Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 213.9 $ 260.0 $ 339.1
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 99.8 98.3 98.0
Share-based compensation expenses 42.1 40.2 44.9
Non-cash interest expense 60.2 55.7 56.2
Deferred income taxes 97.8 (36.4) (38.2)
Inventory write-downs 20.7 15.8 25.3
Foreign exchange transaction loss 2.4 3.7 26.6
Other 1.9 (11.7) 10.8
Changes in operating assets and liabilities:      
Receivables (22.2)   (6.2)
Inventories 37.9 (71.6) (30.5)
Prepaid expenses and other current assets 38.3 0.8 19.8
Accounts payable (5.0) (1.3) 6.0
Royalty overrides 6.0 20.9 21.6
Other current liabilities (17.1) 12.4 73.5
Other 14.1 (19.5) (18.2)
NET CASH PROVIDED BY OPERATING ACTIVITIES 590.8 367.3 628.7
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property, plant and equipment (95.5) (143.4) (79.0)
Investments in Venezuelan bonds     (0.1)
Other (2.3) 2.1 5.7
NET CASH USED IN INVESTING ACTIVITIES (97.8) (141.3) (73.4)
CASH FLOWS FROM FINANCING ACTIVITIES      
Borrowings from senior secured credit facility, net of discount 1,274.0 200.0  
Principal payments on senior secured credit facility and other debt (494.5) (438.8) (227.6)
Debt issuance costs (22.6)   (6.2)
Share repurchases (844.2) (13.2) (16.6)
Other 2.1 (0.3) 0.4
NET CASH USED IN FINANCING ACTIVITIES (85.2) (252.3) (250.0)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 27.0 (19.5) (60.9)
NET CHANGE IN CASH AND CASH EQUIVALENTS 434.8 (45.8) 244.4
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 844.0 889.8 645.4
CASH AND CASH EQUIVALENTS, END OF YEAR 1,278.8 844.0 889.8
CASH PAID DURING THE YEAR      
Interest paid 100.7 45.4 50.5
Income taxes paid $ 158.8 $ 162.9 $ 168.4