Estee Lauder 2014 Annual Report Download - page 76

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74 THE EST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED JUNE 30 2014 2013 2012
(In millions)
Cash Flows from Operating Activities
Net earnings $1,209.1 $1,023.8 $ 860.5
Adjustments to reconcile net earnings to net cash flows from
operating activities:
Depreciation and amortization 384.6 336.9 295.8
Deferred income taxes (56.4) (76.1) (22.1)
Non-cash stock-based compensation 152.6 145.8 124.7
Excess tax benefits from stock-based compensation arrangements (40.2) (53.9) (57.8)
Loss on disposal of property, plant and equipment 13.4 15.2 12.7
Goodwill and other intangible asset impairments —17.7 21.7
Non-cash charges associated with restructuring activities —3.5 3.5
Pension and post-retirement benefit expense 70.9 83.1 68.5
Pension and post-retirement benefit contributions (41.3) (38.3) (126.9)
Loss on Venezuela remeasurement 38.3 2.8 —
Other non-cash items (0.5) (25.9) 3.7
Changes in operating assets and liabilities:
Increase in accounts receivable, net (196.2) (113.0) (178.4)
Increase in inventory and promotional merchandise, net (156.8) (134.5) (41.2)
Increase in other assets, net (45.2) (3.2) (63.1)
Increase (decrease) in accounts payable 34.0 (8.7) 68.3
Increase in other accrued and noncurrent liabilities 168.9 51.1 156.8
Net cash flows provided by operating activities 1,535.2 1,226.3 1,126.7
Cash Flows from Investing Activities
Capital expenditures (510.2) (461.0) (420.7)
Acquisition of businesses and other intangible assets, net of cash acquired (9.2) (8.7) (7.6)
Proceeds from the disposition of long-term investments 8.4 7.0 —
Purchases of long-term investments (0.6) (2.8) —
Net cash flows used for investing activities (511.6) (465.5) (428.3)
Cash Flows from Financing Activities
Borrowings (repayments) of current debt, net 5.1 (198.5) 197.4
Proceeds from issuance of long-term debt, net — 498.7 —
Debt issuance costs — (4.1) (1.1)
Repayments and redemptions of long-term debt (11.8) (241.5) (128.8)
Net proceeds from stock-based compensation transactions 84.8 91.1 90.8
Excess tax benefits from stock-based compensation arrangements 40.2 53.9 57.8
Payments to acquire treasury stock (667.2) (387.7) (592.7)
Dividends paid to stockholders (301.8) (419.2) (204.0)
Payments to noncontrolling interest holders for dividends (6.2) (4.2) (4.5)
Net cash flows used for financing activities (856.9) (611.5) (585.1)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (33.3) (1.3) (18.6)
Net Increase in Cash and Cash Equivalents 133.4 148.0 94.7
Cash and Cash Equivalents at Beginning of Year 1,495.7 1,347.7 1,253.0
Cash and Cash Equivalents at End of Year $1,629.1 $1,495.7 $ 1,347.7
20142014
$1,209.1$1,209.1
384.6384.6
(56.4)(56.4)
152.6152.6
(40.2)(40.2)
13.413.4
——
——
70.970.9
(41.3)(41.3)
38.338.3
(0.5)(0.5)
(196.2)(196.2)
(156.8)(156.8)
(45.2)(45.2)
34.034.0
168.9168.9
1,535.21,535.2
(510.2)(510.2)
(9.2)(9.2)
8.48.4
(0.6)(0.6)
(511.6)(511.6)
5.15.1
——
——
(11.8)(11.8)
84.884.8
40.240.2
(667.2)(667.2)
(301.8)(301.8)
(6.2)(6.2)
(856.9)(856.9)
(33.3)(33.3)
133.4133.4
1,495.71,495.7
$1,629.1$1,629.1
See notes to consolidated financial statements.