Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net earnings $ 241.4 $ 245.7 $ 769.2
Less: net earnings from discontinued operations, net of tax 14.0 [1] 50.8 [1] 12.4
Net earnings from continuing operations 227.4 194.9 756.8
Depreciation and amortization 88.9 81.2 71.4
Pension funding, net of expense 20.4 (31.1) (35.3)
Other long-lived asset impairment charges 13.0 0.2 6.7
Deferred income taxes 43.6 48.3 (604.4)
Excess tax benefits from share-based compensation (7.0) (8.4) (37.2)
Equity in (earnings) losses of unconsolidated affiliates, net of dividends (3.7) (1.8) 2.5
Impairment of equity method investment 0.0 20.2 [2] 0.0
Loss on early extinguishment of debt 0.0 0.1 32.8
Changes in certain current assets and current liabilities      
Change in accounts and notes receivable (12.3) (24.0) (14.5)
Change in inventory (15.2) (57.1) (22.1)
Change in prepaid expenses and other (3.1) (4.3) (1.8)
Change in accounts payable 1.1 13.0 (16.2)
Change in accrued expenses (34.2) 5.7 (8.5)
Income taxes 11.4 (0.8) 24.6
Other, net 8.0 10.8 17.4
Net cash provided by operating activities of continuing operations 338.3 246.9 172.2
Net cash provided by (used for) operating activities of discontinued operations (14.8) 1.3 2.1
Net cash provided by operating activities 323.5 248.2 174.3
Cash flows from investing activities      
Capital expenditures (132.5) (124.8) (126.5)
Purchases of marketable securities (47.6) (82.4) (21.6)
Sales or maturities of marketable securities 119.3 11.9 152.6
Reductions in (transfers to) restricted cash 2.9 (9.1) 6.5
Investments 0.9 0.2 (1.5)
Acquisition of businesses, net of cash acquired (29.7) (41.5) 0.0
Proceeds from the sale of property, plant and equipment 2.4 5.8 16.9
Net cash provided by (used for) investing activities of continuing operations (84.3) (239.9) 26.4
Net cash provided by (used for) investing activities of discontinued operations 44.5 260.2 (7.8)
Net cash provided by (used for) investing activities (39.8) 20.3 18.6
Cash flows from financing activities      
Net (payments) issuances of short-term debt 0.0 0.0 (1.7)
Net proceeds from issuances of long-term debt 0.1 0.5 146.6
Payments of long-term debt including current maturities (3.4) (5.3) (262.4)
Net premium paid on early extinguishment of debt 0.0 0.1 24.6
Common stock repurchases (120.0) (20.0) 0.0
Cash dividends paid (48.3) (41.7) (9.1)
Excess tax benefits from share-based compensation 7.0 8.4 37.2
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options 4.5 10.7 46.9
Payments Related to Tax Withholding for Share-based Compensation (8.7) (11.0) (49.4)
Other, net 0.0 (2.2) 0.0
Net cash used for financing activities of continuing operations (168.8) (60.7) (116.5)
Net cash provided by financing activities of discontinued operations 5.3 0.0 0.0
Net cash used for financing activities (163.5) (60.7) (116.5)
Effect of exchange rate changes on cash and cash equivalents (15.6) (11.6) (4.2)
Net increase (decrease) in cash and cash equivalents 104.6 196.2 72.2
Cash and cash equivalents at beginning of period 552.7 356.5 284.3
Cash and cash equivalents at end of period 657.3 552.7 356.5
Supplemental cash flow disclosures:      
Interest paid 28.5 31.1 80.6
Income taxes paid, net $ 32.8 $ 45.5 $ 31.9
[1] Certain quarterly earnings and earnings per share numbers include gains on the disposal of the Bowling Products and Bowling Retail businesses in 2015 and 2014, respectively. Refer to Note 2 – Discontinued Operations in the Notes to Consolidated Financial Statements.
[2] Impairment of the marine equity method investment is discussed in Note 9 – Investments in the Notes to Consolidated Financial Statements.