Avon 2014 Annual Report Download - page 80

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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended December 31 2014 2013 2012
Cash Flows from Operating Activities
Net loss $ (384.9) $ (51.9) $ (38.2)
Loss from discontinued operations, net of tax – 50.9 131.5
(Loss) income from continuing operations, net of tax (384.9) (1.0) 93.3
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation 141.3 164.8 161.8
Amortization 51.3 59.8 50.7
Provision for doubtful accounts 192.5 239.3 250.9
Provision for obsolescence 100.9 117.1 118.8
Share-based compensation 38.9 43.3 41.1
Foreign exchange losses (gains) 42.4 26.3 (22.4)
Deferred income taxes 244.5 (128.6) 27.9
Charge for Venezuelan monetary assets and liabilities 53.7 34.1 –
Charge for Venezuelan non-monetary assets to net realizable value 115.7 – –
Impairment of goodwill, intangible assets and SMT capitalized software – 159.3 44.0
Other 70.2 28.2 57.7
Changes in assets and liabilities:
Accounts receivable (182.6) (235.3) (240.9)
Inventories (155.4) (87.4) (81.8)
Prepaid expenses and other (61.6) 77.7 59.1
Accounts payable and accrued liabilities 125.0 140.1 82.6
Income and other taxes 47.9 3.4 (23.3)
Noncurrent assets and liabilities (80.0) (101.5) (75.5)
Net cash provided by operating activities of continuing operations 359.8 539.6 544.0
Cash Flows from Investing Activities
Capital expenditures (131.1) (197.3) (228.5)
Disposal of assets 15.9 37.8 15.4
Purchases of investments (26.8) (28.2) (1.5)
Proceeds from sale of investments 36.9 14.3 1.2
Net cash used by investing activities of continuing operations (105.1) (173.4) (213.4)
Cash Flows from Financing Activities*
Cash dividends (110.2) (106.8) (329.3)
Debt, net (maturities of three months or less) (28.8) (1.2) (710.5)
Proceeds from debt 70.0 1,488.2 735.8
Repayment of debt (140.2) (1,942.7) (138.3)
Interest rate swap termination – 88.1 43.6
Net proceeds from exercise of stock options 0.2 15.9 6.2
Repurchase of common stock (9.8) (9.4) (8.8)
Net cash used by financing activities of continuing operations (218.8) (467.9) (401.3)
Cash Flows from Discontinued Operations
Net cash (used) provided by operating activities of discontinued operations – (4.0) 12.1
Net cash provided (used) by investing activities of discontinued operations – 84.8 (0.3)
Net cash provided by discontinued operations – 80.8 11.8
Effect of exchange rate changes on cash and equivalents (183.3) (80.8) 23.4
Net decrease in cash and equivalents (147.4) (101.7) (35.5)
Cash and equivalents at beginning of year(1) 1,107.9 1,209.6 1,245.1
Cash and equivalents at end of year(2) $ 960.5 $ 1,107.9 $1,209.6
Cash paid for:
Interest, net of amounts capitalized $ 125.9 $ 224.4 $ 137.5
Income taxes, net of refunds received $ 225.1 $ 296.8 $ 331.9
* Non-cash financing activities included the change in fair market value of interest-rate swap agreements of $(.7) in 2013 and $(8.4) in 2012 (see Note 8,
Financial Instruments and Risk Management).
(1) Includes cash and cash equivalents of discontinued operations of $2.7 and $6.9 at the beginning of the year in 2013 and 2012, respectively.
(2) Includes cash and cash equivalents of discontinued operations of $2.7 at the end of the year in 2012.
The accompanying notes are an integral part of these statements.