Tecumseh Products 2012 Annual Report Download - page 40

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39
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(in millions) 2012 2011 2010
Cash Flows from Operating Activities:
Net income (loss) ......................................................................................................... $ 22.6 $ (73.2)$ (56.8)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization ........................................................................... 36.4 40.5 40.4
Non-cash employee retirement benefits............................................................. (8.9)(6.9)—
Non-cash postretirement benefits curtailment and settlement gain ................... (45.0)—
(7.0)
Non-cash hourly pension plan settlement loss ................................................... — — 29.4
Deferred income taxes........................................................................................ (3.5) 0.1 (15.8)
Share-based compensation ................................................................................. 0.5 (1.6) 1.5
(Gain) loss on disposal of property and equipment............................................ (0.2)(2.5) 0.6
Investment impairment....................................................................................... — — 0.4
Changes in operating assets and liabilities:
Accounts receivable ........................................................................................... (15.4) 34.9 (47.8)
Inventories.......................................................................................................... 9.4 6.5 (41.1)
Payables and accrued expenses .......................................................................... 12.4 (43.7) 22.9
Employee retirement benefits............................................................................. (1.7)(0.5)(4.8)
Hourly pension plan reversion ........................................................................... — — 54.5
Recoverable non-income tax.............................................................................. 1.1 41.7 (22.7)
Other................................................................................................................... 1.1 (0.6) 0.3
Cash provided by (used in) operating activities.......................................... 8.8 (5.3)(46.0)
Cash Flows from Investing Activities:
Capital expenditures................................................................................................. (13.8)(17.7)(9.2)
Change in restricted cash and cash equivalents ....................................................... 7.1 3.8 —
Proceeds from sales of assets ................................................................................... 1.0 4.8 0.2
Cash used in investing activities ................................................................. (5.7)(9.1)(9.0)
Cash Flows from Financing Activities:
Proceeds from long-term debt .................................................................................. 4.5 4.5 14.7
Payments on long-term debt..................................................................................... (4.8)(12.1)—
Payments on capital leases ....................................................................................... (0.1)— —
Proceeds from revolving credit agreement............................................................... — 15.2 —
Payments of revolving credit agreement.................................................................. (0.2)(5.0)—
Debt issuance costs................................................................................................... — (0.3)—
Other borrowings (repayments), net......................................................................... 3.7 (1.7) 16.8
Cash provided by financing activities......................................................... 3.1 0.6 31.5
Effect of Exchange Rate Changes on Cash ..................................................................... (0.5)(2.5)(1.3)
Increase (decrease) in cash and cash equivalents..................................................... 5.7 (16.3)(24.8)
Cash and Cash Equivalents:
Beginning of Period .................................................................................... 49.6 65.9 90.7
End of Period .............................................................................................. $ 55.3 $ 49.6 $ 65.9
Supplemental Schedule of Non-cash Investing and Financing Activities:
Cash paid for interest....................................................................................................... $ 9.1 $ 9.6 $ 8.7
Cash paid for taxes .......................................................................................................... $ 0.7 $ (0.5) $ 0.2
The accompanying notes are an integral part of these Consolidated Financial Statements.