|
| | | | | | | | | | | | |
| | 2016 | | 2015 | | 2014 |
Cash flows from operating activities | | | | | | |
Net income | | $ | 357.6 |
| | $ | 149.4 |
| | $ | 214.5 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
Amortization of intangible assets | | 93.9 |
| | 87.8 |
| | 81.7 |
|
Depreciation | | 89.1 |
| | 82.2 |
| | 75.9 |
|
Share based compensation | | 64.4 |
| | 47.6 |
| | 46.8 |
|
Non-cash inventory adjustment from acquisitions | | — |
| | 21.7 |
| | — |
|
Non-cash restructuring and related charges | | 5.6 |
| | 19.1 |
| | 9.2 |
|
Write off for impairment of intangible assets | | 4.7 |
| | — |
| | — |
|
Amortization of debt issuance costs | | 11.6 |
| | 12.6 |
| | 12.8 |
|
Write-off of debt issuance costs on retired debt | | 5.8 |
| | 11.2 |
| | 6.4 |
|
Non-cash debt accretion | | 2.3 |
| | 3.0 |
| | 3.1 |
|
Write-off of unamortized discount on retired debt | | — |
| | 1.7 |
| | 2.8 |
|
Deferred tax (benefit) expense | | (25.5 | ) | | (4.6 | ) | | 1.9 |
|
Net changes in operating assets and liabilities, net of effects of acquisitions: | | | | | | |
Receivables | | 48.5 |
| | 93.4 |
| | 32.5 |
|
Inventories | | 40.2 |
| | (54.5 | ) | | 10.6 |
|
Prepaid expenses and other current assets | | (7.5 | ) | | (3.1 | ) | | (0.6 | ) |
Accounts payable and accrued liabilities | | (40.5 | ) | | 48.7 |
| | (36.5 | ) |
Other | | (35.2 | ) | | (71.9 | ) | | (28.4 | ) |
Net cash provided by operating activities | | 615.0 |
| | 444.3 |
| | 432.7 |
|
Cash flows from investing activities | | | | | | |
Purchases of property, plant and equipment | | (95.2 | ) | | (89.1 | ) | | (73.3 | ) |
Business acquisitions, net of cash acquired | | — |
| | (1,191.1 | ) | | (27.6 | ) |
Proceeds from sales of property, plant and equipment | | 1.0 |
| | 1.4 |
| | 9.2 |
|
Other investing activities | | (4.2 | ) | | (0.9 | ) | | (1.8 | ) |
Net cash used by investing activities | | (98.4 | ) | | (1,279.7 | ) | | (93.5 | ) |
Cash flows from financing activities | | | | | | |
Proceeds from issuance of debt | | 485.0 |
| | 3,281.4 |
| | 524.2 |
|
Payment of debt | | (819.5 | ) | | (2,793.1 | ) | | (770.9 | ) |
Payment of debt issuance costs | | (9.3 | ) | | (38.1 | ) | | (5.4 | ) |
Payment of cash dividends | | (87.2 | ) | | (70.7 | ) | | (61.9 | ) |
Treasury stock purchases | | (42.8 | ) | | (21.2 | ) | | (4.5 | ) |
Payment of contingent consideration | | (3.2 | ) | | — |
| | — |
|
Share based tax withholding payments, net of proceeds upon vesting | | (10.8 | ) | | (2.6 | ) | | (25.0 | ) |
Net proceeds from issuance of common stock | | — |
| | 562.7 |
| | — |
|
Net cash (used) provided by financing activities | | (487.8 | ) | | 918.4 |
| | (343.5 | ) |
Effect of exchange rate changes on cash and cash equivalents due to Venezuela devaluation | | — |
| | (2.5 | ) | | — |
|
Effect of exchange rate changes on cash and cash equivalents | | (1.4 | ) | | (27.2 | ) | | (8.3 | ) |
Net increase (decrease) in cash and cash equivalents | | 27.4 |
| | 53.3 |
| | (12.6 | ) |
Cash and cash equivalents, beginning of period | | 247.9 |
| | 194.6 |
| | 207.2 |
|
Cash and cash equivalents, end of period | | $ | 275.3 |
| | $ | 247.9 |
| | $ | 194.6 |
|
Supplemental disclosure of cash flow information | | | | | | |
Cash paid for interest | | $ | 253.9 |
| | $ | 250.3 |
| | $ | 178.7 |
|
Cash paid for taxes | | 35.4 |
| | 54.4 |
| | 80.7 |
|
Non cash investing activities | | | | | | |
Acquisition of property, plant and equipment through capital leases | | 37.6 |
| | 4.1 |
| | 34.4 |
|
Non cash financing activities | | | | | | |
Issuance of shares through stock compensation plan | | 47.9 |
| | 49.8 |
| | 40.0 |
|
Assumption of AAG debt | | — |
| | 540.0 |
| | |
