Rayovac 2013 Annual Report Download - page 92

SPECTRUM BRANDS HOLDINGS, INC.
Consolidated Statements of Cash Flows
Years ended September 30, 2013, 2012 and 2011
(Amounts in thousands)
2013 2012 2011
Cash flows from operating activities:
Net (loss) income .................................................................. $ (55,313) $ 48,572 $ (75,171)
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation ...................................................................... 62,114 40,950 47,065
Amortization of intangibles .......................................................... 77,779 63,666 57,695
Amortization of unearned restricted stock compensation ................................... 43,861 29,164 30,389
Amortization of debt issuance costs .................................................... 13,241 9,922 13,198
Non-cash increase to cost of goods sold from sale of HHI Business acquisition inventory ......... 31,000 — —
Intangible asset impairment .......................................................... — — 32,450
Write-off of unamortized (premium) / discount on retired debt .............................. (5,178) (466) 8,950
Write-off of debt issuance costs ....................................................... 21,574 2,946 15,420
Non-cash restructuring and related charges .............................................. 23,245 5,195 15,143
Non-cash debt accretion ............................................................. 2,482 722 4,773
Note retirement tender, call premium and related costs ..................................... 111,307 25,400 —
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable ................................................................ (62,316) 22,892 12,969
Inventories ....................................................................... (2,707) (11,642) 96,406
Prepaid expenses and other current assets ............................................... (4,269) 561 815
Accounts payable and accrued liabilities ................................................ (818) 5,360 (58,023)
Deferred taxes .................................................................... (21,655) 22,633 57,314
Other changes in assets and liabilities .................................................. 22,162 (7,124) (29,522)
Net cash provided by operating activities ............................................... 256,509 258,751 229,871
Cash flows from investing activities:
Purchases of property, plant and equipment ............................................. (81,976) (46,809) (36,160)
Acquisition of Shaser, net of cash acquired .............................................. (48,766) — —
Acquisition of the HHI Business, net of cash acquired ..................................... (1,351,008) — —
Acquisition of Black Flag ........................................................... — (43,750) —
Acquisition of FURminator, net of cash acquired ......................................... — (139,390) —
Acquisition of Seed Resources, net of cash acquired ...................................... — — (11,053)
Proceeds from sale of assets held for sale ............................................... — — 6,997
Other investing activities ............................................................ (1,178) (1,545) (5,480)
Net cash used by investing activities ................................................... (1,482,928) (231,494) (45,696)
Cash flows from financing activities:
Proceeds from issuance of Term Loan, net of discount ..................................... 1,936,250 — —
Proceeds from issuance of 6.375% Notes ............................................... 520,000 — —
Proceeds from issuance of 6.625% Notes ............................................... 570,000 — —
Payment of 9.5% Notes, including tender and call premium ................................. (1,061,307) — —
Proceeds from issuance of 6.75% Notes ................................................ — 300,000 —
Payment of 12% Notes, including tender and call premium ................................. — (270,431) —
Proceeds from issuance of 9.5% Notes, including premium ................................. — 217,000 —
Payment of Senior Credit Facilities, excluding ABL revolving credit facility ................... (571,093) (155,061) (224,763)
Prepayment penalty of term loan facility ................................................ — — (5,653)
Debt issuance costs ................................................................ (60,850) (11,231) (12,616)
Other debt financing, net ............................................................ 11,941 392 5,788
Reduction of other debt ............................................................. (1,251) (4,112) —
Cash dividends paid ................................................................ (40,108) (51,450) —
Treasury stock purchases ............................................................ (3,208) (30,996) (3,409)
Net proceeds from equity offering ..................................................... — — 29,851
Share based award tax withholding payments ............................................ (20,141) (3,936) (2,482)
Other financing activities ............................................................ — (953) —
Net cash provided (used) by financing activities .......................................... 1,280,233 (10,778) (213,284)
Effect on cash and cash equivalents due to Venezuela devaluation ........................... (1,871) — —
Effect of exchange rate changes on cash and cash equivalents—other ......................... (2,647) (932) 909
Net increase (decrease) in cash and cash equivalents ...................................... 49,296 15,547 (28,200)
Cash and cash equivalents, beginning of year ............................................ 157,961 142,414 170,614
Cash and cash equivalents, end of year ................................................. $ 207,257 $ 157,961 $ 142,414
Supplemental disclosure of cash flow information:
Cash paid for interest ............................................................... $ 336,798 $ 185,384 $ 171,577
Cash paid for taxes ................................................................. $ 49,638 $ 39,173 $ 37,171
See accompanying notes which are an integral part of these consolidated financial statements.
82