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Jarden Corporation Annual Report 2014 37
Years Ended December31,
(In millions) 2014 2013 2012
Cash ows from operating activities:    
Net income $ 242.5 $203.9 $243.9
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 191.1 165.9 152.8
Impairment of goodwill, intangibles and other assets 25.4   —   —
Venezuela foreign exchange-related charges 150.9   27.4   —
Deferred income taxes (53.5) (10.7) 19.7
Stock-based compensation 49.7   95.8 67.1
Excess tax benets from stock-based compensation (38.0) (11.6) (43.0 )
Other 43.5   10.7 10.0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (109.1)   16.9 (23.6)
Inventory (75.6) 103.9 30.0
Accounts payable 160.0   4.5 34.5
Accrued salaries, wages and employee benets 1.8 (17.4) 20.6
Other assets and liabilities 38.3   79.2 (31.7)
Net cash provided by operating activities 627.0 668.5 480.3
Cash ows from nancing activities:    
Net change in short-term debt 25.4 102.0 74.7
Proceeds from issuance of long-term debt 1,764.8 1,273.4 802.5
Payments on long-term debt (1,248.0) (407.7) (172.7)
Proceeds from issuance of stock, net of transaction fees — 748.3 24.8
Repurchase of common stock and shares tendered for taxes (285.3) (297.8) (582.7)
Debt issuance costs (21.4) (19.8) (17.4)
Dividends paid —   —  (7.5)
Excess tax benets from stock-based compensation 38.0   11.6 43.0
Other, net (8.0)   (4.4)   —
Net cash provided by nancing activities 265.5 1,405.6 164.7
Cash ows from investing activities:    
Additions to property, plant and equipment (202.1) (211.0) (154.5)
Acquisition of businesses, net of cash acquired (517.4) (1,820.1) (286.3)
Other 8.0   73.7 13.3
Net cash used in investing activities (711.5) (1,957.4) (427.5)
Effect of exchange rate changes on cash and cash equivalents (144.7) (22.3)  8.3
Net increase in cash and cash equivalents 36.3   94.4 225.8
Cash and cash equivalents at beginning of period 1,128.5 1,034.1 808.3
Cash and cash equivalents at end of period $1,164.8 $1,128.5 $1,034.1
Supplemental cash disclosures:    
Taxes paid $126.1 $74.7 $93.9
Make-whole interest 42.3   12.3   —
Interest paid 182.8 181.7 178.0
The accompanying notes are an integral part of the consolidated nancial statements.
Consolidated Statements of Cash Flows
Jarden Corporation Annual Report 2014