| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Net earnings | |||||||||||
263,000 | 193,100 | 814,900 | 486,400 | 335,400 | 258,100 | 95,300 | -1,619,000 | 132,700 | 255,900 | 244,300 | 179,900 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
150,800 | 131,200 | 149,300 | 214,000 | 213,300 | 266,700 | 283,400 | 300,200 | 182,700 | 154,700 | 154,500 | 155,000 |
Share-based incentive compensation | |||||||||||
32,900 | 29,200 | 44,900 | 59,900 | 61,200 | 54,100 | 24,100 | 16,900 | 25,000 | 30,600 | 38,800 | 16,500 |
Profit sharing expense | |||||||||||
24,500 | 21,600 | 23,200 | 24,600 | 36,000 | 36,700 | 34,700 | 19,000 | 18,700 | 18,000 | - | - |
Impairment of goodwill and other intangible assets | |||||||||||
- | - | - | - | - | - | - | 1,892,300 | - | - | - | - |
Integration related costs | |||||||||||
- | - | - | - | - | - | - | 7,400 | - | - | - | - |
Costs related to the acquisition and integration of Diversey | |||||||||||
- | - | - | - | - | - | - | - | 64,800 | - | - | - |
Amortization of senior debt related items and other | |||||||||||
- | - | - | - | - | - | - | 15,000 | 4,900 | 1,700 | 1,000 | 1,600 |
Loss on debt redemption and refinancing activities | |||||||||||
- | - | - | - | -110,000 | -102,500 | -36,300 | -36,900 | - | -38,500 | -3,400 | - |
Remeasurement loss related to Venezuelan subsidiaries | |||||||||||
- | - | - | - | -33,100 | -20,400 | 13,100 | - | - | - | - | - |
Charges related to Venezuelan subsidiaries | |||||||||||
- | - | - | -46,000 | 0 | - | - | - | - | - | - | - |
Development grant matter | |||||||||||
- | - | - | - | - | 14,000 | - | - | - | - | - | - |
Impairment of equity method investment | |||||||||||
- | - | - | - | - | 5,700 | 2,100 | 23,500 | - | - | - | - |
Asset impairment | |||||||||||
- | - | - | - | - | 4,000 | - | - | - | - | - | - |
Provisions for bad debt | |||||||||||
2,500 | 2,300 | 2,900 | 4,300 | 5,800 | 8,000 | 11,600 | 16,800 | 8,500 | 6,400 | 6,800 | 9,000 |
Provisions for inventory obsolescence | |||||||||||
7,200 | 4,800 | 3,600 | 6,400 | -200 | 9,200 | -300 | 15,500 | 9,200 | 2,100 | 6,600 | 7,500 |
Excess tax benefit from common stock issued in the Settlement agreement | |||||||||||
- | - | - | - | 46,200 | 37,700 | - | - | - | - | - | - |
Deferred taxes, net | |||||||||||
-55,000 | 10,900 | 121,000 | -61,700 | -22,600 | 146,200 | 3,800 | -319,300 | -60,900 | -3,300 | -16,600 | -39,500 |
Gain from Claims Settlement | |||||||||||
- | - | - | - | - | 21,100 | - | - | - | - | - | - |
Net loss (gain) on sale of business | |||||||||||
-30,700 | 42,500 | 641,200 | -1,900 | 24,600 | - | - | - | - | - | - | - |
Excess tax benefit from stock based compensation | |||||||||||
- | - | - | - | - | - | - | 400 | 2,600 | - | - | - |
Net loss (gain) on disposals of property and equipment and other | |||||||||||
- | - | - | - | - | -800 | 1,400 | -300 | 6,300 | 800 | 3,000 | 600 |
Foreign currency losses (gains) | |||||||||||
- | - | - | 4,900 | -9,800 | - | - | - | - | - | - | - |
Other non-cash items | |||||||||||
-27,200 | -24,800 | -41,000 | -900 | 8,200 | -400 | -33,100 | - | - | - | - | - |
Net loss on sales of small product lines | |||||||||||
- | - | - | - | - | - | - | - | - | - | -200 | - |
Impairment of Investments | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 34,000 |
Changes in operating assets and liabilities: | |||||||||||
Trade receivables, net | |||||||||||
-38,100 | 900 | 81,400 | 33,900 | -36,700 | 27,800 | -35,500 | 26,400 | 102,000 | 33,900 | -115,200 | 40,300 |
Accounts receivable securitization program | |||||||||||
- | - | - | - | - | - | - | - | - | - | 80,000 | -80,000 |
Inventories, net | |||||||||||
-12,400 | 61,200 | 55,400 | 17,100 | 38,300 | 48,700 | -22,000 | -35,200 | 11,400 | 19,400 | -109,700 | 31,100 |
Other assets | |||||||||||
- | - | - | - | - | - | - | -10,200 | -43,900 | -16,300 | -9,600 | 53,000 |
Accounts payable | |||||||||||
-37,000 | 42,600 | 154,100 | 228,000 | 81,400 | 140,100 | 36,300 | -84,300 | -28,100 | 19,000 | -68,400 | -28,800 |
Income tax receivable/payable | |||||||||||
-20,900 | 16,400 | 207,100 | -7,300 | -32,200 | 214,600 | 22,500 | -600 | - | - | - | - |
Settlement agreement and related items | |||||||||||
- | - | - | - | 235,200 | -929,700 | 48,200 | 45,700 | - | - | - | - |
Other assets and liabilities | |||||||||||
7,100 | -88,500 | -54,600 | 55,200 | 67,900 | 6,100 | 14,900 | - | - | - | - | - |
Net gains on sale other-than-temporary impairment of available-for-sale securities | |||||||||||
- | - | - | - | - | - | - | - | - | 5,900 | -4,000 | - |
Changes in restricted cash | |||||||||||
- | - | - | - | - | - | - | - | 6,300 | - | - | - |
Other liabilities | |||||||||||
- | - | - | - | - | - | - | 8,100 | 90,300 | 3,200 | 25,900 | 114,200 |
Net cash provided by operating activities | |||||||||||
511,100 | 428,000 | 424,400 | 906,900 | 982,100 | -218,800 | 640,400 | 394,200 | 363,100 | 483,100 | 552,000 | 404,400 |
Cash flows from investing activities: | |||||||||||
Capital expenditures | |||||||||||
189,700 | 168,600 | 183,800 | 275,700 | 184,000 | 153,900 | 116,000 | 122,800 | 121,700 | 87,600 | 80,300 | 180,700 |
Investment in equity investments | |||||||||||
0 | 7,500 | 0 | 0 | - | - | - | - | - | - | - | - |
Investment in marketable securities | |||||||||||
12,500 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Receipts (payments) associated with sale of business and property and equipment | |||||||||||
-2,400 | 6,800 | 2,700 | 7,800 | 94,600 | - | - | - | - | - | - | - |
Business acquired, net of cash acquired | |||||||||||
452,800 | 68,400 | 119,200 | 5,800 | 27,500 | 3,600 | 1,000 | - | 1,983,700 | - | - | 2,900 |
Proceeds from sales of property, equipment and other assets | |||||||||||
- | - | - | 4,900 | 32,900 | 16,100 | 11,600 | 7,800 | 10,400 | 4,200 | 7,200 | 3,900 |
Loss from settlement of cross currency swaps | |||||||||||
0 | 0 | 61,800 | 0 | 0 | - | - | - | - | - | - | - |
Impact of sale of Diversey | |||||||||||
0 | -15,300 | 2,156,900 | 0 | 0 | - | - | - | - | - | - | - |
Settlement of foreign currency forward contracts | |||||||||||
8,200 | 11,100 | 8,700 | 46,000 | -24,000 | -15,100 | 8,500 | - | - | - | - | - |
Investment in Diversey preferred stock | |||||||||||
- | - | - | - | - | - | - | - | 262,900 | - | - | - |
Other businesses acquired in purchase transactions, net of cash and cash equivalents acquired and equity investment | |||||||||||
- | - | - | - | - | - | - | - | - | 24,100 | - | - |
Proceeds from sale of available-for-sale securities | |||||||||||
- | - | - | - | - | - | - | - | - | 12,600 | - | - |
Other investing activities | |||||||||||
0 | 2,600 | 0 | 0 | - | - | - | -100 | 7,800 | 2,000 | -2,800 | -3,000 |
Net cash used in investing activities | |||||||||||
-665,600 | -266,700 | 1,786,100 | -314,800 | -60,000 | -126,300 | -113,900 | -114,900 | -2,365,700 | -96,900 | -70,300 | -176,700 |
Cash flows from financing activities: | |||||||||||
Net proceeds from short-term borrowings | |||||||||||
-127,500 | 224,000 | -93,700 | -154,200 | 111,200 | 79,100 | 53,200 | 7,200 | -7,000 | -4,400 | -8,300 | 5,200 |
Excess tax benefit from stock based compensation | |||||||||||
- | - | - | - | - | - | -100 | 400 | 2,600 | - | - | - |
Cash used as collateral on borrowing arrangements | |||||||||||
- | - | - | - | -20,500 | -36,200 | - | - | 262,900 | - | - | - |
Proceeds from cross currency swap | |||||||||||
0 | 0 | 17,400 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from long-term debt | |||||||||||
894,900 | 0 | 0 | - | 855,000 | 2,282,600 | 425,100 | 1,306,500 | 3,662,200 | - | 766,600 | - |
Payments of long-term debt | |||||||||||
425,000 | 0 | 369,500 | 27,100 | 754,300 | 2,290,600 | 658,300 | 1,759,100 | 1,753,600 | 276,100 | 585,300 | 395,700 |
Excess tax benefit from common stock issued in the Settlement agreement | |||||||||||
- | - | - | - | 46,200 | 37,700 | - | - | - | - | - | - |
Dividends paid on common stock | |||||||||||
99,100 | 104,100 | 119,700 | 121,600 | 106,800 | 110,900 | 102,000 | 100,900 | 87,400 | 79,700 | 75,700 | 76,400 |
Payments for debt issuance costs | |||||||||||
- | - | - | - | 8,800 | 24,300 | 7,700 | 7,300 | 51,100 | - | 7,000 | 900 |
Payments for debt extinguishment/modification costs | |||||||||||
15,500 | 6,100 | 0 | 100 | 99,400 | 74,700 | 26,200 | 22,300 | - | - | - | - |
Impact of tax withholding on share-based compensation | |||||||||||
10,800 | 7,900 | 22,100 | 30,700 | 9,300 | 3,000 | - | 9,600 | 12,200 | - | - | - |
Repurchases of common stock | |||||||||||
67,300 | 582,600 | 1,302,100 | 217,000 | 802,000 | 184,000 | - | - | - | 9,800 | - | 95,100 |
Principal payments related to financing leases | |||||||||||
9,300 | 1,600 | 0 | - | - | - | - | - | - | - | - | - |
Other financing activities | |||||||||||
-500 | 0 | 0 | 6,200 | 0 | 3,100 | -3,900 | - | - | -3,000 | - | - |
Net cash provided by (used in) financing activities | |||||||||||
139,900 | -478,300 | -1,889,700 | -544,500 | -788,700 | -321,200 | -319,900 | -585,100 | 2,016,400 | -373,000 | 90,300 | -562,900 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | |||||||||||
5,300 | -5,300 | -113,400 | -39,200 | -60,400 | -37,400 | -20,800 | 11,100 | 2,000 | -32,100 | -6,400 | 33,800 |
Net change in cash and cash equivalents from continuing operations | |||||||||||
- | - | - | - | - | - | 185,800 | -294,700 | 15,800 | -18,900 | - | - |
Net cash provided by operating activities from discontinued operations | |||||||||||
- | - | - | - | - | - | 6,400 | 2,800 | 16,300 | - | - | - |
Net cash provided by investing activities from discontinued operations | |||||||||||
- | - | - | - | - | - | 120,600 | 312,100 | -11,400 | - | - | - |
Net cash used in financing activities from discontinued operations | |||||||||||
- | - | - | - | - | - | - | -44,200 | 7,300 | - | - | - |
Net change in cash and cash equivalents from discontinued operations | |||||||||||
- | - | - | - | - | - | 127,000 | 270,700 | 12,200 | - | - | - |
Net change during the period | |||||||||||
-9,300 | -322,300 | 207,400 | 8,400 | 73,000 | -703,700 | 312,800 | -24,000 | 28,000 | -18,900 | 565,600 | -301,400 |
Supplemental Cash Flow Information: | |||||||||||
Interest payments, net of amounts capitalized | |||||||||||
194,900 | 191,400 | 210,800 | 215,100 | 229,700 | 710,400 | 289,700 | 323,000 | 134,800 | 128,700 | 100,900 | 95,100 |
Income tax payments, net of cash refunds | |||||||||||
94,700 | 155,000 | 161,700 | 125,800 | 101,600 | 85,100 | 114,800 | 108,600 | 105,600 | 86,600 | 114,300 | 90,700 |
Payments related to sale of Diversey | |||||||||||
0 | 51,600 | 180,800 | 0 | 0 | - | - | - | - | - | - | - |
SARs payments (less amounts included in restructuring payments) | |||||||||||
- | - | - | - | 20,700 | 21,100 | 46,000 | 24,000 | - | - | - | - |
Restructuring payments including associated costs | |||||||||||
90,900 | 12,100 | 49,300 | 66,100 | 98,300 | 108,100 | 107,000 | 103,400 | 28,600 | - | - | - |
Non-cash items: | |||||||||||
Transfers of shares of common stock from treasury for profit-sharing contributions | |||||||||||
21,900 | 23,500 | 22,300 | 37,600 | 36,700 | 33,200 | 18,700 | 18,700 | - | 7,200 | 5,900 | - |
Transfer of shares of our common stock as part of the funding of the Settlement agreement | |||||||||||
- | - | - | - | - | 1,800 | - | - | - | - | - | - |
Net unrealized (losses) gains on available-for-sale securities | |||||||||||
- | - | - | - | - | - | - | - | - | -7,000 | 7,000 | 3,900 |