XML 23 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 472.7 $ 413.2 $ 315.5
Non-cash expense (income):      
Depreciation 98.6 94.6 93.5
Amortization of intangibles 31.7 28.1 21.6
Stock-based compensation 43.0 32.0 27.6
Restructuring charges   (0.1) 1.0
Loss (gain) on sale of property, plant and equipment 0.9 1.2 (0.5)
Loss on sale of product line 2.4    
Asset impairment charges 15.3    
Recognition of actuarial (gains) losses (0.5) 1.9 8.6
Deferred taxes (18.7) (25.8) (13.6)
Amortization of deferred financing costs 2.0 3.6 0.6
Changes in assets and liabilities including effects subsequent to acquisitions:      
Decrease (increase) in accounts receivable 1.0 (39.1) (6.9)
(Increase) decrease in inventories (24.8) 52.4 (69.8)
Increase (decrease) in accounts payable 24.0 57.6 (16.0)
(Increase) decrease in other assets (28.3) 10.7 (24.4)
(Decrease) increase in accrued taxes (24.4) 0.3 6.7
Increase in accrued expenses and other liabilities 5.4 19.9 68.6
NET CASH PROVIDED BY OPERATING ACTIVITIES 600.3 650.5 429.2
INVESTING ACTIVITIES      
Capital expenditures [1] (165.0) (149.3) (128.5)
Proceeds from the disposition of assets 0.4 3.9 2.5
Proceeds from sale of product line 1.5    
Cost of acquisitions, net of cash acquired (124.6) (239.7) (652.8)
NET CASH USED IN INVESTING ACTIVITIES (287.7) (385.1) (766.6)
FINANCING ACTIVITIES      
(Decrease) increase in short-term debt   (1.1) 0.8
Issuance of long-term debt 640.0 1,065.0 1,748.9
Repayment of long-term debt (565.0) (805.0) (1,250.0)
Proceeds from the exercise of stock options 28.5 25.5 28.9
Excess tax benefit from the exercise of stock-based compensation     30.7
Employee withholding taxes paid related to stock-based compensation (10.6) (10.1) (18.1)
Deferred acquisition payments (17.9)    
Dividends to stockholders (110.3) (98.2) (89.5)
Treasury stock purchases (214.8) (424.5) (51.7)
Other financing activities, net   (2.0) (1.2)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (250.1) (250.4) 398.8
Effect of foreign exchange rate changes on cash 9.0 (2.0) (14.8)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 71.5 13.0 46.6
Cash and cash equivalents at beginning of year 251.5 238.5 191.9
Cash and cash equivalents at end of year 323.0 251.5 238.5
Cash paid during the year for:      
Interest 44.4 43.7 26.0
Income taxes paid directly to taxing authorities 169.7 172.1 102.2
Income taxes (received from) paid to Fortune Brands, Inc.   (0.6) 2.0
Dividends declared but not paid $ 30.4 $ 27.6 25.6
Discontinued Operations [Member]      
Non-cash expense (income):      
Loss on sale of product line     16.7
INVESTING ACTIVITIES      
Proceeds from sale of product line     $ 12.2
[1] Capital expenditures of $17.2 million, $11.9 million and $20.0 million that have not been paid as of December 31, 2017, 2016 and 2015, respectively, were excluded from the Statement of Cash Flows.