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Table of Contents
29
Years Ended December 31,
(dollars and shares in millions, except per share amounts)
2014
2013
2012
2011
2010
Statement of Operations Data:
Net sales
$
12,074.5
$
10,768.6
$
10,128.2
$
9,602.4
$
8,801.2
Cost of sales
10,153.2
9,008.3
8,458.6
8,018.9
7,410.4
Gross profit
1,921.3
1,760.3
1,669.6
1,583.5
1,390.8
Selling and administrative expenses
1,110.3
1,120.9
1,029.5
990.1
932.1
Advertising expense
138.0
130.8
129.5
122.7
106.0
Income from operations
673.0
508.6
510.6
470.7
352.7
Interest expense, net
(197.3
)
(250.1
)
(307.4
)
(324.2
)
(391.9
)
Net (loss) gain on extinguishments of long-term debt
(90.7
)
(64.0
)
(17.2
)
(118.9
)
2.0
Other income, net
2.7
1.0
0.1
0.7
0.2
Income (loss) before income taxes
387.7
195.5
186.1
28.3
(37.0
)
Income tax (expense) benefit
(142.8
)
(62.7
)
(67.1
)
(11.2
)
7.8
Net income (loss)
$
244.9
$
132.8
$
119.0
$
17.1
$
(29.2
)
Net income (loss) per common share:
Basic
$1.44
$0.85
$0.82
$0.12
$(0.20)
Diluted
$1.42
$0.84
$0.82
$0.12
$(0.20)
Weighted-average common shares outstanding:
Basic
170.6
156.6
145.1
144.8
144.4
Diluted
172.8
158.7
145.8
144.9
144.4
Balance Sheet Data (at period end):
Cash and cash equivalents
$
344.5
$
188.1
$
37.9
99.9
$
36.6
Working capital
985.4
810.9
666.5
538.1
675.4
Total assets
6,099.9
5,924.6
5,720.0
5,967.7
5,943.8
Total debt and capitalized lease obligations
(1)
3,190.0
3,251.2
3,771.0
4,066.0
4,290.0
Total shareholders’ equity (deficit)
936.5
711.7
136.5
(7.3
)
(43.5
)
Other Financial Data:
Capital expenditures
$
55.0
$
47.1
$
41.4
45.7
$
41.5
Depreciation and amortization
207.9
208.2
210.2
204.9
209.4
Gross profit as a percentage of net sales
15.9
%
16.3
%
16.5
%
16.5
%
15.8
%
Ratio of earnings to fixed charges
(2)
2.9
1.8
1.6
1.1
(a)
EBITDA
(3)
$
792.9
$
653.8
$
703.7
557.4
$
564.3
Adjusted EBITDA
(3)
907.0
808.5
766.6
717.3
601.8
Non-GAAP net income
(4)
409.9
314.3
247.1
198.8
85.7
Statement of Cash Flows Data:
Net cash provided by (used in):
Operating activities
$
435.0
$
366.3
$
317.4
$
214.7
$
423.7
Investing activities
(164.8
)
(47.1
)
(41.7
)
(56.0
)
(125.4
)
Financing activities
(112.0
)
(168.3
)
(338.0
)
(95.4
)
(350.1
)
(1) Excludes borrowings of $332.1 million , $256.6 million , $249.2 million , $278.7 million and $28.2 million , as of December 31, 2014,
2013, 2012, 2011, and 2010, respectively, under our inventory financing agreements. We do not include these borrowings in total debt
because we have not in the past incurred, and in the future do not expect to incur, any interest expense or late fees under these
agreements.