Black & Decker 2014 Annual Report Download - page 70

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56
Consolidated Statements of Cash Flows
Fiscal years ended January 3, 2015, December 28, 2013, and December 29, 2012
(Millions of Dollars)
2014 2013 2012
Operating Activities:
Net earnings attributable to common shareowners .............................................. $ 760.9 $ 490.3 $ 883.8
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization of property, plant and equipment................ 263.4 238.0 237.9
Amortization of intangibles.......................................................................... 186.4 203.3 207.4
Inventory step-up amortization .................................................................... —15.4 6.3
Pretax loss (gain) on sales of businesses...................................................... 6.3 (14.0) (384.7)
Pretax (gain) loss on debt extinguishment ................................................... (0.1) 20.6 45.5
Asset impairments........................................................................................ 63.1 40.9 10.8
Stock-based compensation expense ............................................................. 57.1 66.4 89.7
Provision for doubtful accounts ................................................................... 22.1 13.7 11.3
Deferred tax expense (benefit)..................................................................... 42.4 (135.7) (50.4)
Income tax settlements................................................................................. (5.3) 0.9 (49.0)
Debt-fair value amortization ........................................................................ (1.1) (5.1) (18.3)
Other non-cash items.................................................................................... 12.5 2.8 (28.5)
Changes in operating assets and liabilities:
Accounts receivable ..................................................................................... 81.6 11.3 (55.2)
Inventories.................................................................................................... (175.9) (101.9) 11.4
Accounts payable ......................................................................................... 71.7 105.0 109.1
Deferred revenue.......................................................................................... 12.8 (1.1) (17.6)
Other current assets...................................................................................... 25.8 13.5 (151.7)
Long-term receivables.................................................................................. (13.2) (11.8) (15.2)
Other long-term assets.................................................................................. 39.2 29.1 (145.5)
Accrued expenses......................................................................................... 59.7 (156.0) 24.2
Defined benefit liabilities............................................................................. (155.0) (110.2) (107.0)
Other long-term liabilities............................................................................ (58.5) 152.6 351.9
Net cash provided by operating activities ............................................................ 1,295.9 868.0 966.2
Investing Activities:
Capital expenditures............................................................................................. (291.0) (340.3) (372.9)
Proceeds from sales of assets ............................................................................... 15.4 4.0 9.6
Business acquisitions, net of cash acquired ......................................................... (3.2) (933.9) (707.3)
(Payments) proceeds from sales of businesses, net of cash sold.......................... (3.9) 93.5 1,260.6
(Payments) proceeds for net investment hedge settlements (61.4) 3.6 5.8
Other..................................................................................................................... (38.1) (25.3) (13.1)
Net cash (used in) provided by investing activities ............................................. (382.2) (1,198.4) 182.7
Financing Activities:
Payments on long-term debt................................................................................. (46.6) (302.2) (1,422.3)
Proceeds from debt issuance ................................................................................ —726.7 1,523.5
Net short-term (repayments) borrowings............................................................. (391.0) 388.7 (19.0)
Stock purchase contract fees ................................................................................ (16.4) (3.2) (3.2)
Purchase of common stock for treasury............................................................... (28.2) (39.2) (1,073.9)
Cash settlement on forward stock purchase contract ........................................... —18.8 —
Payment on forward share purchase contract....................................................... —(350.0) —
Net premium paid on equity option ..................................................................... —(83.2) (29.5)
Premium paid on debt extinguishment................................................................. —(42.8) (91.0)
Termination of interest rate swaps ....................................................................... (33.4) — 58.2
Termination of forward starting interest rate swaps............................................. —— (102.6)
Proceeds from issuances of common stock.......................................................... 71.3 154.6 126.4
Cash dividends on common stock (321.3) (312.7) (304.0)
Other..................................................................................................................... (0.6) ——
Net cash (used in) provided by financing activities............................................. (766.2) 155.5 (1,337.4)
Effect of exchange rate changes on cash.............................................................. (147.1) (44.9) (2.4)
Increase (decrease) in cash and cash equivalents............................................ 0.4 (219.8) (190.9)
Cash and cash equivalents, beginning of year................................................. 496.2 716.0 906.9
Cash and cash equivalents, end of year............................................................ $ 496.6 $ 496.2 $ 716.0
See Notes to Consolidated Financial Statements.