Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.2.0.727
Condensed Consolidated Statements of Cash Flows (Unaudited)
VEF in Millions, $ in Millions
6 Months Ended
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 161.0 $ 194.2
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48.0 44.8
Excess tax benefits from share-based payment arrangements (1.5) (6.7)
Share-based compensation expenses 23.9 23.4
Non-cash interest expense 25.5 19.0
Deferred income taxes (2.5) (7.8)
Inventory write-downs 17.7 12.4
Foreign exchange transaction (gain) loss (12.3) 2.5
Foreign exchange loss from Venezuela currency devaluation 32.9 86.1
Impairments and write-downs relating to Venezuela currency devaluation 4.0 3.2
Other 9.3 0.5
Changes in operating assets and liabilities:    
Receivables (24.4) (1.2)
Inventories 16.5 (2.4)
Prepaid expenses and other current assets 6.4 (50.7)
Other assets (10.1) (4.6)
Accounts payable 16.8 13.0
Royalty overrides (9.3) (12.1)
Accrued expenses and accrued compensation 50.1 16.7
Advance sales deposits 31.8 20.9
Income taxes (26.6) (8.2)
Deferred compensation plan liability 1.5 4.6
NET CASH PROVIDED BY OPERATING ACTIVITIES 358.7 347.6
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property, plant and equipment (39.9) (105.5)
Proceeds from sale of property, plant and equipment 0.1  
Investments in Venezuelan bonds (0.1) (7.6)
Other 5.6  
NET CASH (USED IN) INVESTING ACTIVITIES (34.3) (113.1)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid 0.0 (30.4)
Dividends received 0.0 3.4
Payments for Capped Call Transactions   (123.8)
Proceeds from senior convertible notes   1,150.0
Principal payments on senior secured credit facility and other debt (163.8) (37.5)
Issuance costs relating to long-term debt and senior convertible notes (6.2) (28.9)
Share repurchases (9.1) (1,277.9)
Excess tax benefits from share-based payment arrangements 1.5 6.7
Proceeds from exercise of stock options and sale of stock under employee stock purchase plan 0.9 2.0
NET CASH (USED IN) FINANCING ACTIVITIES (176.7) (336.4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (43.5) (97.6)
NET CHANGE IN CASH AND CASH EQUIVALENTS 104.2 (199.5)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 645.4 973.0
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 749.6 $ 773.5