Black & Decker 2011 Annual Report Download - page 63

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51
Consolidated Statements of Cash Flows
Fiscal years ended December 31, 2011, January 1, 2011, and January 2, 2010
(Millions of Dollars)
2011
2010
2009
Operating Activities:
Net earnings
attributable to common shareowners .............................................................................
$ 674.6
$ 198.2
$ 224.3
Add: net loss from discontinued operations .......................................................................................
16.7
3.9
1.3
Add: net (loss) earnings attributable to non-controlling interests .......................................................
(0.1)
—
2.0
Net earnings from continuing
operations ...........................................................................................
$ 691.2
$ 202.1
$ 227.6
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization of property, plant and equipment ............................................
228.5
203.4
95.5
Amortization of intangibles ......................................................................................................
181.6
145.3
104.6
Inventory step-up amortization ................................................................................................
0.8
173.5
—
Asset impairments ....................................................................................................................
0.6
24.1
6.8
Stock-based compensation expense .........................................................................................
68.9
85.1
20.7
Provision for doubtful accounts ...............................................................................................
15.9
10.6
13.6
Income tax settlements .............................................................................................................
(73.4)
(36.2)
(8.8)
Debt-fair value amortization ....................................................................................................
(34.1)
(37.9)
—
Other non-cash items ................................................................................................................
(12.6)
(0.1)
(7.8)
Changes in operating assets and liabilities:
Accounts receivable .................................................................................................................
10.1
22.5
130.5
Inventories ................................................................................................................................
(90.2)
35.3
152.8
Accounts payable .....................................................................................................................
214.2
77.3
(57.3)
Accrued expenses .....................................................................................................................
(3.8)
52.9
(62.0)
Other current assets ..................................................................................................................
28.4
18.7
(24.8)
Long-term receivables ..............................................................................................................
(21.1)
(14.6)
(24.4)
Defined benefit liabilities .........................................................................................................
(130.5)
(276.9)
(17.4)
Other long-term liabilities ........................................................................................................
(119.5)
39.2
18.3
Other long-term assets ..............................................................................................................
43.9
15.0
(31.1)
Net cash provided by operating activities
...........................................................................................
998.9
739.3
536.8
Investing Activities:
Capital expenditures ...........................................................................................................................
(302.1)
(185.5)
(93.4)
Proceeds from sales of assets .............................................................................................................
29.4
11.0
2.5
Business acquisitions, net of cash acquired ........................................................................................
(1,179.6)
(550.3)
(24.3)
Proceeds from sales of businesses ......................................................................................................
27.1
—
—
Cash acquired from Black & Decker ..................................................................................................
—
949.4
—
Undesignated interest rate swap terminations ....................................................................................
(3.1)
30.1
—
Proceeds from net investment hedge settlements ...............................................................................
—
43.9
—
Payments on net investment hedge settlements ..................................................................................
(36.0)
(29.0)
—
Net cash (used in) provided by investing activities
............................................................................
(1,464.3)
269.6
(115.2)
Financing Activities:
Payments on long-term debt ...............................................................................................................
(403.2)
(515.8)
(64.5)
Proceeds from debt issuance ..............................................................................................................
421.0
1,009.8
—
Net repayments on short
-term borrowings .........................................................................................
(199.4)
(263.6)
(119.9)
Stock purchase contract fees ..............................................................................................................
(3.2)
(7.7)
(15.2)
Purchase of common stock for treasury .............................................................................................
(11.1)
(4.9)
(2.6)
Net premium paid for equity option
...................................................................................................
(19.6)
(50.3)
(9.2)
Termination of forward starting interest rate swap .............................................................................
—
(48.4)
—
Proceeds from issuance of common stock ..........................................................................................
119.6
396.1
61.2
Cash dividends on common stock ......................................................................................................
(275.9)
(201.6)
(103.6)
Other...................................................................................................................................................
—
—
4.8
Net cash (used in) provided by financing activities
............................................................................
(371.8)
313.6
(249.0)
Effect of exchange rate changes on cash ............................................................................................
1.3
22.2
13.9
(Decrease) Increase in cash and cash equivalents
................................
................................
..........
(835.9)
1,344.7
186.5
Cash and cash equivalents, beginning of year
................................
................................
.................
1,742.8
398.1
211.6
Cash and cash equivalents, end of year
................................
................................
...........................
$ 906.9
$ 1,742.8
$ 398.1
See Notes to Consolidated Financial Statements.