| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||||
Net income | ||||||||||
431,300 | 389,800 | 472,700 | 413,200 | 315,500 | 159,300 | 230,900 | 119,700 | -34,600 | 65,000 | -38,200 |
Non-cash pre-tax expense: | ||||||||||
Depreciation | ||||||||||
111,300 | 113,500 | 98,600 | 94,600 | 93,500 | 82,900 | 77,200 | 90,200 | 97,100 | 95,900 | 115,000 |
Amortization of intangibles | ||||||||||
41,400 | 36,100 | 31,700 | 28,100 | 21,600 | 15,900 | 13,200 | 11,100 | 14,400 | 15,700 | 16,100 |
Non-cash lease expense | ||||||||||
35,900 | - | - | - | - | - | - | - | - | - | - |
Stock-based compensation | ||||||||||
30,500 | 36,100 | 43,000 | 32,000 | 27,600 | 29,700 | 26,100 | 26,900 | 15,700 | 11,700 | 7,800 |
Recognition of actuarial losses (gains) | ||||||||||
-34,100 | -3,800 | 500 | -1,900 | -8,600 | -13,700 | -5,200 | -42,200 | -80,000 | 3,500 | -5,200 |
Deferred taxes | ||||||||||
-7,500 | 2,800 | -18,700 | -25,800 | -13,600 | 300 | -12,700 | -4,000 | -62,400 | 27,100 | -21,800 |
Loss on sale of product line | ||||||||||
- | - | -2,400 | - | - | -83,200 | - | - | - | - | - |
Asset impairment charges | ||||||||||
43,200 | 62,600 | 15,300 | - | - | 10,700 | 27,400 | 15,800 | 90,000 | - | - |
Amortization of deferred financing fees | ||||||||||
3,400 | 2,300 | 2,000 | 3,600 | 600 | - | - | - | - | - | - |
Restructuring charges | ||||||||||
- | - | - | -100 | 1,000 | 2,500 | 200 | - | 1,800 | 500 | 19,100 |
Gain on sale of property, plant and equipment | ||||||||||
400 | -1,200 | -900 | -1,200 | 500 | -900 | -800 | 2,900 | -1,700 | -1,700 | - |
Changes in assets and liabilities: | ||||||||||
Increase in accounts receivable | ||||||||||
50,700 | -9,800 | -1,000 | 39,100 | 6,900 | 39,900 | 58,500 | 33,500 | -26,900 | 20,800 | -43,300 |
Decrease (increase) in inventories | ||||||||||
38,300 | 55,000 | 24,800 | -52,400 | 69,800 | -14,500 | 89,700 | 18,700 | 4,600 | 34,400 | -45,100 |
Decrease in accounts payable | ||||||||||
8,700 | 21,000 | 24,000 | 57,600 | -16,000 | -9,500 | 39,800 | 22,100 | 6,700 | 16,300 | 12,600 |
Increase in other assets | ||||||||||
10,500 | 24,700 | 28,300 | -10,700 | 24,400 | 24,400 | -32,200 | -5,500 | 40,700 | 6,700 | -17,000 |
Decrease in accrued expenses and other liabilities | ||||||||||
10,100 | -4,800 | 5,400 | 19,900 | 68,600 | -73,400 | - | 21,200 | -67,000 | -15,200 | 19,600 |
Increase in accrued taxes | ||||||||||
-5,300 | 9,500 | -24,400 | 300 | 6,700 | -200 | 5,700 | -12,800 | 50,400 | -14,400 | 38,900 |
Net cash used in operating activities | ||||||||||
637,200 | 604,000 | 600,300 | 650,500 | 429,200 | 266,200 | 297,800 | 282,800 | 175,400 | 138,900 | 269,300 |
Investing activities | ||||||||||
Capital expenditures | ||||||||||
131,800 | 150,100 | 165,000 | 149,300 | 128,500 | 127,500 | 96,700 | 75,000 | 68,500 | 58,300 | 43,300 |
Proceeds from the disposition of assets | ||||||||||
4,200 | 6,100 | 400 | 3,900 | 2,500 | 700 | 2,200 | 13,500 | 3,500 | 2,600 | 11,300 |
Proceeds from sale of product line | ||||||||||
- | - | 1,500 | - | - | 130,000 | - | - | - | - | - |
Cost of acquisitions, net of cash acquired | ||||||||||
- | 465,600 | 124,600 | 239,700 | 652,800 | 147,300 | 302,000 | 19,500 | 6,000 | - | - |
Cost of investments in equity securities | ||||||||||
- | 28,700 | - | - | - | - | - | - | - | - | - |
Other investing activities, net | ||||||||||
- | -4,000 | - | - | - | 7,000 | 200 | 5,700 | - | - | - |
Net cash used in investing activities | ||||||||||
-127,600 | -634,300 | -287,700 | -385,100 | -766,600 | -151,100 | -396,700 | -86,700 | -71,000 | -55,700 | -32,000 |
Financing activities | ||||||||||
Decrease in short-term debt | ||||||||||
-525,000 | 525,000 | - | -1,100 | 800 | -6,200 | 1,300 | 1,900 | 1,400 | 1,700 | 1,100 |
Issuance of long-term debt | ||||||||||
1,719,300 | 2,191,200 | 640,000 | 1,065,000 | 1,748,900 | 1,057,000 | 220,000 | 70,000 | 510,000 | - | - |
Repayment of long-term debt | ||||||||||
1,345,000 | 1,890,000 | 565,000 | 805,000 | 1,250,000 | 737,000 | 190,000 | 156,800 | 120,000 | 7,100 | 5,000 |
Proceeds from the exercise of stock options | ||||||||||
17,300 | 4,900 | 28,500 | 25,500 | 28,900 | 28,900 | 50,700 | 104,300 | 11,000 | - | - |
Treasury stock purchases | ||||||||||
100,000 | 694,600 | 214,800 | 424,500 | 51,700 | 439,800 | 52,100 | 8,800 | - | - | - |
Excess tax benefit from the exercise of stock-based compensation | ||||||||||
- | - | - | - | 30,700 | 29,200 | 26,800 | 12,200 | 900 | - | - |
Employee withholding taxes related to stock-based compensation | ||||||||||
8,700 | 14,000 | 10,600 | 10,100 | 18,100 | 12,500 | - | - | - | - | - |
Deferred acquisition payments | ||||||||||
19,000 | 13,100 | 17,900 | - | - | - | - | - | - | - | - |
Dividends to stockholders | ||||||||||
123,000 | 115,200 | 110,300 | 98,200 | 89,500 | 77,400 | 49,900 | - | - | - | - |
Net loan payments to Fortune Brands, Inc. | ||||||||||
- | - | - | - | - | - | - | - | 91,200 | -96,600 | -238,600 |
Dividends to Fortune Brands, Inc. | ||||||||||
- | - | - | - | - | - | - | - | 548,900 | - | - |
Fortune Brands, Inc. payment | ||||||||||
- | - | - | - | - | - | - | -6,000 | 15,900 | 20,300 | 21,700 |
Other financing activities, net | ||||||||||
-5,600 | -1,000 | - | -2,000 | -1,200 | -2,200 | -2,700 | -1,100 | -5,000 | 300 | -1,000 |
Net cash provided by financing activities | ||||||||||
-389,700 | -6,800 | -250,100 | -250,400 | 398,800 | -160,000 | 4,100 | 15,700 | -43,500 | -81,400 | -221,800 |
Effect of foreign exchange rate changes on cash | ||||||||||
4,300 | -15,200 | 9,000 | -2,000 | -14,800 | -4,600 | 200 | 3,400 | -800 | 1,100 | -6,800 |
Net (decrease) increase in cash and cash equivalents | ||||||||||
124,200 | -52,300 | 71,500 | 13,000 | 46,600 | -49,500 | -94,600 | 215,200 | 60,100 | 2,900 | 8,700 |
Cash paid during the year for | ||||||||||
Interest | ||||||||||
81,000 | 63,400 | 44,400 | 43,700 | 26,000 | 9,600 | 6,700 | 7,100 | 2,600 | 600 | 500 |
Income taxes paid directly to taxing authorities | ||||||||||
144,500 | 114,200 | 169,700 | 172,100 | 102,200 | 109,100 | 89,400 | - | - | - | - |
Related party interest | ||||||||||
- | - | - | - | - | - | - | - | - | - | 100,800 |
Income taxes (received from) paid to Fortune Brands, Inc. | ||||||||||
- | - | - | -600 | 2,000 | - | -1,200 | - | - | - | -1,000 |
Dividends declared but not paid | ||||||||||
33,500 | 30,900 | 30,400 | 27,600 | 25,600 | 22,100 | 20,000 | - | - | - | - |
Income taxes paid to (received from) Fortune Brands, Inc. | ||||||||||
- | - | - | - | - | - | - | - | - | - | -9,400 |