Black & Decker 2015 Annual Report Download - page 69

Consolidated Statements of Cash Flows
Fiscal years ended January 2, 2016, January 3, 2015, and December 28, 2013
(Millions of Dollars)
2015 2014 2013
Operating Activities:
Net earnings attributable to common shareowners.................................................................................. $ 883.7 $ 760.9 $ 490.3
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization of property, plant and equipment.................................................. 256.9 263.4 238.0
Amortization of intangibles ........................................................................................................... 157.1 186.4 203.3
Pretax (gain) loss on debt extinguishment..................................................................................... —(0.1) 20.6
Asset impairments.......................................................................................................................... 9.8 63.1 40.9
Stock-based compensation expense............................................................................................... 67.9 57.1 66.4
Provision for doubtful accounts..................................................................................................... 29.5 22.1 13.7
Deferred tax (benefit) expense....................................................................................................... (1.3)42.4 (135.7)
Other non-cash items ..................................................................................................................... 18.8 12.4 —
Changes in operating assets and liabilities:
Accounts receivable....................................................................................................................... (41.3)81.6 11.3
Inventories...................................................................................................................................... (54.7)(175.9)(101.9)
Accounts payable........................................................................................................................... (9.7)71.7 105.0
Deferred revenue............................................................................................................................ 7.7 12.8 (1.1)
Other current assets........................................................................................................................ 19.8 25.8 13.5
Long-term receivables ................................................................................................................... (12.6)(13.2)(11.8)
Other long-term assets ................................................................................................................... (11.5)39.2 29.1
Accrued expenses........................................................................................................................... (59.0)59.7 (156.0)
Defined benefit liabilities............................................................................................................... (65.8)(155.0)(110.2)
Other long-term liabilities.............................................................................................................. (13.0)(58.5) 152.6
Net cash provided by operating activities................................................................................................ 1,182.3 1,295.9 868.0
Investing Activities:
Capital expenditures................................................................................................................................. (311.4)(291.0)(340.3)
Proceeds from sales of assets................................................................................................................... 29.1 15.4 4.0
Business acquisitions, net of cash acquired ............................................................................................. (17.6)(3.2)(933.9)
(Payments) proceeds from sales of businesses, net of cash sold.............................................................. —(3.9) 93.5
Proceeds (payments) for net investment hedge settlements..................................................................... 137.7 (61.4) 3.6
Other......................................................................................................................................................... (42.8)(38.1)(25.3)
Net cash used in investing activities ........................................................................................................ (205.0)(382.2)(1,198.4)
Financing Activities:
Payments on long-term debt..................................................................................................................... (16.1)(46.6)(302.2)
Proceeds from debt issuance.................................................................................................................... —— 726.7
Net short-term borrowings (repayments)................................................................................................. 1.2 (391.0) 388.7
Stock purchase contract fees.................................................................................................................... (17.0)(16.4)(3.2)
Purchase of common stock for treasury................................................................................................... (649.8)(28.2)(39.2)
Proceeds from issuance of preferred stock............................................................................................... 632.5 — —
Redemption of preferred stock for treasury ............................................................................................. (632.5)— —
Cash settlement on forward stock purchase contract............................................................................... —— 18.8
Payment on forward share purchase contract........................................................................................... ——(350.0)
Net premium paid on equity option ......................................................................................................... ——(83.2)
Premium paid on debt extinguishment..................................................................................................... ——(42.8)
Non-controlling interest buyout............................................................................................................... (33.5)— —
Termination of interest rate swaps........................................................................................................... —(33.4) —
Proceeds from issuances of common stock.............................................................................................. 163.5 71.3 154.6
Cash dividends on common stock............................................................................................................ (319.9)(321.3)(312.7)
Other......................................................................................................................................................... (4.0)(0.6) —
Net cash (used in) provided by financing activities................................................................................. (875.6)(766.2) 155.5
Effect of exchange rate changes on cash.................................................................................................. (132.9)(147.1)(44.9)
(Decrease) increase in cash and cash equivalents................................................................................ (31.2)0.4 (219.8)
Cash and cash equivalents, beginning of year..................................................................................... 496.6 496.2 716.0
Cash and cash equivalents, end of year................................................................................................ $ 465.4 $ 496.6 $ 496.2
See Notes to Consolidated Financial Statements.
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