Black & Decker 2010 Annual Report Download - page 76

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Consolidated Statements of Cash Flows
Fiscal years ended January 1, 2011, January 2, 2010 and January 3, 2009
(Millions of Dollars)
2010 2009 2008
Operating Activities:
Net earnings . ............................................... $198.2 $226.3 $308.6
Less: net earnings attributable to non-controlling interests . ................. — 2.0 1.7
Net earnings attributable to Stanley Black & Decker, Inc . ................. $198.2 $224.3 $306.9
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization . ................................ 348.7 200.1 183.0
Inventory step-up amortization . ................................ 173.5 ——
Pre-tax loss (gain) on sale of businesses ........................... — 1.6 (126.5)
Asset impairments ......................................... 24.1 6.8 17.1
Stock-based compensation expense . . . ........................... 85.1 20.7 13.9
Provision for doubtful accounts ................................ 12.3 14.0 17.6
Debt-fair value amortization . . ................................ (37.9) ——
Other non-cash items . . ..................................... (0.1) (9.4) 36.9
Changes in operating assets and liabilities:
Accounts receivable ......................................... 22.5 130.5 129.1
Inventories ............................................... 35.3 152.8 26.5
Accounts payable . .......................................... 77.3 (57.3) (32.9)
Accrued expenses . .......................................... 52.9 (62.0) 12.7
Income taxes .............................................. (25.0) 16.2 (17.3)
Other current assets ......................................... 18.7 (24.8) (12.7)
Long-term receivables . . . ..................................... (14.6) (24.4) (16.6)
Defined benefit liabilities . ..................................... (276.9) (17.4) (22.9)
Other long-term liabilities ..................................... 28.0 (6.7) 34.2
Other ................................................... 17.2 (25.6) (32.4)
Net cash provided by operating activities . . ........................... 739.3 539.4 516.6
Investing Activities:
Capital expenditures . .......................................... (165.4) (72.9) (94.6)
Capitalized software . .......................................... (20.1) (20.5) (46.2)
Proceeds from sales of assets ..................................... 11.0 2.5 4.3
Business acquisitions .......................................... (550.3) (24.3) (575.0)
Proceeds from sales of businesses . . ................................ — — 204.6
Cash acquired from Black & Decker ................................ 949.4 ——
Undesignated interest rate swap terminations ........................... 30.1 ——
Proceeds from net investment hedge settlements. . . ...................... 43.9 — 19.1
Payments on net investment hedge settlements .......................... (29.0) ——
Other .................................................... — — 23.2
Net cash provided by (used in) investing activities . ...................... 269.6 (115.2) (464.6)
Financing Activities:
Payments on long-term debt . ..................................... (515.8) (64.5) (44.9)
Proceeds from debt issuance ..................................... 1,013.2 — 249.7
Net repayments on short-term borrowings . . ........................... (263.6) (119.9) (73.5)
Debt issuance costs . .......................................... (3.4) — (1.5)
Interest rate swap terminations .................................... — — 16.2
Stock purchase contract fees ..................................... (7.7) (15.2) (11.1)
Purchase of common stock for treasury . . . ........................... (4.9) (2.6) (103.3)
Net premium paid for equity option . ................................ (50.3) (9.2) —
Termination of forward starting interest rate swap. . ...................... (48.4) ——
Proceeds from issuance of common stock . . ........................... 396.1 61.2 19.2
Cash dividends on common stock . . ................................ (201.6) (103.6) (99.0)
Other .................................................... — 4.8 —
Net cash provided by (used in) financing activities . ...................... 313.6 (249.0) (48.2)
Effect of exchange rate changes on cash . . . ........................... 22.2 13.9 (32.6)
Increase (Decrease) in cash and cash equivalents ...................... 1,344.7 189.1 (28.8)
Cash and cash equivalents, beginning of year ......................... 400.7 211.6 240.4
Cash and cash equivalents, end of year ............................. $1,745.4 $400.7 $211.6
See Notes to Consolidated Financial Statements.
63