XML 23 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Statement of Cash Flows [Abstract]      
Net earnings $ 193.1 $ 814.9 $ 486.4
Adjustments to reconcile net earnings to net cash provided by operating activities      
Depreciation and amortization 131.2 149.3 214.0
Share-based incentive compensation 29.2 44.9 59.9
Profit sharing expense 21.6 23.2 24.6
Charges related to Venezuelan subsidiaries 0.0 0.0 46.0
Provisions for bad debt 2.3 2.9 4.3
Provisions for inventory obsolescence 4.8 3.6 6.4
Deferred taxes, net 10.9 121.0 (61.7)
Net (gain) loss on sale of businesses (42.5) (641.2) 1.9
Foreign currency losses (gains) 13.7 29.9 (4.9)
Other non-cash items 11.1 11.1 0.9
Changes in operating assets and liabilities:      
Trade receivables, net (0.9) (81.4) (33.9)
Inventories (61.2) (55.4) (17.1)
Accounts payable 42.6 154.1 228.0
Income tax receivable/payable (16.4) (207.1) 7.3
Other assets and liabilities 88.5 54.6 (55.2)
Net cash provided by operating activities 428.0 424.4 906.9
Cash flows from investing activities:      
Capital expenditures (168.6) (183.8) (275.7)
Proceeds from sale of business 6.8 1.0 7.8
Businesses acquired in purchase transactions, net of cash acquired (68.4) (119.2) (5.8)
Proceeds from sales of property, equipment and other assets 0.0 1.7 4.9
Loss from settlement of cross currency swaps 0.0 (61.8) 0.0
Investment in equity investments (7.5) 0.0 0.0
Impact of sale of Diversey (15.3) 2,156.9 0.0
Settlement of foreign currency forward contracts (11.1) (8.7) (46.0)
Other investing activities (2.6) 0.0 0.0
Net cash (used in) provided by investing activities (266.7) 1,786.1 (314.8)
Cash flows from financing activities:      
Net proceeds (payments) from short-term borrowings 224.0 (93.7) (154.2)
Proceeds from cross currency swap 0.0 17.4 0.0
Payments of long-term debt [1] (1.6) (369.5) (27.1)
Dividends paid on common stock (104.1) (119.7) (121.6)
Repurchases of common stock [2] (582.6) (1,302.1) (217.0)
Payments for debt modification/extinguishment costs (6.1) 0.0 (0.1)
Acquisition of common stock for tax withholding (7.9) (22.1) (30.7)
Other financing activities 0.0 0.0 6.2
Net cash used in financing activities 478.3 1,889.7 544.5
Effect of foreign currency exchange rate changes on cash and cash equivalents (5.3) (113.4) (39.2)
Cash and cash equivalents [3] 594.0 333.7 321.7
Restricted cash and cash equivalents [3],[4] 0.0 0.0 52.9
Balance, beginning of period [3] 594.0 386.6 378.2
Net change during the period [3] (322.3) 207.4 8.4
Balance, end of period [3] 271.7 594.0 386.6
Supplemental Cash Flow Information:      
Interest payments, net of amounts capitalized 191.4 210.8 215.1
Income tax payments 155.0 161.7 125.8
Payments related to sale of Diversey 51.6 180.8 0.0
Restructuring payments including associated costs 12.1 49.3 66.1
Non-cash items:      
Transfers of shares of our common stock from treasury for our 2017, 2016 and 2015 profit-sharing plan contributions $ 23.5 $ 22.3 $ 37.6
[1] 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 year ended December 31, 2017.
[2] 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 December 31, 2017; however, only $320.0 million was used to repurchase shares at that point in time. The ASR program concluded in February 2018.
[3] Due to the adoption of ASU 2016-18, the Company now is required to include restricted cash as part of the change in the total cash balance. As a result, amounts which were previously classified as cash flows from financing activities related to Sealed Air continuing operations and amounts which were previously classified as cash flows from investing activities related to restricted cash sold with the sale of Diversey have been reclassified as they are recognized in the total change in cash. Refer to Note 2, "Recently Adopted and Issued Accounting Standards," of the Notes to Consolidated Financial Statements for more information.
[4] Restricted cash and cash equivalents included compensating balance deposits related to certain short-term borrowings and were included in prepaid expenses and other current assets on the Consolidated Balance Sheets as of December 31, 2016.