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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Statement of Cash Flows [Abstract]    
Net earnings available to common stockholders $ 848.4 $ 315.3 [1]
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 114.4 161.2 [1]
Share-based incentive compensation 38.7 44.6 [1]
Profit sharing expense 18.6 29.7 [1]
Remeasurement loss related to Venezuelan subsidiaries 0.1 3.2 [1]
Reclassification of cumulative translation adjustment of Venezuelan subsidiaries [2] 0.0 46.0 [1]
Provisions for bad debt 2.6 4.0 [1]
Provisions for inventory obsolescence 5.9 7.0 [1]
Deferred taxes, net 160.7 2.4 [1]
Net (gain) loss on sale of business (701.4) 1.9 [1]
Foreign currency gains (losses) 19.0 (1.8) [1]
Other non-cash items 8.7 11.4 [1]
Changes in operating assets and liabilities:    
Trade receivables, net (87.5) (58.5) [1]
Inventories (100.5) (100.5) [1]
Accounts payable 135.2 140.5 [1]
Other assets and liabilities (130.4) (138.0) [1]
Net cash provided by operating activities [1] 332.5 468.4
Cash flows from investing activities:    
Capital expenditures (126.5) (190.2) [1]
Proceeds, net from sale of business and property and equipment 4.4 8.4 [1]
Business acquired in purchase transactions, net of cash acquired (25.4) (5.8) [1]
Impact of sale of Diversey [3] 2,053.0 0.0 [1]
Settlement of foreign currency forward contracts (1.1) (43.1) [1]
Net cash provided by (used in) investing activities [1] 1,904.4 (230.7)
Cash flows from financing activities:    
Net proceeds from borrowings (21.5) 85.5 [1]
Payments of borrowings [3] (369.5) (12.8) [1]
Change in cash used as collateral on borrowing arrangements (1.8) 1.5 [1]
Proceeds from cross currency swap 17.4 6.2 [1]
Dividends paid on common stock (92.4) (90.1) [1]
Acquisition of common stock for tax withholding (21.9) (22.7) [1]
Repurchases of common stock [4] (757.3) (217.0) [1]
Other financing activities 0.0 (0.1) [1]
Net cash used in financing activities (1,247.0) (249.5) [1]
Effect of foreign currency exchange rate changes on cash and cash equivalents (18.9) (15.9) [1]
Balance, beginning of period 333.7 321.7 [1]
Net change during the period 971.0 (27.7) [1]
Balance, end of period 1,304.7 294.0 [1]
Supplemental Cash Flow Information:    
Interest payments, net of amounts capitalized 156.5 157.4 [1]
Income tax payments 126.6 93.5 [1]
Payments related to the sale of Diversey [5] 61.2 0.0 [1]
Stock appreciation rights payments (less amounts included in restructuring payments) 0.0 1.9 [1]
Restructuring payments including associated costs 48.7 51.0 [1]
Non-cash items:    
Transfers of shares of our common stock from treasury for our 2016 and 2015 profit-sharing plan contributions $ 22.3 $ 37.6 [1]
[1] Due to changes in the accounting treatment of a factoring agreement the Company reclassified amounts from cash and cash equivalents to other receivables of $8.7 million as of September 30, 2016. This reclassification resulted in an increase in cash provided by operating activities of $2.0 million for the nine months ended September 30, 2016.
[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. Refer to Note 1, "Organization and Basis of Presentation," of the Notes to the Condensed Consolidated Financial Statement for further details.
[3] Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the nine months ended September 30, 2017.
[4] The Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. The full amount was paid as of September 30, 2017 however, only $320.0 million was used to repurchase shares at that point in time. The ASR program is expected to conclude in the fourth quarter of 2017.
[5] Payments related to the sale of Diversey includes $33.0 million related to tax payments and the remainder primarily attributable to professional fees.