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Newell Rubbermaid Inc. 2008 Annual Report
42
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
Year Ended December 31, 2008 2007 2006
Operating Activities
Net (loss) income $ (52.3) $ 467.1 $ 385.0
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 183.3 177.0 193.3
Non-cash restructuring costs 46.2 27.7 27.2
Deferred income taxes 8.7 (0.9) (5.0)
Loss (gain) on sale of assets 0.5 — (4.5)
Impairment charges 299.4 — 50.9
Loss (gain) on disposal of discontinued operations 0.5 11.9 (0.7)
Stock-based compensation expense 35.6 36.4 44.0
Income tax benefits (29.9) (41.3) (102.8)
Other 54.6 (3.4) (12.9)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Accounts receivable 168.3 (7.9) 25.1
Inventories 30.9 (53.6) (32.2)
Accounts payable (105.5) 54.0 (51.0)
Accrued liabilities and other (183.2) (11.7) 96.9
Discontinued operations (2.2) — 30.1
Net Cash Provided by Operating Activities $ 454.9 $ 655.3 $ 643.4
Investing Activities
Acquisitions, net of cash acquired $ (655.7) $(106.0) $ (60.6)
Capital expenditures (157.8) (157.3) (138.3)
Disposals of non-current assets and sales of businesses 9.4 (2.3) 187.0
Net Cash Used in Investing Activities $ (804.1) $(265.6) $ (11.9)
Financing Activities
Proceeds from issuance of debt, net of debt issuance costs $1,318.0 $ 420.8 $ 177.0
Payments on notes payable and debt (772.5) (478.3) (511.0)
Cash dividends (234.5) (234.7) (232.8)
Other, net (5.0) 25.4 16.7
Net Cash Provided by (Used in) Financing Activities $ 306.0 $(266.8) $(550.1)
Exchange rate effect on cash and cash equivalents (10.6) 5.3 4.1
(Decrease) Increase in Cash and Cash Equivalents (53.8) 128.2 85.5
Cash and Cash Equivalents at Beginning of Year 329.2 201.0 115.5
Cash and Cash Equivalents at End of Year $ 275.4 $ 329.2 $ 201.0
Supplemental cash flow disclosures — cash paid during the year for:
Income taxes, net of refunds $ 96.9 $ 99.0 $ 19.5
Interest $ 144.2 $ 135.5 $ 160.9
See Notes to Consolidated Financial Statements.