Black & Decker 2012 Annual Report Download - page 69

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55
Consolidated Statements of Cash Flows
Fiscal years ended December 29, 2012, December 31, 2011, and January 1, 2011
(Millions of Dollars)
2012
2011
2010
Operating Activities:
Net earnings attributable to common shareowners……………………………… $
883.8
$
674.6
$
198.2
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization of property, plant and equipment……….. 237.9
228.5
203.4
Amortization of intangibles……………………………………………….. 207.4
181.6
145.3
Inventory step-up amortization…………………………………………….
6.3
0.8
173.5
Pretax (gain) loss on sales of businesses…………………………………...
(384.7)
16.2
—
Loss on debt extinguishment…………………………………………….…
45.5
—
—
Asset impairments………………………………………………………..…
10.8
0.6
24.1
Stock-based compensation expense………………………………………..
89.7
68.9
85.1
Provision for doubtful accounts……………………………………………
11.3
15.9
10.6
Income tax settlements……………………………………………………...
(48.6)
(73.4)
(36.2)
Debt-fair value amortization………………………………………………..
(18.3)
(34.1)
(37.9)
Other non-cash items……………………………………………………….
(28.5)
(12.2)
3.8
Changes in operating assets and liabilities:
Accounts receivable………………………………………………………...
(55.2)
10.1
22.5
Inventories…………………………………………………………………..
11.4
(90.2)
35.3
Accounts payable…………………………………………………………...
109.1
214.2
77.3
Deferred revenue……………………………………………………………
(17.6)
(6.0)
1.5
Accrued expenses…………………………………………………………...
24.2
2.2
51.4
Other current assets…………………………………………………………
(151.7)
28.4
18.7
Long-term receivables……………………………………………………...
(15.2)
(21.1)
(14.6)
Defined benefit liabilities…………………………………………………...
(107.0)
(130.5)
(276.9)
Other long-term liabilities…………………………………………………..
301.1
(119.5)
39.2
Other long-term assets……………………………………………………...
(145.5)
43.9
15.0
Net cash provided by operating activities………………………………………...
966.2
998.9
739.3
Investing Activities:
Capital expenditures………………………………………………………………
(386.0)
(302.1)
(185.5)
Proceeds from sales of assets……………………………………………………..
9.6
29.4
11.0
Business acquisitions, net of cash acquired………………………………………
(707.3)
(1,179.6)
(550.3)
Proceeds from sales of businesses, net of cash sold………………………………
1,260.6
27.1
—
Cash acquired from Black & Decker……………………………………………..
—
—
949.4
Undesignated interest rate swap terminations…………………………………….
—
(3.1)
30.1
Proceeds (payments) for net investment hedge settlements………………………
5.8
(36.0)
14.9
Net cash provided by (used in) by investing activities……………………………
182.7
(1,464.3)
269.6
Financing Activities:
Payments on long-term debt………………………………………………………
(1,422.3)
(403.2)
(515.8)
Proceeds from debt issuance……………………………………………………...
1,523.5
421.0
1,009.8
Net repayments on short-term borrowings………………………………………..
(19.0)
(199.4)
(263.6)
Stock purchase contract fees……………………………………………………...
(3.2)
(3.2)
(7.7)
Purchase of common stock for treasury…………………………………………..
(1,073.9)
(11.1)
(4.9)
Net premium paid for equity option………………………………………………
(29.5)
(19.6)
(50.3)
Premium paid on debt extinguishment……………………………………………
(91.0)
—
—
Termination of interest rate swaps………………………………………………..
58.2
—
—
Termination of forward starting interest rate swaps………………………………
(102.6)
—
(48.4)
Proceeds from issuances of common stock……………………………………….
126.4
119.6
396.1
Cash dividends on common stock………………………………………………...
(304.0)
(275.9)
(201.6)
Net cash (used in) provided by financing activities………………………………
(1,337.4
)
(371.8)
313.6
Effect of exchange rate changes on cash………………………………………….
(2.4)
1.3
22.2
(Decrease) Increase in cash and cash equivalents
..............................................
(190.9
)
(835.9)
1,344.7
Cash and cash equivalents, beginning of year…………………………………
906.9
1,742.8
398.1
Cash and cash equivalents, end of year
...............................................................
$
716.0
$
906.9
$
1,742.8
See Notes to Consolidated Financial Statements.