Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows
$ in Millions
 12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash Flows From Operating Activities      
Net Earnings $ 146.4 $ 276.0 $ 241.4
Less: Earnings (Loss) from Discontinued Operations, Net of Tax (40.9) 3.4 10.5
Net Earnings from Continuing Operations 187.3 [1] 272.6 230.9
Depreciation and Amortization 98.2 91.0 77.1
Stock Compensation Expense 17.8 16.1 20.8
Pension Expense Including Settlement Charges, Net of (Funding) 32.2 (4.8) 20.4
Asset Impairment Charges 18.7 2.4 4.7
Deferred Income Taxes 118.4 62.7 43.3
Changes in Certain Current Assets and Current Liabilities      
Change in Accounts and Notes Receivable (58.1) (3.8) (11.4)
Change in Inventory (65.6) (40.4) (9.6)
Change in Prepaid Expenses and Other 3.5 (0.9) (3.1)
Change in Accounts Payable 34.7 34.8 5.3
Change in Accrued Expenses 47.0 (17.3) (31.9)
Long-Term Extended Warranty Contracts and Other Deferred Revenue 17.1 10.3 4.0
Income Taxes (35.9) 21.1 7.8
Other, Net 1.9 (20.3) (18.1)
Net Cash Provided by Operating Activities of Continuing Operations 417.2 423.5 340.2
Net Cash Provided by (Used for) Operating Activities of Discontinued Operations (16.9) 11.8 (9.7)
Net Cash Provided by Operating Activities 400.3 435.3 330.5
Cash Flows from Investing Activities      
Capital Expenditures (189.3) (172.5) (114.1)
Purchases of Marketable Securities 0.0 (35.0) (47.6)
Sales or Maturities of Marketable Securities 35.0 10.7 119.3
Investments (3.2) 5.1 0.9
Acquisition of Businesses, Net of Cash Acquired (15.5) (276.1) (29.7)
Proceeds from the Sale of Property, Plant and Equipment 8.3 1.9 2.4
Other, net (0.5) 1.3 0.0
Net Cash Used for Investing Activities of Continuing Operations (165.2) (464.6) (68.8)
Net Cash Provided by (Used for) Investing Activities of Discontinued Operations (13.7) (21.4) 26.1
Net Cash Used for Investing Activities (178.9) (486.0) (42.7)
Cash Flows from Financing Activities      
Net Proceeds from Issuances of Long-Term Debt 0.0 1.0 0.1
Payments of Long-Term Debt Including Current Maturities (3.0) (2.8) (3.1)
Common Stock Repurchases (130.0) (120.3) (120.0)
Cash Dividends Paid (60.6) (55.4) (48.3)
Proceeds from Share-Based Compensation Activity 6.2 14.9 4.5
Tax Witholding Associated with Shares Issued for Share-Based Compensation (14.8) (20.9) (8.7)
Other, Net 0.0 (1.9) 0.0
Net Cash Used for Financing Activities of Continuing Operations (202.2) (185.4) (175.5)
Net Cash Provided by (Used for) Financing Activities of Discontinued Operations (1.5) (0.4) 5.0
Net Cash Used for Financing Activities (203.7) (185.8) (170.5)
Effect of Exchange Rate Changes 6.9 0.1 (15.6)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash 24.6 (236.4) 101.7
Cash and Cash Equivalents and Restricted Cash at Beginning of Period 433.6 670.0 568.3
Cash and Cash Equivalents and Restricted Cash at End of Period 458.2 433.6 670.0
Less: Restricted Cash 9.4 11.2 12.7
Cash and Cash Equivalents at End of Period 448.8 422.4 657.3
Supplemental Cash Flow Disclosures:      
Interest Paid 33.0 30.1 28.5
Income Taxes Paid, Net $ 73.5 $ 32.6 $ 32.8
[1] (D) In the fourth quarter of 2017, Gross margin and Net earnings from continuing operations include $8.4 million and $13.5 million, respectively, of charges for costs related to field campaigns pertaining to certain Cybex products designed prior to the acquisition. Refer to Note 13 – Commitments and Contingencies for further details.