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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Statement Of Cash Flows [Abstract]    
Net earnings available to common stockholders $ 141.5 $ 125.3 [1],[2]
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization expense 106.7 109.2 [1]
Share-based incentive compensation 30.0 33.2 [1]
Profit sharing expense 17.3 19.3 [1]
Loss on debt redemption and refinancing activities [1]   111.3
Remeasurement loss related to Venezuelan subsidiaries 2.8 29.7 [1]
Charge related to Venezuelan subsidiaries [3] 46.0  
Provisions for bad debt 1.8 2.3 [1]
Inventory reserves 5.3 1.4 [1]
Deferred taxes, net 8.5 5.4 [1]
Excess tax benefit from stock based compensation (6.8)  
Net (gain) on disposals of property and equipment and other [1]   (3.6)
Net loss (gain) on sale of business 1.9 (35.8) [1]
Other non-cash items 5.1 (3.4) [1]
Changes in operating assets and liabilities:    
Trade receivables, net (83.9) (47.9) [1]
Inventories (82.9) (99.1) [1]
Accounts payable 90.3 107.4 [1]
Settlement agreement and related items [1]   235.2
Other assets and liabilities (102.4) (133.8) [1]
Net cash provided by operating activities 181.2 456.1 [1]
Cash flows from investing activities:    
Capital expenditures (113.5) (57.6) [1]
Proceeds, net from sale of business 7.8 75.6 [1]
Businesses acquired in purchase transactions, net of cash and cash equivalents acquired [1]   (8.5)
Proceeds from sales of property, equipment and other assets 0.4 26.4 [1]
Settlement of foreign currency forward contracts (31.3) 39.6 [1]
Net cash (used in) provided by investing activities (136.6) 75.5 [1]
Cash flows from financing activities:    
Net proceeds from borrowings 35.0 69.6 [1]
Excess tax benefit from stock based compensation 6.8  
Cash used as collateral on borrowing arrangements 0.3 (14.7) [1]
Dividends paid on common stock (57.0) (54.8) [1]
Acquisition of common stock for tax withholding (22.3) (7.4) [1]
Repurchases of common stock (52.0) (149.7) [1]
Payments for debt extinguishment and issuance costs [1]   (108.2)
Net cash used in financing activities (89.2) (265.2) [1]
Effect of foreign currency exchange rate changes on cash and cash equivalents (16.3) (34.3) [1]
Balance, beginning of period 358.4 [4] 286.4 [1]
Net change during the period (60.9) 232.1 [1]
Balance, end of period 297.5 518.5 [1]
Supplemental Cash Flow Information:    
Interest payments, net of amounts capitalized 108.0 131.4 [1]
Income tax payments 59.9 52.8 [1]
Stock appreciation rights payments (less amounts included in restructuring payments) 1.9 18.3 [1]
Restructuring payments including associated costs 36.4 45.2 [1]
Non-cash items:    
Transfers of shares of our common stock from treasury for our 2015 and 2014 profit-sharing plan contributions $ 37.6 $ 36.7 [1]
[1] For the six months ended June 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of June 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[2] For the three and six months ended June 30, 2015, certain foreign currency translation adjustments were misclassified on the Condensed Consolidated Statement of Comprehensive Income in deferred pension items and unrealized losses on cash flow hedge derivative instruments. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3] Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[4] As of January 1, 2016, we have adopted ASU 2015-03 and ASU 2015-15 with retrospective application. This resulted in a reclassification from other non-current assets to long-term debt, less current portion for debt issuance costs. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.