Estee Lauder 2011 Annual Report Download - page 123

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THE EST{E LAUDER COMPANIES INC. 121
YEAR ENDED JUNE 30 2011 2010 2009
(In millions)
Cash Flows from Operating Activities
Net earnings $ 703.8 $ 482.4 $ 226.8
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 294.4 263.7 254.0
Deferred income taxes (24.5) (24.7) (108.2)
Non-cash stock-based compensation 94.8 57.0 51.5
Excess tax benefits from stock-based compensation arrangements (49.7) (10.8) (1.4)
Loss on disposal of property, plant and equipment 7.7 23.0 11.4
Goodwill, other intangible asset and long-lived asset impairments 38.0 48.4 63.1
Non-cash charges associated with restructuring activities 9.4 21.4 12.2
Non-cash charge on debt extinguishment — 2.4 —
Pension and post-retirement benefit expense 78.5 61.6 52.0
Pension and post-retirement benefit contributions (92.4) (125.7) (71.3)
Other non-cash items 0.6 0.6 1.2
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net (124.7) 79.2 103.8
Decrease (increase) in inventory and promotional merchandise, net (95.1) (60.8) 125.7
Decrease (increase) in other assets, net (52.5) 29.3 (72.2)
Increase (decrease) in accounts payable (17.0) 103.6 (11.9)
Increase (decrease) in accrued income taxes 103.1 (78.8) 24.5
Increase in other liabilities 152.6 84.9 34.8
Net cash flows provided by operating activities 1,027.0 956.7 696.0
Cash Flows from Investing Activities
Capital expenditures (351.0) (270.6) (279.8)
Acquisition of businesses and other intangible assets, net of cash acquired (256.1) (10.7) (68.5)
Proceeds from the disposition of long-term investments 0.2 — 9.2
Purchases of long-term investments — (0.1) (0.4)
Net cash flows used for investing activities (606.9) (281.4) (339.5)
Cash Flows from Financing Activities
Borrowings (repayments) of current debt, net 0.4 (7.5) (93.5)
Proceeds from issuance of long-term debt, net — — 297.7
Repayments and redemptions of long-term debt (16.5) (227.2) (10.1)
Net settlement of interest rate derivatives 47.4 — —
Net proceeds from stock-based compensation transactions 156.1 205.0 109.6
Excess tax benefits from stock-based compensation arrangements 49.7 10.8 1.4
Payments to acquire treasury stock (396.6) (266.7) (62.6)
Dividends paid to stockholders (148.0) (109.1) (108.4)
Payments to noncontrolling interest holders (5.6) (11.4) (8.3)
Net cash flows provided by (used for) financing activities (313.1) (406.1) 125.8
Effect of Exchange Rate Changes on Cash and Cash Equivalents 25.3 (13.0) (19.5)
Net Increase in Cash and Cash Equivalents 132.3 256.2 462.8
Cash and Cash Equivalents at Beginning of Period 1,120.7 864.5 401.7
Cash and Cash Equivalents at End of Period $1,253.0 $1,120.7 $ 864.5
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS