XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 35.5 $ 33.8
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
LIFO and inventory provisions 10.0 9.2
Amortization of debt issuance costs 0.3 0.2
Stock-based compensation expense 5.5 6.7
Bad debt expense, net 1.6 1.1
Depreciation and amortization 31.2 28.3
Foreign currency transaction losses, net 0.1 1.3
Deferred income taxes 3.6 (0.3)
Pension settlement expenses (1.2) (0.9)
Changes in operating assets and liabilities:    
Accounts receivable, net (48.6) (33.3)
Other receivables, net (39.2) (3.3)
Inventories, net (74.3) 53.9
Deposits, prepayments and other non-current assets (31.6) (18.0)
Accounts payable (25.9) 22.3
Cigarette and tobacco taxes payable 36.2 (10.2)
Pension, claims, accrued and other long-term liabilities 39.3 15.3
Excess tax deductions associated with stock-based compensation (2.8) (2.0)
Net cash (used in) provided by operating activities (57.9) 105.9
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (88.4) (8.0)
Change in restricted cash 0.5 3.3
Additions to property and equipment, net (44.5) (24.7)
Capitalization of software and related development costs (5.1) (7.5)
Proceeds from sale of fixed assets 0.0 0.3
Net cash used in investing activities (137.5) (36.6)
Cash flows from financing activities:    
Borrowings under revolving credit facility 1,164.8 718.5
Repayments under revolving credit facility (949.9) (768.7)
Dividends paid (11.3) (9.1)
Payments on capital leases (1.8) (1.6)
Payments of financing costs (1.5) (0.4)
Repurchases of common stock (7.2) (9.0)
Proceeds from exercise of common stock options 0.3 0.3
Tax withholdings related to net share settlements of restricted stock units (5.4) (3.2)
Excess tax deductions associated with stock-based compensation 2.8 2.0
Increase (decrease) in book overdrafts 13.7 (1.1)
Net cash provided by (used in) financing activities 204.5 (72.3)
Effects of changes in foreign exchange rates 1.3 (2.0)
Change in cash and cash equivalents 10.4 (5.0)
Cash and cash equivalents, beginning of period 12.5 14.4
Cash and cash equivalents, end of period 22.9 9.4
Cash paid during the period for:    
Income taxes, net 14.4 21.1
Interest 2.3 1.0
Non-cash capital lease obligations incurred 0.2 5.2
Unpaid property and equipment purchases included in accrued liabilities $ 1.3 $ 1.5