XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net (loss) income $ (990.6) $ 231.2
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 62.1 55.1
Amortization of intangible assets 91.8 65.6
Amortization of deferred financing costs 1.3 2.1
Goodwill impairment 1,092.9 0.0
Indefinite-lived intangible asset impairment 79.8 0.0
Deferred income taxes (34.2) (70.5)
Stock based compensation expense 21.9 17.4
Restructuring and other costs - non-cash 1.0 3.3
Stock option income tax benefit 0.0 (8.8)
Other non-cash income 5.5 (31.5)
Loss on disposal of property, plant and equipment 0.4 0.5
Changes in operating assets and liabilities, net of acquisitions:    
Accounts and notes receivable-trade, net 1.9 (82.8)
Inventories, net (49.6) 44.7
Prepaid expenses and other current assets, net (59.3) (8.5)
Other noncurrent assets, net 1.2 1.6
Accounts payable 9.5 13.9
Accrued liabilities (19.2) (11.1)
Income taxes (15.4) (41.5)
Other noncurrent liabilities 7.7 7.4
Net cash provided by operating activities 208.7 188.1
Cash flows from investing activities:    
Capital expenditures (64.8) (47.8)
Cash assumed in Merger 0.0 522.3
Cash and deposits paid for acquisitions of businesses and equity investments, net of cash acquired (125.2) (0.4)
Cash received from sale of business or product line 0.0 2.4
Cash received on derivatives contracts 5.3 10.7
Cash paid on derivatives contracts 0.0 (3.6)
Expenditures for identifiable intangible assets (5.9) 0.0
Purchase of short-term investments (2.3) 0.0
Purchase of Company-owned life insurance policies (0.9) (1.7)
Proceeds from sale of property, plant and equipment, net 1.9 4.4
Net cash (used in) provided by investing activities (191.9) 486.3
Cash flows from financing activities:    
Increase (decrease) in short-term borrowings 1.4 (3.6)
Cash paid for treasury stock (151.5) (600.0)
Cash dividends paid (38.1) (28.6)
Proceeds from long-term borrowings 2.9 79.9
Repayments on long-term borrowings (6.6) (127.5)
Proceeds from exercised stock options 45.4 20.4
Excess tax benefits from stock based compensation 0.0 8.8
Net cash used in financing activities (146.5) (650.6)
Effect of exchange rate changes on cash and cash equivalents 14.2 3.2
Net (decrease) increase in cash and cash equivalents (115.5) 27.0
Cash and cash equivalents at beginning of period 383.9 284.6
Cash and cash equivalents at end of period 268.4 311.6
Schedule of non-cash investing activities:    
Merger financed by common stock $ 0.0 $ 6,256.2