Avon 2013 Annual Report Download - page 76

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended December 31 2013 2012 2011
Cash Flows from Operating Activities
Net (loss) income $ (51.9) $ (38.2) $ 517.8
Loss from discontinued operations, net of tax 50.9 131.5 157.8
(Loss) income from continuing operations $ (1.0) $ 93.3 $ 675.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation 164.8 161.8 173.3
Amortization 59.8 50.7 47.8
Provision for doubtful accounts 239.3 250.9 247.0
Provision for obsolescence 117.1 118.8 128.1
Share-based compensation 43.3 41.1 36.6
Foreign exchange losses (gains) 26.3 (22.4) 12.6
Deferred income taxes (128.6) 27.9 (104.2)
Impairment of goodwill, intangible assets and SMT capitalized software 159.3 44.0 –
Charge for Venezuelan monetary assets and liabilities 34.1 – –
Other 28.2 57.7 51.0
Changes in assets and liabilities:
Accounts receivable (235.3) (240.9) (241.1)
Inventories (78.5) (85.0) (203.9)
Prepaid expenses and other 77.7 59.1 24.4
Accounts payable and accrued liabilities 140.1 82.6 (59.9)
Income and other taxes 3.4 (23.3) (51.6)
Noncurrent assets and liabilities (110.4) (72.3) (107.6)
Net cash provided by operating activities of continuing operations 539.6 544.0 628.1
Cash Flows from Investing Activities
Capital expenditures (197.3) (228.5) (276.4)
Disposal of assets 37.8 15.4 17.1
Acquisitions and other investing activities – – (13.0)
Proceeds from sale of investments 14.3 1.2 33.7
Purchases of investments (28.2) (1.5) (28.8)
Net cash used by investing activities of continuing operations (173.4) (213.4) (267.4)
Cash Flows from Financing Activities*
Cash dividends (106.8) (329.3) (403.4)
Debt, net (maturities of three months or less) (1.2) (710.5) 635.7
Proceeds from debt 1,488.2 735.8 88.9
Repayment of debt (1,942.7) (138.3) (614.6)
Interest rate swap termination 88.1 43.6 –
Proceeds from exercise of stock options 19.4 8.6 16.8
Excess tax benefit realized from share-based compensation (3.5) (2.4) (0.2)
Repurchase of common stock (9.4) (8.8) (7.7)
Net cash used by financing activities of continuing operations (467.9) (401.3) (284.5)
Cash Flows from Discontinued Operations
Net cash (used) provided by operating activities of discontinued operations (4.0) 12.1 27.7
Net cash provided (used) by investing activities of discontinued operations 84.8 (0.3) (1.5)
Net cash provided by discontinued operations 80.8 11.8 26.2
Effect of exchange rate changes on cash and equivalents (80.8) 23.4 (37.2)
Net decrease in cash and equivalents (101.7) (35.5) 65.2
Cash and equivalents at beginning of year(1) $ 1,209.6 $1,245.1 $1,179.9
Cash and equivalents at end of year(2) $ 1,107.9 $1,209.6 $1,245.1
Cash paid for:
Interest, net of amounts capitalized $ 224.4 $ 137.5 $ 137.4
Income taxes, net of refunds received $ 296.8 $ 331.9 $ 423.8
* Non-cash financing activities included the change in fair market value of interest-rate swap agreements of $(.7) in 2013, $(8.4) in 2012 and $53.2 in 2011
(see Note 8, Financial Instruments and Risk Management).
(1) Includes cash and cash equivalents of discontinued operations of $2.7, $6.9 and $14.8 at the beginning of the year in 2013, 2012 and 2011, respectively.
(2) Includes cash and cash equivalents of discontinued operations of $2.7 and $6.9 at the end of the year in 2012 and 2011, respectively.
The accompanying notes are an integral part of these statements.