | |||||||||||
| Common stock | 580.5 | 726.0 | 681.1 | (1,407.1 | ) | 580.5 | |||||||||||
| Retained earnings (deficit) | 869.7 | 461.0 | (198.8 | ) | (262.2 | ) | 869.7 | ||||||||||
| Accumulated other comprehensive loss | (7.3 | ) | (116.1 | ) | 77.3 | 38.8 | (7.3 | ) | |||||||||
| Treasury stock, at cost | (551.0 | ) | -- | -- | -- | (551.0 | ) | ||||||||||
| Common shareholders' equity | 891.9 | 1,070.9 | 559.6 | (1,630.5 | ) | 891.9 | |||||||||||
| Total shareholders' equity | 891.9 | 1,070.9 | 739.2 | (1,810.1 | ) | 891.9 | |||||||||||
| Total Liabilities and Shareholders' | $ | 2,345.1 | $ | 2,479.8 | $ | 2,407.8 | $ | (2,897.6 | ) | $ | 4,335.1 | ||||||
| Equity | |||||||||||||||||
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CONSOLIDATED BALANCE SHEET |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
December 31, 2003 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| ASSETS | |||||||||||||||||
| Current assets | |||||||||||||||||
| Cash and cash equivalents | $ | 8.8 | $ | 0.9 | $ | 26.8 | $ | -- | $ | 36.5 | |||||||
| Accounts receivable, net | 1.2 | 107.4 | 141.5 | -- | 250.1 | ||||||||||||
| Inventories, net | -- | 363.7 | 182.5 | -- | 546.2 | ||||||||||||
| Deferred taxes and prepaid expenses | (22.2 | ) | 446.2 | 16.9 | (350.2 | ) | 90.7 | ||||||||||
| Total current assets | (12.2 | ) | 918.2 | 367.7 | (350.2 | ) | 923.5 | ||||||||||
| Property, plant and equipment, at cost | 36.5 | 1,836.5 | 863.9 | -- | 2,736.9 | ||||||||||||
| Accumulated depreciation | (16.0 | ) | (1,048.4 | ) | (201.4 | ) | -- | (1,265.8 | ) | ||||||||
| 20.5 | 788.1 | 662.5 | -- | 1,471.1 | |||||||||||||
| Investment in subsidiaries | 1,855.8 | 511.2 | 8.5 | (2,375.5 | ) | -- | |||||||||||
| Investment in affiliates | 4.3 | 28.6 | 59.9 | -- | 92.8 | ||||||||||||
| Goodwill | -- | 339.7 | 997.2 | -- | 1,336.9 | ||||||||||||
| Intangibles and other assets, net | 37.9 | 104.1 | 103.3 | -- | 245.3 | ||||||||||||
| $ | 1,906.3 | $ | 2,689.9 | $ | 2,199.1 | $ | (2,725.7 | ) | $ | 4,069.6 | |||||||
| LIABILITIES AND SHAREHOLDERS EQUITY | |||||||||||||||||
| Current liabilities | |||||||||||||||||
| Short-term debt and current portion | |||||||||||||||||
| of long-term debt | $ | 1.9 | $ | 4.5 | $ | 101.2 | $ | -- | $ | 107.6 | |||||||
| Accounts payable | 11.1 | 178.0 | 160.6 | -- | 349.7 | ||||||||||||
| Accrued employee costs | 15.7 | 134.5 | 30.4 | -- | 180.6 | ||||||||||||
| Income taxes payable | -- | 379.9 | 45.3 | (350.2 | ) | 75.0 | |||||||||||
| Other current liabilities | 44.4 | 26.6 | 77.2 | -- | 148.2 | ||||||||||||
| Total current liabilities | 73.1 | 723.5 | 414.7 | (350.2 | ) | 861.1 | |||||||||||
| Long-term debt | 1,056.9 | 11.5 | 510.9 | -- | 1,579.3 | ||||||||||||
| Intercompany borrowings | 147.7 | 515.0 | 36.2 | (698.9 | ) | -- | |||||||||||
| Employee benefit obligations | 120.6 | 152.3 | 428.8 | -- | 701.7 | ||||||||||||
| Deferred taxes and other liabilities | (299.8 | ) | 298.3 | 115.0 | -- | 113.5 | |||||||||||
| Total liabilities | 1,098.5 | 1,700.6 | 1,505.6 | (1,049.1 | ) | 3,255.6 | |||||||||||
| Contingencies | |||||||||||||||||
| Minority interests | -- | -- | 6.2 | -- | 6.2 | ||||||||||||
| Shareholders equity | |||||||||||||||||
| Convertible preferred stock | -- | -- | 179.6 | (179.6 | ) | -- | |||||||||||
| Preferred shareholdersequity | -- | -- | 179.6 | (179.6 | ) | -- | |||||||||||
| Common stock | 567.3 | 726.0 | 687.6 | (1,413.6 | ) | 567.3 | |||||||||||
| Retained earnings (deficit) | 748.8 | 380.4 | (263.8 | ) | (116.6 | ) | 748.8 | ||||||||||
| Accumulated other comprehensive loss | (1.4 | ) | (117.1 | ) | 83.9 | 33.2 | (1.4 | ) | |||||||||
| Treasury stock, at cost | (506.9 | ) | -- | -- | -- | (506.9 | ) | ||||||||||
| Common shareholders equity | 807.8 | 989.3 | 507.7 | (1,497.0 | ) | 807.8 | |||||||||||
| Total shareholders equity | 807.8 | 989.3 | 687.3 | (1,676.6 | ) | 807.8 | |||||||||||
| $ | 1,906.3 | $ | 2,689.9 | $ | 2,199.1 | $ | (2,725.7 | ) | $ | 4,069.6 | |||||||
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CONSOLIDATED STATEMENT OF EARNINGS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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For the Three Months Ended July 4, 2004 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Net sales | $ | -- | $ | 1,115.6 | $ | 413.9 | $ | (62.3 | ) | $ | 1,467.2 | ||||||
| Costs and expenses | |||||||||||||||||
| Cost of sales (excluding | |||||||||||||||||
| depreciation and amortization) | -- | 942.7 | 313.1 | (62.3 | ) | 1,193.5 | |||||||||||
| Depreciation and amortization | 0.8 | 32.4 | 19.0 | -- | 52.2 | ||||||||||||
| Selling and administrative | 10.3 | 41.5 | 15.9 | -- | 67.7 | ||||||||||||
| Interest expense | 2.7 | 12.9 | 9.4 | -- | 25.0 | ||||||||||||
| Equity in results of subsidiaries | (89.0 | ) | -- | -- | 89.0 | -- | |||||||||||
| Corporate allocations | (16.0 | ) | 14.2 | 1.8 | -- | -- | |||||||||||
| (91.2 | ) | 1,043.7 | 359.2 | 26.7 | 1,338.4 | ||||||||||||
| Earnings (loss) before taxes | 91.2 | 71.9 | 54.7 | (89.0 | ) | 128.8 | |||||||||||
| Tax provision | (0.5 | ) | (26.9 | ) | (13.4 | ) | -- | (40.8 | ) | ||||||||
| Minority interests | -- | -- | (0.2 | ) | -- | (0.2 | ) | ||||||||||
| Equity in results of affiliates | -- | 1.0 | 1.9 | -- | 2.9 | ||||||||||||
| Net earnings (loss) | $ | 90.7 | $ | 46.0 | $ | 43.0 | $ | (89.0 | ) | $ | 90.7 | ||||||
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CONSOLIDATED STATEMENT OF EARNINGS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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For the Three Months Ended June 29, 2003 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Net sales | $ | -- | $ | 1,032.2 | $ | 387.5 | $ | (66.4 | ) | $ | 1,353.3 | ||||||
| Costs and expenses | |||||||||||||||||
| Cost of sales (excluding depreciation | -- | 879.6 | 289.9 | (66.4 | ) | 1,103.1 | |||||||||||
| and amortization) | |||||||||||||||||
| Depreciation and amortization | 0.5 | 32.8 | 18.2 | -- | 51.5 | ||||||||||||
| Selling and administrative | 3.9 | 33.6 | 23.0 | -- | 60.5 | ||||||||||||
| Interest expense | 6.6 | 14.9 | 11.9 | -- | 33.4 | ||||||||||||
| Equity in results of subsidiaries | (70.4 | ) | -- | -- | 70.4 | -- | |||||||||||
| Corporate allocations | (14.1 | ) | 12.6 | 1.5 | -- | -- | |||||||||||
| (73.5 | ) | 973.5 | 344.5 | 4.0 | 1,248.5 | ||||||||||||
| Earnings (loss) before taxes | 73.5 | 58.7 | 43.0 | (70.4 | ) | 104.8 | |||||||||||
| Tax provision | 0.8 | (21.9 | ) | (12.4 | ) | -- | (33.5 | ) | |||||||||
| Minority interests | -- | -- | (0.2 | ) | -- | (0.2 | ) | ||||||||||
| Equity in results of affiliates | -- | 0.4 | 2.8 | -- | 3.2 | ||||||||||||
| Net earnings (loss) | $ | 74.3 | $ | 37.2 | $ | 33.2 | $ | (70.4 | ) | $ | 74.3 | ||||||
|
CONSOLIDATED STATEMENT OF EARNINGS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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For the Six Months Ended July 4, 2004 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Net sales | $ | -- | $ | 2,063.3 | $ | 752.5 | $ | (117.1 | ) | $ | 2,698.7 | ||||||
| Costs and expenses | |||||||||||||||||
| Cost of sales (excluding depreciation | -- | 1,748.6 | 574.5 | (117.1 | ) | 2,206.0 | |||||||||||
| and amortization) | |||||||||||||||||
| Depreciation and amortization | 1.3 | 65.6 | 39.1 | -- | 106.0 | ||||||||||||
| Selling and administrative | 20.5 | 75.9 | 42.4 | -- | 138.8 | ||||||||||||
| Interest expense | 6.1 | 26.1 | 21.1 | -- | 53.3 | ||||||||||||
| Equity in results of subsidiaries | (135.3 | ) | -- | -- | 135.3 | -- | |||||||||||
| Corporate allocations | (31.7 | ) | 28.2 | 3.5 | -- | -- | |||||||||||
| (139.1 | ) | 1,944.4 | 680.6 | 18.2 | 2,504.1 | ||||||||||||
| Earnings (loss) before taxes | 139.1 | 118.9 | 71.9 | (135.3 | ) | 194.6 | |||||||||||
| Tax provision | (1.6 | ) | (43.8 | ) | (16.9 | ) | -- | (62.3 | ) | ||||||||
| Minority interests | -- | -- | (0.5 | ) | -- | (0.5 | ) | ||||||||||
| Equity in results of affiliates | -- | 1.7 | 4.0 | -- | 5.7 | ||||||||||||
| Net earnings (loss) | $ | 137.5 | $ | 76.8 | $ | 58.5 | $ | (135.3 | ) | $ | 137.5 | ||||||
|
CONSOLIDATED STATEMENT OF EARNINGS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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For the Six Months Ended June 29, 2003 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Net sales | $ | -- | $ | 1,874.5 | $ | 662.3 | $ | (112.6 | ) | $ | 2,424.2 | ||||||
| Costs and expenses | |||||||||||||||||
| Cost of sales (excluding depreciation | |||||||||||||||||
| and amortization) | -- | 1,590.3 | 511.4 | (112.6 | ) | 1,989.1 | |||||||||||
| Depreciation and amortization | 1.1 | 64.6 | 35.7 | -- | 101.4 | ||||||||||||
| Business consolidation (gains) costs | -- | 1.9 | (0.5 | ) | -- | 1.4 | |||||||||||
| Selling and administrative | 13.3 | 63.6 | 40.3 | -- | 117.2 | ||||||||||||
| Interest expense | 20.3 | 21.2 | 23.9 | -- | 65.4 | ||||||||||||
| Equity in net results of subsidiaries | (108.0 | ) | -- | -- | 108.0 | -- | |||||||||||
| Corporate allocations | (28.5 | ) | 25.5 | 3.0 | -- | -- | |||||||||||
| (101.8 | ) | 1,767.1 | 613.8 | (4.6 | ) | 2,274.5 | |||||||||||
| Earnings (loss) before taxes | 101.8 | 107.4 | 48.5 | (108.0 | ) | 149.7 | |||||||||||
| Tax provision | 4.0 | (39.6 | ) | (13.6 | ) | -- | (49.2 | ) | |||||||||
| Minority interests | -- | -- | (0.5 | ) | -- | (0.5 | ) | ||||||||||
| Equity in net results of affiliates | -- | 0.7 | 5.1 | -- | 5.8 | ||||||||||||
| Earnings (loss) attributable to common | |||||||||||||||||
| shareholders | $ | 105.8 | $ | 68.5 | $ | 39.5 | $ | (108.0 | ) | $ | 105.8 | ||||||
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CONSOLIDATED STATEMENT OF CASH FLOWS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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For the Six Months Ended July 4, 2004 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Net earnings (loss) | $ | 137.5 | $ | 76.8 | $ | 58.5 | $ | (135. | 3) | $ | 137.5 | ||||||
| Adjustments to reconcile net earnings to net | |||||||||||||||||
| cash provided by (used in) operating activities: | |||||||||||||||||
| Depreciation and amortization | 1.3 | 65.6 | 39.1 | -- | 106.0 | ||||||||||||
| Deferred taxes | 12.3 | 4.1 | 0.6 | -- | 17.0 | ||||||||||||
| Equity in results of subsidiaries | (135.3 | ) | -- | -- | 135.3 | -- | |||||||||||
| Other, net | 19.2 | (14.0 | ) | (2.0 | ) | -- | 3.2 | ||||||||||
| Changes in working capital | (26.1 | ) | 68.1 | (205.2 | ) | -- | (163.2 | ) | |||||||||
| components, excluding effects of | |||||||||||||||||
| acquisitions | |||||||||||||||||
| Net cash provided by (used in) | 8.9 | 200.6 | (109.0 | ) | -- | 100.5 | |||||||||||
| operating activities | |||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Additions to property, plant and | (2.2 | ) | (41.7 | ) | (23.5 | ) | -- | (67.4 | ) | ||||||||
| equipment | |||||||||||||||||
| Business acquisition, net of cash | -- | (30.0 | ) | -- | -- | (30.0 | ) | ||||||||||
| acquired | |||||||||||||||||
| Investments in and advances to | (14.3 | ) | (145.2 | ) | 159.5 | -- | -- | ||||||||||
| affiliates, net of dividends | |||||||||||||||||
| Other, net | (10.1 | ) | 3.9 | (0.2 | ) | -- | (6.4 | ) | |||||||||
| Net cash provided by (used in) | (26.6 | ) | (213.0 | ) | 135.8 | -- | (103.8 | ) | |||||||||
| investing activities | |||||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Long-term borrowings | 60.0 | 13.0 | 10.6 | -- | 83.6 | ||||||||||||
| Repayments of long-term borrowings | (0.9 | ) | (0.6 | ) | (68.9 | ) | -- | (70.4 | ) | ||||||||
| Change in short-term borrowings | 18.5 | -- | 30.2 | -- | 48.7 | ||||||||||||
| Proceeds from issuance of common | 16.8 | -- | -- | -- | 16.8 | ||||||||||||
| stock under various employee and | |||||||||||||||||
| shareholder plans | |||||||||||||||||
| Acquisitions of treasury stock | (58.9 | ) | -- | -- | -- | (58.9 | ) | ||||||||||
| Common dividends | (16.7 | ) | -- | -- | -- | (16.7 | ) | ||||||||||
| Other, net | (0.1 | ) | -- | (0.4 | ) | -- | (0.5 | ) | |||||||||
| Net cash provided by (used in) | 18.7 | 12.4 | (28.5 | ) | -- | 2.6 | |||||||||||
| financing activities | |||||||||||||||||
| Effect of exchange rate changes on cash | -- | -- | 0.1 | -- | 0.1 | ||||||||||||
| Net Change in Cash and Cash | 1.0 | -- | (1.6 | ) | -- | (0.6 | ) | ||||||||||
| Equivalents | |||||||||||||||||
| Cash and Cash Equivalents - | 8.8 | 0.9 | 26.8 | -- | 36.5 | ||||||||||||
| Beginning of Period | |||||||||||||||||
| Cash and Cash Equivalents - | $ | 9.8 | $ | 0.9 | $ | 25.2 | $ | -- | $ | 35.9 | |||||||
| End of Period | |||||||||||||||||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
For the Six Months Ended June 29, 2003 |
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|
Ball Corporation |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminating Adjustments |
Consolidated Total |
|||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Net earnings (loss) | $ | 105.8 | $ | 68.5 | $ | 39.8 | $ | (108. | 3) | $ | 105.8 | ||||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
|||||||||||||||||
| Depreciation and amortization | 1.1 | 64.5 | 35.8 | -- | 101.4 | ||||||||||||
| Deferred taxes | 9.9 | 6.2 | (0.3 | ) | -- | 15.8 | |||||||||||
| Equity in results of subsidiaries | (108.3 | ) | -- | -- | 108.3 | -- | |||||||||||
| Other, net | 0.3 | (11.6 | ) | (2.8 | ) | -- | (14.1 | ) | |||||||||
| Withholding tax payment related to | |||||||||||||||||
| European acquisition | -- | -- | (138.3 | ) | -- | (138.3 | ) | ||||||||||
| Changes in working capital | |||||||||||||||||
| components, excluding effects of | (4.2 | ) | 16.7 | (212.3 | ) | -- | (199.8 | ) | |||||||||
| acquisitions | |||||||||||||||||
| Net cash provided by (used in) operating | 4.6 | 144.3 | (278.1 | ) | -- | (129.2 | ) | ||||||||||
| activities | |||||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Additions to property, plant and | (2.7 | ) | (59.7 | ) | (9.5 | ) | -- | (71.9 | ) | ||||||||
| equipment | |||||||||||||||||
| Business acquisition, net of cash acquired | -- | (28.0 | ) | -- | -- | (28.0 | ) | ||||||||||
| Ball Packaging Europe purchase price | |||||||||||||||||
| adjustment | -- | -- | 27.8 | -- | 27.8 | ||||||||||||
| Investments in and advances to | 40.3 | (52.8 | ) | 12.5 | -- | -- | |||||||||||
| affiliates, net of dividends | |||||||||||||||||
| Other, net | (14.1 | ) | (0.5 | ) | 5.5 | -- | (9.1 | ) | |||||||||
| Net cash provided by (used in) | |||||||||||||||||
| investing activities | 23.5 | (141.0 | ) | 36.3 | -- | (81.2 | ) | ||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Long-term borrowings | (35.3 | ) | -- | 72.2 | -- | 36.9 | |||||||||||
| Repayments of long-term borrowings | (0.9 | ) | -- | (32.4 | ) | -- | (33.3 | ) | |||||||||
| Change in short-term borrowings | 5.0 | -- | 11.5 | -- | 16.5 | ||||||||||||
| Proceeds from issuance of common | 15.5 | -- | -- | -- | 15.5 | ||||||||||||
| stock under various employee and | |||||||||||||||||
| shareholder plans | |||||||||||||||||
| Acquisitions of treasury stock | (39.4 | ) | -- | -- | -- | (39.4 | ) | ||||||||||
| Common dividends | (10.0 | ) | -- | -- | -- | (10.0 | ) | ||||||||||
| Other, net | (0.5 | ) | -- | -- | -- | (0.5 | ) | ||||||||||
| Net cash provided by (used in) | |||||||||||||||||
| financing activities | (65.6 | ) | -- | 51.3 | -- | (14.3 | ) | ||||||||||
| Effect of exchange rate changes on cash | -- | -- | 5.3 | -- | 5.3 | ||||||||||||
| Net Change in Cash and Cash Equivalents | (37.5 | ) | 3.3 | (185.2 | ) | -- | (219.4 | ) | |||||||||
| Cash and Cash Equivalents - | |||||||||||||||||
| Beginning of Period | 47.6 | 0.3 | 211.3 | -- | 259.2 | ||||||||||||
| Cash and Cash Equivalents - | |||||||||||||||||
| End of Period | $ | 10.1 | $ | 3.6 | $ | 26.1 | $ | -- | $ | 39.8 | |||||||