Lexmark 2014 Annual Report Download - page 66

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Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2014, 2013 and 2012
(In Millions)
2014 2013 2012
Cash flows from operating activities:
Net earnings $ 79.1 $ 261.8 $ 107.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 259.4 249.6 275.8
Deferred taxes (17.9) 41.2 20.6
Stock-based compensation expense 27.6 26.7 23.3
Pension and other postretirement expense (income) 76.4 (87.9) 26.7
Gain on sale of inkjet-related technology and assets – (75.3) –
Other 2.5 1.7 10.5
Change in assets and liabilities, net of acquisitions and divestiture:
Trade receivables 60.7 78.3 (57.2)
Inventories 15.3 7.3 58.2
Accounts payable 55.7 (38.3) 22.0
Accrued liabilities (34.7) 95.0 (72.5)
Other assets and liabilities (71.9) (55.3) 45.7
Pension and other postretirement contributions (29.2) (24.8) (39.4)
Net cash flows provided by operating activities 423.0 480.0 421.3
Cash flows from investing activities:
Purchases of property, plant and equipment (136.3) (167.4) (162.2)
Purchases of marketable securities (848.3) (878.8) (947.1)
Proceeds from sales of marketable securities 851.0 565.8 831.8
Proceeds from maturities of marketable securities 160.0 219.0 220.7
Purchase of businesses, net of cash acquired (83.2) (146.1) (245.4)
Proceeds from sale of inkjet-related technology and assets, net of cash transferred – 97.6 –
Other 0.8 0.5 (0.3)
Net cash flows used for investing activities (56.0) (309.4) (302.5)
Cash flows from financing activities:
Repayment of assumed debt (15.9) – (4.3)
Repayment of debt – (349.4) –
Purchase of shares from noncontrolling interests (154.9) – –
Proceeds from issuance of long-term debt, net of issuance costs of $3.3 – 396.7 –
Payment of cash dividend (85.3) (75.3) (78.6)
Purchase of treasury stock (80.0) (82.0) (190.0)
Proceeds from employee stock plans 11.0 0.4 5.8
Other 1.4 1.9 3.7
Net cash flows used for financing activities (323.7) (107.7) (263.4)
Effect of exchange rate changes on cash (7.2) (2.1) 0.9
Net change in cash and cash equivalents 36.1 60.8 (143.7)
Cash and cash equivalents - beginning of year 273.2 212.4 356.1
Cash and cash equivalents - end of year $ 309.3 $ 273.2 $ 212.4
See notes to consolidated financial statements.
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