XML 24 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income before non-controlling interests $ 196.5 $ 74.7 $ 110.0
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 73.3 71.4 76.3
Amortization of stock-based compensation 16.2 22.5 13.4
Amortization of deferred financing costs 3.5 20.3 12.5
Bad debt expense 4.2 6.9 4.9
Deferred income taxes (31.1) (21.3) (27.2)
Dividends received from unconsolidated affiliates 10.8 9.1 2.0
Equity income in earnings of unconsolidated affiliates (13.3) (11.9) (8.3)
Non-cash interest expense on 8.0% Sealy Notes 4.0 6.3 5.1
Loss on extinguishment of debt 47.2 0.0 0.0
Loss on sale of assets 1.3 1.5 3.9
Loss on disposal of business 0.0 0.0 23.2
Foreign currency adjustments and other (0.5) 5.5 1.8
Changes in operating assets and liabilities, net of effect of business acquisitions:      
Accounts receivable 17.3 (35.3) (58.8)
Inventories 1.5 10.7 (34.0)
Prepaid expenses and other assets (124.4) (58.7) (14.9)
Accounts payable (47.8) 46.1 47.8
Accrued expenses and other 3.5 90.3 56.7
Income taxes 3.3 (3.9) 10.8
Net cash provided by operating activities 165.5 234.2 225.2
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of businesses, net of cash acquired 0.0 0.0 (8.5)
Proceeds from disposition of business 0.0 7.2 43.5
Purchases of property, plant and equipment (62.4) (65.9) (47.5)
Other 0.0 (1.0) 2.1
Net cash used in investing activities (62.4) (59.7) (10.4)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from borrowings under long-term debt obligations 2,233.3 863.5 271.5
Repayments of borrowings under long-term debt obligations (1,867.7) (988.3) (510.9)
Proceeds from exercise of stock options 15.7 20.4 4.3
Excess tax benefit from stock-based compensation 7.0 21.8 1.7
Treasury stock repurchased (535.0) (1.3) (2.2)
Payment of deferred financing costs (6.9) (8.0) (3.1)
Fees paid to lenders (7.8) 0.0 0.0
Call premium on 2020 Senior Notes (23.6) 0.0 0.0
Proceeds from purchase of treasury shares by CEO 0.0 5.0 0.0
Other (0.1) (3.8) 0.6
Net cash used in financing activities (185.1) (90.7) (238.1)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (6.2) 7.6 4.8
(Decrease) increase in cash and cash equivalents (88.2) 91.4 (18.5)
CASH AND CASH EQUIVALENTS, beginning of period 153.9 62.5 81.0
CASH AND CASH EQUIVALENTS, end of period 65.7 153.9 62.5
Cash paid during the period for:      
Interest 76.8 59.9 73.5
Income taxes, net of refunds $ 81.3 $ 94.9 $ 56.3