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Newell Rubbermaid Inc. 2010 Annual Report
>
46 NEWELL RUBBERMAID 2010 Annual Report
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
Year Ended December 31, 2010 2009 2008
Operating Activities:
Net income (loss) $ 292.8 $ 285.5 $ (50.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 172.3 175.1 183.3
Losses related to extinguishments of debt 218.6 4.7 52.2
Non-cash restructuring costs 6.3 32.4 46.2
Deferred income taxes (6.1) 14.9 8.7
Impairment charges — — 299.4
Loss on disposal of discontinued operations — — 0.5
Stock-based compensation expense 36.5 35.1 35.6
Other, net 21.9 16.4 (27.0)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable (103.6) 98.0 168.3
Inventories (14.5) 243.1 30.9
Accounts payable 39.1 (103.6) (105.5)
Accrued liabilities and other (80.7) (198.8) (185.2)
Discontinued operations —— (2.2)
Net Cash Provided by Operating Activities $ 582.6 $ 602.8 $ 454.9
Investing Activities:
Acquisitions and acquisition-related activity $ (1.5) $ (13.7) $ (655.7)
Capital expenditures (164.7) (153.3) (157.8)
Proceeds from sales of noncurrent assets 16.8 17.6 9.4
Other (4.0) ——
Net Cash Used in Investing Activities $ (153.4) $ (149.4) $ (804.1)
Financing Activities:
Proceeds from issuance of debt, net of debt issuance costs $ 547.3 $ 634.8 $ 1,318.0
Short-term borrowings, net 133.6 192.5 —
Proceeds from issuance of warrants — 32.7 —
Purchase of call options — (69.0) —
Payments for settlement of warrants (298.4) — —
Proceeds from settlement of call options 369.5 — —
Payments on and for the settlement of notes payable and debt (710.8) (1,113.0) (772.5)
Cash consideration paid for exchange of convertible notes(1) (53.0) — —
Repurchase of shares of common stock (500.1) — —
Cash dividends (55.4) (71.4) (234.5)
Purchases of noncontrolling interests in consolidated subsidiaries — (29.2) —
Other, net (4.6) (4.4) (5.0)
Net Cash (Used in) Provided by Financing Activities $ (571.9) $ (427.0) $ 306.0
Currency rate effect on cash and cash equivalents 4.0 (23.5) (10.6)
(Decrease) Increase in Cash and Cash Equivalents (138.7) 2.9 (53.8)
Cash and Cash Equivalents at Beginning of Year 278.3 275.4 329.2
Cash and Cash Equivalents at End of Year $ 139.6 $ 278.3 $ 275.4
Supplemental cash flow disclosures — cash paid during the year for:
Income taxes, net of refunds $ 80.0 $ 111.7 $ 96.9
Interest $ 109.4 $ 120.6 $ 144.2
(1) Consideration provided in connection with the convertible note exchange consisted of cash as well as issuance of shares of the Company’s common stock, which
issuance is not included in the Consolidated Statement of Cash Flows for the year ended December 31, 2010. See Footnote 9 of the Notes to Consolidated Financial
Statements for further information.
See Notes to Consolidated Financial Statements.