Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY GUARANTOR INFORMATION (Tables)

v3.10.0.1
SUPPLEMENTARY GUARANTOR INFORMATION (Tables)
9 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Condensed Consolidating Financial Position
Unaudited Condensed Consolidating Statement of Financial Position
As of September 30, 2018
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
892.5

 
$
1.9

 
$
2.7

 
$

 
$
897.1

Accounts receivable, net
7.8

 
137.4

 
0.1

 
(3.9
)
 
141.4

Inventories

 
187.9

 

 

 
187.9

Supplies and other inventories

 
88.2

 

 

 
88.2

Income tax receivable
110.1

 

 
0.2

 

 
110.3

Derivative assets
0.2

 
190.6

 

 

 
190.8

Current assets of discontinued operations

 

 
16.1

 

 
16.1

Other current assets
7.9

 
10.3

 
0.6

 

 
18.8

TOTAL CURRENT ASSETS
1,018.5

 
616.3

 
19.7

 
(3.9
)
 
1,650.6

PROPERTY, PLANT AND EQUIPMENT, NET
14.3

 
1,079.7

 
50.8

 

 
1,144.8

OTHER ASSETS
 
 
 
 
 
 
 
 
 
Deposits for property, plant and equipment

 
80.0

 
14.6

 

 
94.6

Income tax receivable
109.9

 
3.7

 

 

 
113.6

Investment in subsidiaries
1,325.5

 
38.3

 

 
(1,363.8
)
 

Long-term intercompany notes

 

 
121.3

 
(121.3
)
 

Other non-current assets
8.5

 
111.2

 
1.7

 

 
121.4

TOTAL OTHER ASSETS
1,443.9

 
233.2

 
137.6

 
(1,485.1
)
 
329.6

TOTAL ASSETS
$
2,476.7

 
$
1,929.2

 
$
208.1

 
$
(1,489.0
)
 
$
3,125.0

LIABILITIES
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
Accounts payable
$
4.1

 
$
136.5

 
$
4.1

 
$
(3.9
)
 
$
140.8

Accrued expenses
16.7

 
78.2

 
0.2

 

 
95.1

Accrued interest
26.2

 

 

 

 
26.2

Partnership distribution payable

 
43.1

 

 

 
43.1

Current liabilities of discontinued operations
4.0

 

 
10.2

 

 
14.2

Other current liabilities
1.8

 
57.7

 
1.8

 

 
61.3

TOTAL CURRENT LIABILITIES
52.8

 
315.5

 
16.3

 
(3.9
)
 
380.7

PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
64.3

 
415.1

 
(254.4
)
 

 
225.0

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

 
147.6

 
26.8

 

 
174.4

LONG-TERM DEBT
2,300.0

 

 

 

 
2,300.0

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS

 

 
9.3

 

 
9.3

LONG-TERM INTERCOMPANY NOTES
121.3

 

 

 
(121.3
)
 

OTHER LIABILITIES
24.4

 
96.9

 
0.5

 

 
121.8

TOTAL LIABILITIES
2,562.8

 
975.1

 
(201.5
)
 
(125.2
)
 
3,211.2

EQUITY
 
 
 
 
 
 
 
 
 
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT)
(86.1
)
 
954.1

 
409.6

 
(1,363.8
)
 
(86.2
)
TOTAL EQUITY (DEFICIT)
(86.1
)
 
954.1

 
409.6

 
(1,363.8
)
 
(86.2
)
TOTAL LIABILITIES AND EQUITY (DEFICIT)
$
2,476.7

 
$
1,929.2

 
$
208.1

 
$
(1,489.0
)
 
$
3,125.0

Unaudited Condensed Consolidating Statement of Financial Position
As of December 31, 2017
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
948.9

 
$
2.1

 
$
27.3

 
$

 
$
978.3

Accounts receivable, net
4.5

 
102.9

 

 
(0.7
)
 
106.7

Inventories

 
138.4

 

 

 
138.4

Supplies and other inventories

 
88.8

 

 

 
88.8

Income tax receivable
11.4

 
1.9

 

 

 
13.3

Derivative assets

 
37.9

 

 

 
37.9

Current assets of discontinued operations

 

 
118.5

 

 
118.5

Loans to and accounts receivable from the Canadian Entities
44.7

 
6.9

 

 

 
51.6

Other current assets
5.0

 
5.6

 
0.5

 

 
11.1

TOTAL CURRENT ASSETS
1,014.5

 
384.5

 
146.3

 
(0.7
)
 
1,544.6

PROPERTY, PLANT AND EQUIPMENT, NET
17.5

 
965.5

 
50.8

 

 
1,033.8

OTHER ASSETS
 
 
 
 
 
 
 
 
 
Deposits for property, plant and equipment

 
8.2

 
9.6

 

 
17.8

Income tax receivable
235.3

 

 

 

 
235.3

Non-current assets of discontinued operations

 

 
20.3

 

 
20.3

Investment in subsidiaries
1,024.3

 
29.9

 

 
(1,054.2
)
 

Long-term intercompany notes

 

 
242.0

 
(242.0
)
 

Other non-current assets
7.8

 
91.8

 
2.0

 

 
101.6

TOTAL OTHER ASSETS
1,267.4

 
129.9

 
273.9

 
(1,296.2
)
 
375.0

TOTAL ASSETS
$
2,299.4

 
$
1,479.9

 
$
471.0

 
$
(1,296.9
)
 
$
2,953.4

LIABILITIES
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
Accounts payable
$
7.1

 
$
92.3

 
$
0.8

 
$
(0.7
)
 
$
99.5

Accrued expenses
19.0

 
59.9

 
0.2

 

 
79.1

Accrued interest
31.4

 

 

 

 
31.4

Contingent claims
55.6

 

 

 

 
55.6

Partnership distribution payable

 
44.2

 

 

 
44.2

Current liabilities of discontinued operations

 

 
75.0

 

 
75.0

Other current liabilities
2.1

 
63.5

 
1.8

 

 
67.4

TOTAL CURRENT LIABILITIES
115.2

 
259.9

 
77.8

 
(0.7
)
 
452.2

PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
66.4

 
430.6

 
(239.3
)
 

 
257.7

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS

 
140.6

 
27.1

 

 
167.7

LONG-TERM DEBT
2,304.2

 

 

 

 
2,304.2

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS

 

 
52.2

 

 
52.2

LONG-TERM INTERCOMPANY NOTES
242.0

 

 

 
(242.0
)
 

OTHER LIABILITIES
15.7

 
147.2

 
0.6

 

 
163.5

TOTAL LIABILITIES
2,743.5

 
978.3

 
(81.6
)
 
(242.7
)
 
3,397.5

EQUITY
 
 
 
 
 
 
 
 
 
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT)
(444.1
)
 
501.6

 
552.4

 
(1,054.2
)
 
(444.3
)
NONCONTROLLING INTEREST

 

 
0.2

 

 
0.2

TOTAL EQUITY (DEFICIT)
(444.1
)
 
501.6

 
552.6

 
(1,054.2
)
 
(444.1
)
TOTAL LIABILITIES AND EQUITY (DEFICIT)
$
2,299.4

 
$
1,479.9

 
$
471.0

 
$
(1,296.9
)
 
$
2,953.4

Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss)
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income
For the Three Months Ended September 30, 2018
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
 
 
 
Product
$

 
$
684.7

 
$

 
$

 
$
684.7

Freight and venture partners' cost reimbursements

 
57.1

 

 

 
57.1

 

 
741.8

 

 

 
741.8

COST OF GOODS SOLD AND OPERATING EXPENSES

 
(480.2
)
 

 

 
(480.2
)
SALES MARGIN

 
261.6

 

 

 
261.6

OTHER OPERATING EXPENSE
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(23.1
)
 
(6.7
)
 
(0.3
)
 

 
(30.1
)
Miscellaneous – net

 
(5.5
)
 
(0.5
)
 

 
(6.0
)
 
(23.1
)
 
(12.2
)
 
(0.8
)
 

 
(36.1
)
OPERATING INCOME (LOSS)
(23.1
)
 
249.4

 
(0.8
)
 

 
225.5

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
Interest expense, net
(29.2
)
 
(0.4
)
 
0.1

 

 
(29.5
)
Other non-operating income (expense)
(0.9
)
 
0.1

 
5.1

 

 
4.3

 
(30.1
)
 
(0.3
)
 
5.2

 

 
(25.2
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(53.2
)
 
249.1

 
4.4

 

 
200.3

INCOME TAX EXPENSE
(0.3
)
 

 
(0.2
)
 

 
(0.5
)
EQUITY IN INCOME OF SUBSIDIARIES
471.0

 
4.7

 

 
(475.7
)
 

INCOME FROM CONTINUING OPERATIONS
417.5

 
253.8

 
4.2

 
(475.7
)
 
199.8

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
20.3

 
12.9

 
204.8

 

 
238.0

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
437.8

 
$
266.7

 
$
209.0

 
$
(475.7
)
 
$
437.8

OTHER COMPREHENSIVE INCOME (LOSS)
(221.2
)
 
6.1

 
(230.5
)
 
224.4

 
(221.2
)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
216.6

 
$
272.8

 
$
(21.5
)
 
$
(251.3
)
 
$
216.6


Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2017
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
 
 
 
Product
$

 
$
530.7

 
$

 
$

 
$
530.7

Freight and venture partners' cost reimbursements

 
66.0

 

 

 
66.0

 

 
596.7

 

 

 
596.7

COST OF GOODS SOLD AND OPERATING EXPENSES

 
(438.9
)
 

 

 
(438.9
)
SALES MARGIN

 
157.8

 

 

 
157.8

OTHER OPERATING EXPENSE
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(18.7
)
 
(4.3
)
 
(0.8
)
 

 
(23.8
)
Miscellaneous – net
(1.4
)
 
(4.1
)
 
0.2

 

 
(5.3
)
 
(20.1
)
 
(8.4
)
 
(0.6
)
 

 
(29.1
)
OPERATING INCOME (LOSS)
(20.1
)
 
149.4

 
(0.6
)
 

 
128.7

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
Interest expense, net
(27.8
)
 

 
0.2

 

 
(27.6
)
Loss on extinguishment of debt
(88.6
)
 

 

 

 
(88.6
)
Other non-operating income (expense)
(1.0
)
 
(0.6
)
 
4.2

 

 
2.6

 
(117.4
)
 
(0.6
)
 
4.4

 

 
(113.6
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(137.5
)
 
148.8

 
3.8

 

 
15.1

INCOME TAX BENEFIT (EXPENSE)
7.3

 

 
(0.1
)
 

 
7.2

EQUITY IN INCOME OF SUBSIDIARIES
150.5

 
3.5

 

 
(154.0
)
 

INCOME FROM CONTINUING OPERATIONS
20.3

 
152.3

 
3.7

 
(154.0
)
 
22.3

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
33.1

 
0.2

 
(2.7
)
 

 
30.6

NET INCOME
53.4

 
152.5

 
1.0

 
(154.0
)
 
52.9

LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 
0.5

 

 

 
0.5

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
53.4

 
$
153.0

 
$
1.0

 
$
(154.0
)
 
$
53.4

OTHER COMPREHENSIVE INCOME (LOSS)
2.3

 
(84.3
)
 
1.8

 
82.5

 
2.3

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
55.7

 
$
68.7

 
$
2.8

 
$
(71.5
)
 
$
55.7

Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2018
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
 
 
 
Product
$

 
$
1,525.9

 
$

 
$

 
$
1,525.9

Freight and venture partners' cost reimbursements

 
110.2

 

 

 
110.2

 

 
1,636.1

 

 

 
1,636.1

COST OF GOODS SOLD AND OPERATING EXPENSES

 
(1,028.5
)
 

 

 
(1,028.5
)
SALES MARGIN

 
607.6

 

 

 
607.6

OTHER OPERATING EXPENSE
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(62.9
)
 
(17.8
)
 
(0.7
)
 

 
(81.4
)
Miscellaneous – net
(0.4
)
 
(14.4
)
 
(1.4
)
 

 
(16.2
)
 
(63.3
)
 
(32.2
)
 
(2.1
)
 

 
(97.6
)
OPERATING INCOME (LOSS)
(63.3
)
 
575.4

 
(2.1
)
 

 
510.0

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
Interest expense, net
(91.9
)
 
(1.8
)
 
0.6

 

 
(93.1
)
Gain on extinguishment of debt
0.2

 

 

 

 
0.2

Other non-operating income (expense)
(2.6
)
 
0.8

 
14.9

 

 
13.1

 
(94.3
)
 
(1.0
)
 
15.5

 

 
(79.8
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(157.6
)
 
574.4

 
13.4

 

 
430.2

INCOME TAX EXPENSE
(13.8
)
 
(0.2
)
 
(0.4
)
 

 
(14.4
)
EQUITY IN INCOME OF SUBSIDIARIES
665.7

 
13.8

 

 
(679.5
)
 

INCOME FROM CONTINUING OPERATIONS
494.3

 
588.0

 
13.0

 
(679.5
)
 
415.8

INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
24.3

 
12.8

 
65.7

 

 
102.8

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
518.6

 
$
600.8

 
$
78.7

 
$
(679.5
)
 
$
518.6

OTHER COMPREHENSIVE INCOME (LOSS)
(204.4
)
 
18.0

 
(227.5
)
 
209.5

 
(204.4
)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
314.2

 
$
618.8

 
$
(148.8
)
 
$
(470.0
)
 
$
314.2

Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2017
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
 
 
 
Product
$

 
$
1,195.0

 
$

 
$

 
$
1,195.0

Freight and venture partners' cost reimbursements

 
159.2

 

 

 
159.2

 

 
1,354.2

 

 

 
1,354.2

COST OF GOODS SOLD AND OPERATING EXPENSES

 
(1,002.7
)
 

 

 
(1,002.7
)
SALES MARGIN

 
351.5

 

 

 
351.5

OTHER OPERATING INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
(57.9
)
 
(14.4
)
 
(3.2
)
 

 
(75.5
)
Miscellaneous – net
(2.3
)
 
(13.3
)
 
16.9

 

 
1.3

 
(60.2
)
 
(27.7
)
 
13.7

 

 
(74.2
)
OPERATING INCOME (LOSS)
(60.2
)
 
323.8

 
13.7

 

 
277.3

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
 
 
Interest expense, net
(99.8
)
 

 
0.7

 

 
(99.1
)
Loss on extinguishment of debt
(165.4
)
 

 

 

 
(165.4
)
Other non-operating income (expense)
(3.0
)
 
(2.2
)
 
12.8

 

 
7.6

 
(268.2
)
 
(2.2
)
 
13.5

 

 
(256.9
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(328.4
)
 
321.6

 
27.2

 

 
20.4

INCOME TAX BENEFIT (EXPENSE)
7.5

 

 
(0.3
)
 

 
7.2

EQUITY IN INCOME OF SUBSIDIARIES
393.5

 
10.1

 

 
(403.6
)
 

INCOME FROM CONTINUING OPERATIONS
72.6

 
331.7

 
26.9

 
(403.6
)
 
27.6

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
(15.5
)
 
1.1

 
40.0

 

 
25.6

NET INCOME
57.1

 
332.8

 
66.9

 
(403.6
)
 
53.2

LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 
3.9

 

 

 
3.9

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
57.1

 
$
336.7

 
$
66.9

 
$
(403.6
)
 
$
57.1

OTHER COMPREHENSIVE INCOME (LOSS)
4.2

 
(67.8
)
 
(17.5
)
 
85.3

 
4.2

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
61.3

 
$
268.9

 
$
49.4

 
$
(318.3
)
 
$
61.3

Schedule of Supplemental Statements of Condensed Consolidating Cash Flows
Unaudited Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2018
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided (used) by operating activities
$
(100.6
)
 
$
425.6

 
$
(136.3
)
 
$

 
$
188.7

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
(1.1
)
 
(110.2
)
 
(0.1
)
 

 
(111.4
)
Deposits for property, plant and equipment

 
(78.1
)
 
(5.2
)
 

 
(83.3
)
Intercompany investing
185.7

 
(6.3
)
 
120.7

 
(300.1
)
 

Proceeds on sale of assets

 
0.6

 
17.9

 

 
18.5

Other investing activities

 
2.5

 

 

 
2.5

Net cash provided (used) by investing activities
184.6

 
(191.5
)
 
133.3

 
(300.1
)
 
(173.7
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Debt issuance costs
(1.5
)
 

 

 

 
(1.5
)
Repurchase of debt
(16.3
)
 

 

 

 
(16.3
)
Distributions of partnership equity

 
(44.2
)
 

 

 
(44.2
)
Intercompany financing
(120.7
)
 
(188.6
)
 
9.2

 
300.1

 

Other financing activities
(1.9
)
 
(1.5
)
 
(42.3
)
 

 
(45.7
)
Net cash used by financing activities
(140.4
)
 
(234.3
)
 
(33.1
)
 
300.1

 
(107.7
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

 
(2.3
)
 

 
(2.3
)
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
(56.4
)
 
(0.2
)
 
(38.4
)
 

 
(95.0
)
LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS

 

 
(13.8
)
 

 
(13.8
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(56.4
)
 
(0.2
)
 
(24.6
)
 

 
(81.2
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
948.9

 
2.1

 
27.3

 

 
978.3

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
892.5

 
$
1.9

 
$
2.7

 
$

 
$
897.1


Unaudited Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017
(In Millions)
 
Cleveland-Cliffs Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided (used) by operating activities
$
(162.9
)
 
$
293.9

 
$
75.7

 
$

 
$
206.7

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment
(1.8
)
 
(59.4
)
 
(1.5
)
 

 
(62.7
)
Deposits for property, plant and equipment

 
(11.3
)
 
(4.9
)
 

 
(16.2
)
Intercompany investing
160.6

 
(6.5
)
 
(45.0
)
 
(109.1
)
 

Proceeds on sales of assets

 
2.2

 

 

 
2.2

Other investing activities
(7.7
)
 

 

 

 
(7.7
)
Net cash provided (used) by investing activities
151.1

 
(75.0
)
 
(51.4
)
 
(109.1
)
 
(84.4
)
FINANCING ACTIVITIES
 
 
 
 
 
 
 
 
 
Net proceeds from issuance of common shares
661.3

 

 

 

 
661.3

Proceeds from issuance of debt
1,057.8

 

 

 

 
1,057.8

Debt issuance costs
(12.0
)
 

 

 

 
(12.0
)
Repurchase of debt
(1,720.7
)
 

 

 

 
(1,720.7
)
Acquisition of noncontrolling interest
(105.0
)
 

 

 

 
(105.0
)
Distributions of partnership equity

 
(53.0
)
 

 

 
(53.0
)
Intercompany financing
45.0

 
(162.2
)
 
8.1

 
109.1

 

Other financing activities
(0.6
)
 
(3.8
)
 
(12.6
)
 

 
(17.0
)
Net cash used by financing activities
(74.2
)
 
(219.0
)
 
(4.5
)
 
109.1

 
(188.6
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

 
3.7

 

 
3.7

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
(86.0
)
 
(0.1
)
 
23.5

 

 
(62.6
)
LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS

 

 
23.1

 

 
23.1

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(86.0
)
 
(0.1
)
 
0.4

 

 
(85.7
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
283.4

 
2.5

 
26.9

 

 
312.8

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
197.4

 
$
2.4

 
$
27.3

 
$

 
$
227.1