Estee Lauder 2013 Annual Report Download - page 144

Download and view the complete annual report

Please find page 144 of the 2013 Estee Lauder annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 192

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192

142 THE EST{E LAUDER COMPANIES INC.
YEAR ENDED JUNE 30 2013 2012 2011
(In millions)
Cash Flows from Operating Activities
Net earnings $1,023.8 $ 860.5 $ 703.8
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 336.9 295.8 294.4
Deferred income taxes (76.1) (22.1) (24.5)
Non-cash stock-based compensation 145.8 124.7 94.8
Excess tax benefits from stock-based compensation arrangements (53.9) (57.8) (49.7)
Loss on disposal of property, plant and equipment 15.2 12.7 7.7
Goodwill and other intangible asset impairments 17.7 21.7 38.0
Non-cash charges associated with restructuring activities 3.5 3.5 9.4
Pension and post-retirement benefit expense 83.1 68.5 78.5
Pension and post-retirement benefit contributions (38.3) (126.9) (92.4)
Other non-cash items (23.1) 3.7 0.6
Changes in operating assets and liabilities:
Increase in accounts receivable, net (113.0) (178.4) (124.7)
Increase in inventory and promotional merchandise, net (134.5) (41.2) (95.1)
Increase in other assets, net (3.2) (63.1) (52.5)
Increase (decrease) in accounts payable (8.7) 68.3 (17.0)
Increase in accrued income taxes 34.0 96.6 103.1
Increase in other liabilities 17.1 60.2 152.6
Net cash flows provided by operating activities 1,226.3 1,126.7 1,027.0
Cash Flows from Investing Activities
Capital expenditures (461.0) (420.7) (351.0)
Acquisition of businesses and other intangible assets, net of cash acquired (8.7) (7.6) (256.1)
Proceeds from the disposition of long-term investments 7.0 — 0.2
Purchases of long-term investments (2.8) — —
Net cash flows used for investing activities (465.5) (428.3) (606.9)
Cash Flows from Financing Activities
Borrowings (repayments) of current debt, net (198.5) 197.4 0.4
Proceeds from issuance of long-term debt, net 498.7 — —
Debt issuance costs (4.1) (1.1) —
Repayments and redemptions of long-term debt (241.5) (128.8) (16.5)
Net settlement of interest rate derivatives — — 47.4
Net proceeds from stock-based compensation transactions 91.1 90.8 156.1
Excess tax benefits from stock-based compensation arrangements 53.9 57.8 49.7
Payments to acquire treasury stock (387.7) (592.7) (396.6)
Dividends paid to stockholders (419.2) (204.0) (148.0)
Payments to noncontrolling interest holders for dividends (4.2) (4.5) (5.6)
Net cash flows used for financing activities (611.5) (585.1) (313.1)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (1.3) (18.6) 25.3
Net Increase in Cash and Cash Equivalents 148.0 94.7 132.3
Cash and Cash Equivalents at Beginning of Year 1,347.7 1,253.0 1,120.7
Cash and Cash Equivalents at End of Year $1,495.7 $1,347.7 $1,253.0
2
013
$
1
,
023.
8
336.
9
(
76.1
)
14
5
.
8
(
53.9
)
15
.2
17
.7
3
.5
83
.
1
(38.3
)
(
23.1
)
(113.0
)
(
134.5
)
(
3.2
)
(8.7
)
3
4.
0
1
7
.1
1,
226.
3
(
461.0
)
(8.7
)
7.
0
(
2.8
)
(
465.5
)
(
198.5
)
4
9
8.
7
(
4.1
)
(
241.5
)
—
91
.
1
53.
9
(
387.7
)
(
419.2
)
(
4.2
)
(
611.5
)
(1.3
)
1
4
8
.
0
1,
347.
7
$
1,495.7
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS