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Newell Rubbermaid Inc. 2007 Annual Report
43
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
Year Ended December 31, 2007 2006 2005
Operating Activities
Net income $ 467.1 $ 385.0 $ 251.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 177.0 193.3 191.6
Non-cash restructuring costs 27.7 27.2 56.2
Deferred income taxes (0.9) (5.0) (63.9)
Gain on sale of assets
—
(4.5) (20.0)
Impairment charges
—
50.9 34.4
Loss (gain) on disposal of discontinued operations 11.9 (0.7) 96.8
Stock-based compensation expense 36.4 44.0 6.1
Income tax benefits (41.3) (102.8) (73.9)
Other (3.4) (12.9) (23.9)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable (7.9) 25.1 (51.5)
Inventories (53.6) (32.2) 32.3
Accounts payable 54.0 (51.0) 27.3
Accrued liabilities and other (11.7) 96.9 118.5
Discontinued operations
—
30.1 60.3
Net Cash Provided by Operating Activities $ 655.3 $ 643.4 $ 641.6
Investing Activities
Acquisitions, net of cash acquired $(106.0) $ (60.6) $(740.0)
Capital expenditures (157.3) (138.3) (92.2)
Disposals of noncurrent assets and sales of businesses (2.3) 187.0 65.5
Net Cash Used in Investing Activities $(265.6) $ (11.9) $(766.7)
Financing Activities
Proceeds from issuance of debt $ 420.8 $ 177.0 $ 337.0
Payments on notes payable and long-term debt (478.3) (511.0) (360.1)
Cash dividends (234.7) (232.8) (231.5)
Proceeds from exercised stock options and other 25.4 16.7 (2.6)
Net Cash Used in Financing Activities $(266.8) $(550.1) $(257.2)
Exchange rate effect on cash and cash equivalents 5.3 4.1 (7.8)
Increase (Decrease) in Cash and Cash Equivalents 128.2 85.5 (390.1)
Cash and Cash Equivalents at Beginning of Year 201.0 115.5 505.6
Cash and Cash Equivalents at End of Year $ 329.2 $ 201.0 $ 115.5
Supplemental cash flow disclosures
—
cash paid during the year for:
Income taxes, net of refunds $ 99.0 $ 19.5 $ 84.9
Interest $ 135.5 $ 160.9 $ 136.8
See Notes to Consolidated Financial Statements.