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Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2013, 2012 and 2011
(In Millions)
2013 2012 2011
Cash flows from operating activities:
Net earnings $ 261.8 $ 107.6 $ 275.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 249.6 275.8 221.8
Deferred taxes 41.2 20.6 11.8
Stock-based compensation expense 26.7 23.3 22.2
Pension and other postretirement (income) expense (87.9) 26.7 92.5
Gain on sale of inkjet-related technology and assets (75.3) – –
Other 1.7 10.5 7.2
Change in assets and liabilities, net of acquisitions and divestiture:
Trade receivables 78.3 (57.2) 24.0
Inventories 7.3 58.2 30.6
Accounts payable (38.3) 22.0 (50.6)
Accrued liabilities 95.0 (72.5) (85.5)
Other assets and liabilities (55.3) 45.7 (117.8)
Pension and other postretirement contributions (24.8) (39.4) (30.4)
Net cash flows provided by operating activities 480.0 421.3 401.0
Cash flows from investing activities:
Purchases of property, plant and equipment (167.4) (162.2) (156.5)
Purchases of marketable securities (878.8) (947.1) (1,400.3)
Proceeds from sales of marketable securities 565.8 831.8 1,280.8
Proceeds from maturities of marketable securities 219.0 220.7 205.9
Purchase of businesses, net of cash acquired (146.1) (245.4) (41.4)
Proceeds from sale of facilities – – 4.3
Proceeds from sale of inkjet-related technology and assets, net of cash transferred 97.6 – –
Other 0.5 (0.3) 0.3
Net cash flows used for investing activities (309.4) (302.5) (106.9)
Cash flows from financing activities:
Repayment of assumed debt – (4.3) (7.1)
Repayment of debt (349.4) – –
Proceeds from issuance of long-term debt, net of issuance costs of $3.3 396.7 – –
Payment of cash dividend (75.3) (78.6) (18.0)
Purchase of treasury stock (82.0) (190.0) (250.0)
Proceeds from employee stock plans 0.4 5.8 –
Other 1.9 3.7 2.8
Net cash flows used for financing activities (107.7) (263.4) (272.3)
Effect of exchange rate changes on cash (2.1) 0.9 (3.2)
Net change in cash and cash equivalents 60.8 (143.7) 18.6
Cash and cash equivalents - beginning of year 212.4 356.1 337.5
Cash and cash equivalents - end of year $ 273.2 $ 212.4 $ 356.1
See notes to consolidated financial statements.
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