Rayovac 2014 Annual Report Download - page 90

SPECTRUM BRANDS HOLDINGS, INC.
Consolidated Statements of Cash Flows
Years ended September 30, 2014, 2013 and 2012
(Amounts in thousands)
2014 2013 2012
Cash flows from operating activities:
Net income (loss) .................................................................. $214,506 $ (55,313) $ 48,572
Adjustments to reconcile net income (loss) to net cash used by operating activities, net of effects of
acquisitions:
Depreciation ...................................................................... 75,902 62,114 40,950
Amortization of intangibles .......................................................... 81,728 77,779 63,666
Amortization of unearned restricted stock compensation ................................... 46,809 43,861 29,164
Amortization of debt issuance costs .................................................... 12,796 13,241 9,922
Non-cash increase to cost of goods sold due to HHI acquisition inventory step up ............... — 31,000 —
Write off unamortized discount / (premium) on retired debt ................................. 2,821 (5,178) (466)
Write off of debt issuance costs ....................................................... 6,395 21,574 2,946
Non-cash restructuring and related charges .............................................. 9,187 23,245 5,195
Non-cash debt accretion ............................................................. 3,123 2,482 722
Note retirement tender, call premium and related costs ..................................... — 111,307 25,400
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable ................................................................ 32,522 (62,316) 22,892
Inventories ....................................................................... 10,575 (2,707) (11,642)
Prepaid expenses and other current assets ............................................... (644) (4,269) 561
Accounts payable and accrued liabilities ................................................ (36,510) (818) 5,360
Deferred taxes .................................................................... 1,929 (21,655) 22,633
Other changes in assets and liabilities .................................................. (28,449) 22,162 (7,124)
Net cash provided by operating activities ............................................... 432,690 256,509 258,751
Cash flows from investing activities:
Purchases of property, plant and equipment ............................................. (73,347) (81,976) (46,809)
Acquisition of Liquid Fence, net of cash acquired ........................................ (27,629) — —
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)
Proceeds from sales of property, plant and equipment ..................................... 9,203 203 500
Other investing activities ............................................................ (1,788) (1,381) (2,045)
Net cash used by investing activities ................................................... (93,561) (1,482,928) (231,494)
Cash flows from financing activities:
Proceeds from issuance of Term Loan, net of discount ..................................... 523,658 1,936,250 —
Proceeds from issuance of 6.375% Notes ............................................... — 520,000 —
Proceeds from issuance of 6.625% Notes ............................................... — 570,000 —
Payment of senior credit facilities, excluding ABL revolving credit facility .................... (764,874) (571,093) (155,061)
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
Debt issuance costs ................................................................ (5,411) (60,850) (11,231)
Other debt financing, net ............................................................ 557 11,941 392
Reduction of other debt ............................................................. (6,030) (1,251) (4,112)
Cash dividends paid ................................................................ (61,904) (40,108) (51,450)
Treasury stock purchases ............................................................ (4,518) (3,208) (30,996)
Share based payment tax withholding payments .......................................... (24,972) (20,141) (3,936)
Other financing activities ............................................................ — — (953)
Net cash provided (used) by financing activities .......................................... (343,494) 1,280,233 (10,778)
Effect of exchange rate changes on cash and cash equivalents due to Venezuela devaluation ....... — (1,871) —
Effect of exchange rate changes on cash and cash equivalents ............................... (8,259) (2,647) (932)
Net increase (decrease) in cash and cash equivalents ...................................... (12,624) 49,296 15,547
Cash and cash equivalents, beginning of period .......................................... 207,257 157,961 142,414
Cash and cash equivalents, end of period ............................................... $194,633 $ 207,257 $ 157,961
Supplemental disclosure of cash flow information:
Cash paid for interest ............................................................... $178,652 $ 336,798 $ 185,634
Cash paid for taxes ................................................................. $ 80,702 $ 49,638 $ 39,173
See accompanying notes which are an integral part of these consolidated financial statements.
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