Estee Lauder 2015 Annual Report Download - page 87

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84 THE EST{E LAUDER COMPANIES INC.
YEAR ENDED JUNE 30 2015 2014 2013
(In millions)
Cash Flows from Operating Activities
Net earnings $ 1,093.4 $1,209.1 $1,023.8
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 409.3 384.6 336.9
Deferred income taxes (52.6) (56.4) (76.1)
Non-cash stock-based compensation 165.0 152.6 145.8
Excess tax benefits from stock-based compensation arrangements (47.6) (40.2) (53.9)
Loss on disposal of property, plant and equipment 14.5 13.4 15.2
Goodwill and other intangible asset impairments 0.5 — 17.7
Non-cash charges associated with restructuring activities — — 3.5
Pension and post-retirement benefit expense 64.5 70.9 83.1
Pension and post-retirement benefit contributions (59.0) (41.3) (38.3)
Loss on Venezuela remeasurement 5.3 38.3 2.8
Change in fair value of contingent consideration 7.3 — —
Other non-cash items (5.5) (0.5) (25.9)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net 103.2 (196.2) (113.0)
Increase in inventory and promotional merchandise, net (26.2) (156.8) (134.5)
Decrease (increase) in other assets, net 7.8 (45.2) (3.2)
Increase (decrease) in accounts payable 146.5 34.0 (8.7)
Increase in other accrued and noncurrent liabilities 116.9 168.9 51.1
Net cash flows provided by operating activities 1,943.3 1,535.2 1,226.3
Cash Flows from Investing Activities
Capital expenditures (473.0) (510.2) (461.0)
Acquisition of businesses and other intangible assets, net of cash acquired (241.0) (9.2) (8.7)
Proceeds from the disposition of investments 305.0 8.4 7.0
Purchases of investments (1,207.2) (0.6) (2.8)
Net cash flows used for investing activities (1,616.2) (511.6) (465.5)
Cash Flows from Financing Activities
Proceeds (repayments) of current debt, net 13.5 5.1 (198.5)
Proceeds from issuance of long-term debt, net 294.0 — 498.7
Debt issuance costs (4.5) — (4.1)
Repayments and redemptions of long-term debt (8.3) (11.8) (241.5)
Net proceeds from stock-based compensation transactions 101.4 84.8 91.1
Excess tax benefits from stock-based compensation arrangements 47.6 40.2 53.9
Payments to acquire treasury stock (982.8) (667.2) (387.7)
Dividends paid to stockholders (349.9) (301.8) (419.2)
Payments to noncontrolling interest holders for dividends (5.8) (6.2) (4.2)
Net cash flows used for financing activities (894.8) (856.9) (611.5)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (40.0) (33.3) (1.3)
Net Increase (Decrease) in Cash and Cash Equivalents (607.7) 133.4 148.0
Cash and Cash Equivalents at Beginning of Year 1,629.1 1,495.7 1,347.7
Cash and Cash Equivalents at End of Year $ 1,021.4 $1,629.1 $1,495.7
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS