Brunswick Corporation | | | | | | | | | | | | | | | | | | |
Non-GAAP Financial Information | | | | | | | | | | | | | | | | | | |
Year-To-Date Condensed Consolidated Statements of Cash Flows | | | | | | | | | | | | | | | | | | |
(in millions) | | | | | | | | | | | | | | | | | | |
(unaudited) | | | | | | | | | | | | | | | | | | |
| | 2006 | | 2005 | | 2004 | | 2003 | |
| | Mar 31 | | Mar 31 | | Jun 30 | | Sep 30 | | Dec 31 | | Mar 31 | | Jun 30 | | Sep 30 | | Dec 31 | | Mar 31 | | Jun 30 | | Sep 30 | | Dec 31 | |
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Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net earnings from continuing operations | | $ | 74.1 | | $ | 94.0 | | $ | 205.0 | | $ | 287.5 | | $ | 371.1 | | $ | 47.9 | | $ | 136.4 | | $ | 207.2 | | $ | 263.8 | | $ | 4.3 | | $ | 58.4 | | $ | 95.9 | | $ | 137.0 | |
Depreciation and amortization | | | 40.7 | | | 37.2 | | | 75.9 | | | 114.3 | | | 156.3 | | | 37.5 | | | 75.2 | | | 114.8 | | | 153.6 | | | 35.5 | | | 72.8 | | | 110.7 | | | 149.4 | |
Changes in noncash current assets and current liabilities | | | (220.9 | ) | | (217.4 | ) | | (153.4 | ) | | (132.4 | ) | | (53.6 | ) | | (155.7 | ) | | (90.3 | ) | | (112.7 | ) | | (53.4 | ) | | (109.9 | ) | | (62.2 | ) | | 93.2 | | | 107.0 | |
Income taxes and other, net | | | 31.4 | | | 10.1 | | | (21.0 | ) | | (29.8 | ) | | (52.2 | ) | | 53.9 | | | 45.5 | | | 45.8 | | | 60.4 | | | 29.0 | | | (5.8 | ) | | 4.9 | | | 12.3 | |
Net cash (used for) provided by operating activities of continuing operations | | | (74.7 | ) | | (76.1 | ) | | 106.5 | | | 239.6 | | | 421.6 | | | (16.4 | ) | | 166.8 | | | 255.1 | | | 424.4 | | | (41.1 | ) | | 63.2 | | | 304.7 | | | 405.7 | |
Net cash (used for) provided by operating activities of discontinued operations | | | (16.9 | ) | | 6.8 | | | 4.9 | | | 13.1 | | | 11.3 | | | 1.2 | | | 3.2 | | | (5.0 | ) | | (9.2 | ) | | (1.1 | ) | | (1.8 | ) | | 0.4 | | | (10.6 | ) |
Net cash (used for) provided by operating activities | | | (91.6 | ) | | (69.3 | ) | | 111.4 | | | 252.7 | | | 432.9 | | | (15.2 | ) | | 170.0 | | | 250.1 | | | 415.2 | | | (42.2 | ) | | 61.4 | | | 305.1 | | | 395.1 | |
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Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (54.4 | ) | | (29.6 | ) | | (79.9 | ) | | (150.4 | ) | | (223.8 | ) | | (31.5 | ) | | (70.7 | ) | | (110.2 | ) | | (163.8 | ) | | (19.8 | ) | | (51.9 | ) | | (92.2 | ) | | (157.7 | ) |
Acquisitions of businesses, net of cash and debt acquired | | | (62.9 | ) | | (13.4 | ) | | (86.9 | ) | | (127.5 | ) | | (130.3 | ) | | (196.2 | ) | | (197.6 | ) | | (197.5 | ) | | (248.2 | ) | | - | | | (64.6 | ) | | (139.8 | ) | | (140.0 | ) |
Investments | | | (7.1 | ) | | (8.1 | ) | | (4.7 | ) | | 4.7 | | | (21.1 | ) | | (4.9 | ) | | (2.3 | ) | | (2.6 | ) | | (16.2 | ) | | (11.9 | ) | | (11.7 | ) | | (35.6 | ) | | (39.3 | ) |
Proceeds from sale of property, plant and equipment | | | 5.1 | | | 6.0 | | | 11.8 | | | 13.4 | | | 13.4 | | | 0.5 | | | 6.0 | | | 6.8 | | | 13.4 | | | - | | | 3.8 | | | 3.9 | | | 7.5 | |
Proceeds from investment sale | | | - | | | 57.9 | | | 57.9 | | | 57.9 | | | 57.9 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Other, net | | | - | | | - | | | - | | | (1.2 | ) | | (1.2 | ) | | (1.4 | ) | | (2.1 | ) | | (2.1 | ) | | 2.0 | | | - | | | (0.5 | ) | | (0.5 | ) | | (3.0 | ) |
Net cash (used for) provided by investing activities of continuing operations | | | (119.3 | ) | | 12.8 | | | (101.8 | ) | | (203.1 | ) | | (305.1 | ) | | (233.5 | ) | | (266.7 | ) | | (305.6 | ) | | (412.8 | ) | | (31.7 | ) | | (124.9 | ) | | (264.2 | ) | | (332.5 | ) |
Net cash (used for) provided by investing activities of discontinued operations | | | (1.9 | ) | | (3.2 | ) | | (9.4 | ) | | (12.8 | ) | | (17.7 | ) | | (1.0 | ) | | (18.4 | ) | | (20.2 | ) | | (27.1 | ) | | (0.1 | ) | | (33.1 | ) | | (34.3 | ) | | (39.4 | ) |
Net cash (used for) provided by investing activities | | | (121.2 | ) | | 9.6 | | | (111.2 | ) | | (215.9 | ) | | (322.8 | ) | | (234.5 | ) | | (285.1 | ) | | (325.8 | ) | | (439.9 | ) | | (31.8 | ) | | (158.0 | ) | | (298.5 | ) | | (371.9 | ) |
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Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net repayments of commercial paper and | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
other short-term debt | | | - | | | (4.0 | ) | | 1.1 | | | 4.4 | | | (0.6 | ) | | 24.2 | | | (5.5 | ) | | (5.1 | ) | | (8.8 | ) | | 2.2 | | | 1.5 | | | 3.1 | | | 1.8 | |
Net proceeds from issuances of long-term debt | | | - | | | - | | | - | | | - | | | 1.3 | | | - | | | 149.1 | | | 150.1 | | | 152.3 | | | - | | | - | | | - | | | - | |
Payments of long-term debt including current maturities | | | (0.3 | ) | | (1.3 | ) | | (1.9 | ) | | (3.8 | ) | | (6.7 | ) | | - | | | (5.6 | ) | | (6.0 | ) | | (6.3 | ) | | - | | | (5.0 | ) | | (19.3 | ) | | (24.5 | ) |
Stock repurchases | | | (61.8 | ) | | - | | | - | | | (15.7 | ) | | (76.0 | ) | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Cash dividends paid | | | - | | | - | | | - | | | - | | | (57.3 | ) | | - | | | - | | | - | | | (58.1 | ) | | - | | | - | | | - | | | (45.9 | ) |
Stock options exercised | | | 3.7 | | | 4.9 | | | 9.4 | | | 14.4 | | | 17.1 | | | 53.4 | | | 69.4 | | | 83.9 | | | 99.5 | | | 0.4 | | | 2.8 | | | 12.1 | | | 39.9 | |
Net cash (used for) provided by financing activities of continuing operations | | | (58.4 | ) | | (0.4 | ) | | 8.6 | | | (0.7 | ) | | (122.2 | ) | | 77.6 | | | 207.4 | | | 222.9 | | | 178.6 | | | 2.6 | | | (0.7 | ) | | (4.1 | ) | | (28.7 | ) |
Net cash (used for) provided by financing activities of discontinued operations | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Net cash (used for) provided by financing activities | | | (58.4 | ) | | (0.4 | ) | | 8.6 | | | (0.7 | ) | | (122.2 | ) | | 77.6 | | | 207.4 | | | 222.9 | | | 178.6 | | | 2.6 | | | (0.7 | ) | | (4.1 | ) | | (28.7 | ) |
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Net (decrease) increase in cash and cash equivalents | | | (271.2 | ) | | (60.1 | ) | | 8.8 | | | 36.1 | | | (12.1 | ) | | (172.1 | ) | | 92.3 | | | 147.2 | | | 153.9 | | | (71.4 | ) | | (97.3 | ) | | 2.5 | | | (5.5 | ) |
Cash and cash equivalents at Beginning of Period | | | 487.7 | | | 499.8 | | | 499.8 | | | 499.8 | | | 499.8 | | | 345.9 | | | 345.9 | | | 345.9 | | | 345.9 | | | 351.4 | | | 351.4 | | | 351.4 | | | 351.4 | |
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Cash and cash equivalents at End of Period | | $ | 216.5 | | $ | 439.7 | | $ | 508.6 | | $ | 535.9 | | $ | 487.7 | | $ | 173.8 | | $ | 438.2 | | $ | 493.1 | | $ | 499.8 | | $ | 280.0 | | $ | 254.1 | | $ | 353.9 | | $ | 345.9 | |
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Free Cash Flow | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used for) operating activities of continuing operations | | $ | (74.7 | ) | $ | (76.1 | ) | $ | 106.5 | | $ | 239.6 | | $ | 421.6 | | $ | (16.4 | ) | $ | 166.8 | | $ | 255.1 | | $ | 424.4 | | $ | (41.1 | ) | $ | 63.2 | | $ | 304.7 | | $ | 405.7 | |
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Net cash provided by (used for) continuing operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | (54.4 | ) | | (29.6 | ) | | (79.9 | ) | | (150.4 | ) | | (223.8 | ) | | (31.5 | ) | | (70.7 | ) | | (110.2 | ) | | (163.8 | ) | | (19.8 | ) | | (51.9 | ) | | (92.2 | ) | | (157.7 | ) |
Proceeds from investment sale | | | - | | | 57.9 | | | 57.9 | | | 57.9 | | | 57.9 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Other continuing operations, net | | | 5.1 | | | 6.0 | | | 11.8 | | | 12.2 | | | 12.2 | | | (0.9 | ) | | 3.9 | | | 4.7 | | | 15.4 | | | - | | | 3.3 | | | 3.4 | | | 4.5 | |
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Total Free Cash Flow | | $ | (124.0 | ) | $ | (41.8 | ) | $ | 96.3 | | $ | 159.3 | | $ | 267.9 | | $ | (48.8 | ) | $ | 100.0 | | $ | 149.6 | | $ | 276.0 | | $ | (60.9 | ) | $ | 14.6 | | $ | 215.9 | | $ | 252.5 | |