Graco 2012 Annual Report Download - page 61

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55
NEWELL RUBBERMAID INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in millions)
Year Ended December 31, 2012 2011 2010
Operating Activities:
Net income $ 401.3 $ 125.2 $ 292.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 163.7 161.6 172.3
Impairment charges — 382.6 —
(Gain) loss on disposal of discontinued operations (5.2) 13.9 —
Losses related to extinguishments of debt 10.9 4.8 218.6
Deferred income taxes 71.2 (4.8)(6.1)
Non-cash restructuring costs 0.3 7.0 6.3
Stock-based compensation expense 32.9 43.0 36.5
Other, net 12.0 11.7 21.9
Changes in operating assets and liabilities, excluding the effects of acquisitions
and divestitures:
Accounts receivable (101.2)(17.6)(103.6)
Inventories 7.7 (21.5)(14.5)
Accounts payable 56.3 3.3 39.1
Accrued liabilities and other (31.4)(147.9)(80.7)
Net Cash Provided by Operating Activities 618.5 561.3 582.6
Investing Activities:
Acquisitions and acquisition-related activity (26.5)(20.0)(1.5)
Capital expenditures (177.2)(222.9)(164.7)
Proceeds from sales of businesses and other noncurrent assets 43.5 44.3 16.8
Other (2.8)(7.8)(4.0)
Net Cash Used in Investing Activities (163.0)(206.4)(153.4)
Financing Activities:
Short-term borrowings, net 106.0 (34.4) 133.6
Proceeds from issuance of debt, net of debt issuance costs 841.9 3.3 547.3
Payments for settlement of warrants — — (298.4)
Proceeds from settlement of call options — — 369.5
Repurchase and retirement of shares of common stock (91.5)(46.1)(500.1)
Payments on and for the settlement of notes payable and debt (1,203.4)(151.0)(710.8)
Cash consideration paid for exchange of convertible notes(1) —(3.1)(53.0)
Cash dividends (125.9)(84.9)(55.4)
Excess tax benefits related to stock-based compensation 12.7 — —
Other, net 14.2 (8.4)(4.6)
Net Cash Used in Financing Activities (446.0)(324.6)(571.9)
Currency rate effect on cash and cash equivalents 4.1 0.3 4.0
Increase (Decrease) in Cash and Cash Equivalents 13.6 30.6 (138.7)
Cash and Cash Equivalents at Beginning of Year 170.2 139.6 278.3
Cash and Cash Equivalents at End of Year $ 183.8 $ 170.2 $ 139.6
Supplemental cash flow disclosures — cash paid during the year for:
Income taxes, net of refunds $ 56.6 $ 36.6 $ 80.0
Interest $ 101.3 $ 89.1 $ 109.4
(1) Consideration provided in connection with the convertible note exchanges in March 2011 and September 2010 consisted of cash as well as issuance of shares of the Company’s
common stock, which issuance is not included in the Consolidated Statements of Cash Flows for 2011 and 2010. See Footnote 9 of the Notes to Consolidated Financial Statements for
further information.
See Notes to Consolidated Financial Statements.