Tecumseh Products 2014 Annual Report Download - page 43

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41
TECUMSEH PRODUCTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31,
(in millions) 2014 2013 2012
Cash Flows from Operating Activities:
Net (loss) income $ (32.7)$ (37.5) $ 22.6
Adjustments to reconcile net (loss) income to net cash provided by operating
activities:
Depreciation and amortization 25.0 33.5 36.4
Non-cash employee retirement benefits (1.2)(11.6)(8.9)
Non-cash postretirement benefits curtailment and settlement gain — — (45.0)
Deferred income taxes (0.1) 6.3 (3.5)
Share-based compensation (0.2) 0.8 0.5
(Gain) loss on disposal of property and equipment (3.1) 0.2 (0.2)
Changes in operating assets and liabilities:
Accounts receivable 9.9 6.2 (15.4)
Inventories 25.3 (10.5) 9.4
Payables and accrued expenses (4.9) 22.8 12.4
Employee retirement benefits (1.1)(2.1)(1.7)
Recoverable non-income tax (3.5) 8.1 1.1
Other (6.2)(4.6) 1.1
Cash provided by operating activities 7.2 11.6 8.8
Cash Flows from Investing Activities:
Capital expenditures (13.6)(11.8)(13.8)
Change in restricted cash and cash equivalents 8.0 (10.5) 7.1
Proceeds from sales of assets 3.9 0.3 1.0
Cash used in investing activities (1.7)(22.0)(5.7)
Cash Flows from Financing Activities:
Proceeds from short-term debt 42.7 72.8 130.0
Payments on short-term debt (59.2)(74.3)(126.3)
Proceeds from long-term debt 15.9 16.0 4.5
Payments on long-term debt (11.2)(4.1)(4.8)
Payments on capital leases (0.5)(0.4)(0.1)
Debt issuance costs (0.6)(0.2)—
Other ——
(0.2)
Cash (used in) provided by financing activities (12.9) 9.8 3.1
Effect of Exchange Rate Changes on Cash and Cash Equivalents (4.9) 0.3 (0.5)
(Decrease) Increase in cash and cash equivalents (12.3)(0.3) 5.7
Cash and Cash Equivalents:
Beginning of Period 55.0 55.3 49.6
End of Period $ 42.7 $ 55.0 $ 55.3
Supplemental Schedule of Cash Flows and Non-cash Investing and Financing
Activities:
Cash paid for interest $ 8.7 $ 8.8 $ 9.1
Cash paid for taxes $ 0.8 $ 1.4 $ 0.7
Capital lease obligations incurred $ — $ 0.2 $ 2.0
The accompanying notes are an integral part of these Consolidated Financial Statements.