Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 339,100,000 $ 308,700,000 $ 527,500,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 98,000,000 93,200,000 84,700,000
Excess tax benefits from share-based payment arrangements (4,100,000) (10,400,000) (15,600,000)
Share-based compensation expenses 44,900,000 45,700,000 29,500,000
Non-cash interest expense 56,200,000 43,500,000 2,600,000
Deferred income taxes (38,200,000) (84,800,000) (24,900,000)
Inventory write-downs 25,300,000 24,500,000 29,800,000
Foreign exchange transaction (gain) loss (6,300,000) (6,200,000) 5,800,000
Foreign exchange loss from Venezuela currency devaluation 32,900,000 200,300,000 15,100,000
Impairments and write-downs relating to Venezuela currency devaluation 4,300,000 27,500,000  
Other 6,500,000 6,100,000 600,000
Changes in operating assets and liabilities:      
Receivables (6,200,000) 6,000,000 9,200,000
Inventories (30,500,000) (99,400,000) (54,800,000)
Prepaid expenses and other current assets 4,400,000 (34,900,000) (9,400,000)
Other assets (21,300,000) (36,700,000) (9,400,000)
Accounts payable 6,000,000 (5,200,000) 10,800,000
Royalty overrides 21,600,000 6,700,000 28,800,000
Accrued expenses and accrued compensation 71,100,000 (11,500,000) 86,000,000
Advance sales deposits 2,300,000 10,400,000 22,000,000
Income taxes 21,800,000 22,200,000 26,800,000
Deferred compensation plan liability 900,000 5,700,000 7,800,000
NET CASH PROVIDED BY OPERATING ACTIVITIES 628,700,000 511,400,000 772,900,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property, plant and equipment (79,000,000) (173,700,000) (146,900,000)
Proceeds from sale of property, plant and equipment 400,000   200,000
Investments in Venezuelan bonds (100,000) (12,600,000) (4,100,000)
Deposit in escrow   (15,000,000)  
Other 5,300,000    
NET CASH USED IN INVESTING ACTIVITIES (73,400,000) (201,300,000) (150,800,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid 0 (30,400,000) (123,100,000)
Dividends received 0 3,400,000  
Payments for Capped Call Transactions   (123,800,000)  
Borrowings from senior secured credit facility and other debt   50,000,000 763,100,000
Proceeds from senior convertible notes   1,150,000,000  
Principal payments on senior secured credit facility and other debt (227,600,000) (131,300,000) (319,400,000)
Issuance costs relating to long-term debt and senior convertible notes (6,200,000) (28,900,000)  
Share repurchases (16,600,000) (1,291,900,000) (306,500,000)
Excess tax benefits from share-based payment arrangements 4,100,000 10,400,000 15,600,000
Proceeds from exercise of stock options and sale of stock under employee stock purchase plan 1,900,000 3,000,000 1,000,000
Other (5,600,000)    
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (250,000,000) (389,500,000) 30,700,000
EFFECT OF EXCHANGE RATE CHANGES ON CASH (60,900,000) (248,200,000) (13,300,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS 244,400,000 (327,600,000) 639,500,000
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 645,400,000 973,000,000 333,500,000
CASH AND CASH EQUIVALENTS, END OF YEAR 889,800,000 645,400,000 973,000,000
CASH PAID DURING THE YEAR      
Interest paid 50,500,000 39,200,000 23,000,000
Income taxes paid $ 168,400,000 $ 180,800,000 $ 197,100,000