Estee Lauder 2012 Annual Report Download - page 129

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THE EST{E LAUDER COMPANIES INC. 127
YEAR ENDED JUNE 30 2012 2011 2010
(In millions)
Cash Flows from Operating Activities
Net earnings $ 860.5 $ 703.8 $ 482.4
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 295.8 294.4 263.7
Deferred income taxes (22.1) (24.5) (24.7)
Non-cash stock-based compensation 124.7 94.8 57.0
Excess tax benefits from stock-based compensation arrangements (57.8) (49.7) (10.8)
Loss on disposal of property, plant and equipment 12.7 7.7 23.0
Goodwill, other intangible asset and long-lived asset impairments 21.7 38.0 48.4
Non-cash charges associated with restructuring activities 3.5 9.4 21.4
Non-cash charge on debt extinguishment —— 2.4
Pension and post-retirement benefit expense 68.5 78.5 61.6
Pension and post-retirement benefit contributions (126.9) (92.4) (125.7)
Other non-cash items 3.7 0.6 0.6
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net (178.4) (124.7) 79.2
Increase in inventory and promotional merchandise, net (41.2) (95.1) (60.8)
Decrease (increase) in other assets, net (63.1) (52.5) 29.3
Increase (decrease) in accounts payable 68.3 (17.0) 103.6
Increase (decrease) in accrued income taxes 96.6 103.1 (78.8)
Increase in other liabilities 60.2 152.6 84.9
Net cash flows provided by operating activities 1,126.7 1,027.0 956.7
Cash Flows from Investing Activities
Capital expenditures (420.7) (351.0) (270.6)
Acquisition of businesses and other intangible assets, net of cash acquired (7.6) (256.1) (10.7)
Proceeds from the disposition of long-term investments — 0.2 —
Purchases of long-term investments — — (0.1)
Net cash flows used for investing activities (428.3) (606.9) (281.4)
Cash Flows from Financing Activities
Borrowings (repayments) of current debt, net 197.4 0.4 (7.5)
Debt issuance costs (1.1) — —
Repayments and redemptions of long-term debt (128.8) (16.5) (227.2)
Net settlement of interest rate derivatives — 47.4 —
Net proceeds from stock-based compensation transactions 90.8 156.1 205.0
Excess tax benefits from stock-based compensation arrangements 57.8 49.7 10.8
Payments to acquire treasury stock (592.7) (396.6) (266.7)
Dividends paid to stockholders (204.0) (148.0) (109.1)
Payments to noncontrolling interest holders (4.5) (5.6) (11.4)
Net cash flows used for financing activities (585.1) (313.1) (406.1)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (18.6) 25.3 (13.0)
Net Increase in Cash and Cash Equivalents 94.7 132.3 256.2
Cash and Cash Equivalents at Beginning of Year 1,253.0 1,120.7 864.5
Cash and Cash Equivalents at End of Year $1,347.7 $1,253.0 $1,120.7
See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS