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36 Jarden Corporation Annual Report 2012
Consolidated Statements of Cash Flows
Jarden Corporation Annual Report 2012
Years Ended December 31,
(In millions) 2012 2011 2010
Cash flows from operating activities:
Net income $ 243.9 $ 204.7 $ 106.7
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization 152.8 163.7 142.8
Impairment of goodwill, intangibles and other assets — 52.5 19.7
Venezuela hyperinflationary and devaluation charges — — 70.6
Deferred income taxes 19.8 32.9 45.3
Stock-based compensation 67.1 23.8 24.3
Loss on early extinguishment of debt — 12.8 —
Excess tax benefits from stock-based compensation (43.0) — —
Other 10.0 8.8 21.2
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable (23.6) (25.2) (50.7)
Inventory 30.0 (7.0) (145.2)
Accounts payable 34.5 (12.4) 84.7
Accrued salaries, wages and employee benefits 20.6 3.9 (12.5)
Other assets and liabilities (31.8) (31.4) (17.9)
Net cash provided by operating activities 480.3 427.1 289.0
Cash flows from financing activities:
Net change in short-term debt 74.7 1.0 56.2
Proceeds from issuance of long-term debt 802.5 1,025.0 786.1
Payments on long-term debt (172.7) (1,110.6) (260.9)
Proceeds from issuance of stock, net of transaction fees 24.8 8.2 8.5
Repurchase of common stock and shares tendered for taxes (582.7) (89.0) (51.3)
Debt issuance costs (17.4) (12.3) (24.7)
Dividends paid (7.5) (30.1) (28.7)
Excess tax benefits from stock-based compensation 43.0 — —
Other, net — 11.1 (5.0)
Net cash provided by (used in) financing activities 164.7 (196.7) 480.2
Cash flows from investing activities:
Additions to property, plant and equipment (154.5) (126.9) (137.5)
Acquisition of businesses, net of cash acquired (286.3) (14.4) (755.5)
Other 13.3 28.2 9.9
Net cash used in investing activities (427.5) (113.1) (883.1)
Effect of exchange rate changes on cash and cash equivalents 8.3 (4.4) (18.1)
Net increase (decrease) in cash and cash equivalents 225.8 112.9 (132.0)
Cash and cash equivalents at beginning of period 808.3 695.4 827.4
Cash and cash equivalents at end of period $ 1,034.1 $ 808.3 $ 695.4
Supplemental cash disclosures:
Taxes paid $ 93.9 $ 85.1 $ 75.7
Interest paid 178.0 176.4 154.2
The accompanying notes are an integral part of the consolidated financial statements.