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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Statement Of Cash Flows [Abstract]    
Net earnings available to common stockholders $ 315.3 $ 211.9 [1]
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization expense 161.2 162.0 [1]
Share-based incentive compensation 44.6 49.1 [1]
Profit sharing expense 29.7 26.3 [1]
Loss on debt redemption and refinancing activities 0.1 110.7 [1]
Remeasurement loss related to Venezuelan subsidiaries 3.2 30.7 [1]
Charge related to Venezuelan subsidiaries [2] 46.0  
Provisions for bad debt 4.0 5.3 [1]
Inventory reserves 7.0 2.7 [1]
Deferred taxes, net 2.4 0.1 [1]
Net (gain) on disposals of property and equipment and other [1]   (3.6)
Net loss (gain) on sale of business 1.9 (35.6) [1]
Other non-cash items 9.6 5.3 [1]
Changes in operating assets and liabilities:    
Trade receivables, net (58.5) (47.0) [1]
Inventories (100.5) (127.3) [1]
Accounts payable 140.5 119.6 [1]
Settlement agreement and related items [1]   235.2
Other assets and liabilities (135.9) (44.5) [1]
Net cash provided by operating activities [3] 470.5 700.9 [1]
Cash flows from investing activities:    
Capital expenditures (190.2) (112.3) [1]
Proceeds, net from sale of business 7.8 75.7 [1]
Businesses acquired in purchase transactions, net of cash and cash equivalents acquired (5.8) (25.1) [1]
Proceeds from sales of property, equipment and other assets 0.6 32.4 [1]
Settlement of foreign currency forward contracts (43.1) 21.5 [1]
Net cash used in investing activities (230.7) (7.8) [1]
Cash flows from financing activities:    
Net proceeds from borrowings 72.7 256.8 [1]
Change in cash used as collateral on borrowing arrangements 1.5 (13.5) [1]
Proceeds from cross currency swap 6.2  
Dividends paid on common stock (90.1) (81.2) [1]
Acquisition of common stock for tax withholding (22.7) (8.7) [1]
Repurchases of common stock (217.0) (685.7) [1]
Payments for debt extinguishment and issuance costs (0.1) (108.0) [1]
Net cash used in financing activities [3] (249.5) (640.3) [1]
Effect of foreign currency exchange rate changes on cash and cash equivalents (15.9) (55.4) [1]
Balance, beginning of period 358.4 [4] 286.4 [1]
Net change during the period (25.6) (2.6) [1]
Balance, end of period 332.8  
Supplemental Cash Flow Information:    
Interest payments, net of amounts capitalized 157.4 169.1 [1]
Income tax payments 93.5 78.8 [1]
Stock appreciation rights payments (less amounts included in restructuring payments) 1.9 20.0 [1]
Restructuring payments including associated costs 51.0 71.7 [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 nine months ended September 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 September 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] 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.
[3] The Company early adopted ASU 2016-09 on a retrospective basis related to the classification of excess tax benefits on the Statement of Cash Flows, effective January 1, 2016, which resulted in an increase in operating cash flow of $6.8 million and a decrease in financing activities of $6.8 million for the nine months ended September 30, 2016. There was not a material impact on the nine months ended September 30, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.
[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 as of December 31, 2015. Refer to Note 2, “Recently Issued Accounting Standards” of the notes to the condensed consolidated financial statements for further details.