Company Quick10K Filing
Regal Beloit
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 43 $3,471
10-Q 2019-11-06 Quarter: 2019-09-28
10-Q 2019-08-08 Quarter: 2019-06-29
10-Q 2019-05-09 Quarter: 2019-03-30
10-K 2019-02-26 Annual: 2018-12-29
10-Q 2018-11-06 Quarter: 2018-09-29
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-30
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-07-01
10-Q 2017-05-11 Quarter: 2017-04-01
10-K 2017-03-01 Annual: 2017-01-07
10-Q 2016-11-10 Quarter: 2016-10-01
10-Q 2016-08-11 Quarter: 2016-07-02
10-Q 2016-05-12 Quarter: 2016-04-02
10-K 2016-03-02 Annual: 2016-01-02
10-Q 2015-11-12 Quarter: 2015-10-03
10-Q 2015-08-13 Quarter: 2015-07-04
10-Q 2015-05-14 Quarter: 2015-04-04
10-K 2015-03-04 Annual: 2015-01-03
10-Q 2014-11-06 Quarter: 2014-09-27
10-Q 2014-08-07 Quarter: 2014-06-28
10-Q 2014-05-08 Quarter: 2014-03-29
10-K 2014-02-26 Annual: 2013-12-28
10-Q 2013-11-05 Quarter: 2013-09-28
10-Q 2013-08-07 Quarter: 2013-06-29
10-Q 2013-05-09 Quarter: 2013-03-30
10-K 2013-02-27 Annual: 2012-12-29
10-Q 2012-11-07 Quarter: 2012-09-29
10-Q 2012-08-07 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-10 Quarter: 2011-10-01
10-Q 2011-08-11 Quarter: 2011-07-02
10-Q 2011-05-11 Quarter: 2011-04-02
10-K 2011-03-02 Annual: 2011-01-01
10-Q 2010-11-10 Quarter: 2010-10-02
10-Q 2010-08-06 Quarter: 2010-08-06
10-Q 2010-05-12 Quarter: 2010-05-11
10-K 2010-03-02 Annual: 2010-03-01
8-K 2019-12-27 Officers
8-K 2019-12-06 Officers, Exhibits
8-K 2019-11-04 Earnings, Regulation FD, Exhibits
8-K 2019-08-05 Earnings, Regulation FD, Exhibits
8-K 2019-06-14 Officers, Exhibits
8-K 2019-05-06 Earnings, Regulation FD, Exhibits
8-K 2019-04-30 Officers, Shareholder Vote
8-K 2019-03-11 Officers, Amend Bylaw, Exhibits
8-K 2019-02-04 Earnings, Regulation FD, Exhibits
8-K 2018-11-05 Earnings, Regulation FD, Exhibits
8-K 2018-10-15 Officers
8-K 2018-10-10 Officers
8-K 2018-09-23
8-K 2018-08-27 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-08-06 Earnings, Regulation FD, Exhibits
8-K 2018-06-14 Officers, Exhibits
8-K 2018-05-24 Officers
8-K 2018-05-07 Earnings, Regulation FD, Exhibits
8-K 2018-04-30 Officers, Shareholder Vote, Exhibits
8-K 2018-03-31 Officers, Exhibits
8-K 2018-03-26 Regulation FD, Exhibits
8-K 2018-02-05 Earnings, Regulation FD, Exhibits
RBC 2019-09-28
Part I-Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 rbc-2019928xex311.htm
EX-31.2 rbc-2019928xex312.htm
EX-32.1 rbc-2019928xex321.htm

Regal Beloit Earnings 2019-09-28

RBC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GNRC 4,274 2,523 1,593 2,135 760 260 426 5,047 36% 11.9 10%
ROLL 4,055 1,192 195 709 280 108 173 4,049 39% 23.3 9%
TKR 3,912 4,674 2,891 3,771 1,116 323 667 5,396 30% 8.1 7%
RBC 3,471 4,660 2,259 3,535 951 262 532 4,403 27% 8.3 6%
VMI 3,161 2,712 1,630 2,769 660 135 317 3,670 24% 11.6 5%
WTS 3,019 1,678 744 1,584 669 67 175 3,198 42% 18.3 4%
PRLB 2,955 646 87 458 241 72 116 2,855 53% 24.5 11%
B 2,878 2,795 1,584 1,509 537 150 308 3,676 36% 11.9 5%
GTLS 2,676 1,984 785 1,161 306 86 155 2,835 26% 18.3 4%
HSC 2,223 2,535 2,186 1,681 0 114 291 3,457 0% 11.9 4%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 FORM 10-Q 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended September 28, 2019 or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-07283
 
 
REGAL BELOIT CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Wisconsin
 
39-0875718
(State of other jurisdiction of
incorporation)
 
(IRS Employer
Identification No.)
200 State Street, Beloit, Wisconsin 53511
(Address of principal executive office)
(608) 364-8800
Registrant’s telephone number, including area code
 
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock
RBC
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer
 
ý

 
Accelerated Filer
 
Non-accelerated filer
 
Smaller Reporting Company
 
 
 
 
Emerging growth company
 




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     
Yes   No  ý
On November 1, 2019 the registrant had outstanding 40,942,185 shares of common stock, $0.01 par value per share.





REGAL BELOIT CORPORATION
INDEX
 
 
Page
 
Item 1 —
 
 
 
 
 
 
 
Item 2 —
Item 3 —
Item 4 —
 
 
 
 
Item 1 —
Item 1A —
Item 2 —
Item 6 —
 
 
 


3



CAUTIONARY STATEMENT

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s expectations, beliefs, current assumptions, and projections. When used in this Quarterly Report on Form 10-Q, words such as “may,” “will,” “expect,” “intend,” “estimate,” “forecast,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or similar words are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Those factors include, but are not limited to:

uncertainties regarding our ability to execute our restructuring plans within expected costs and timing;
actions taken by our competitors and our ability to effectively compete in the increasingly competitive global electric motor, drives and controls, power generation and power transmission industries;
our ability to develop new products based on technological innovation, such as the Internet of Things, and marketplace acceptance of new and existing products, including products related to technology not yet adopted or utilized in certain geographic locations in which we do business;
fluctuations in commodity prices and raw material costs;
our dependence on significant customers;
risks associated with global manufacturing;
issues and costs arising from the integration of acquired companies and businesses and the timing and impact of purchase accounting adjustments;
our overall debt levels and our ability to repay principal and interest on our outstanding debt;
prolonged declines or disruption in one or more markets we serve, such as heating, ventilation, air conditioning ("HVAC"), refrigeration, power generation, oil and gas, unit material handling or water heating;
economic changes in global markets where we do business, such as reduced demand for the products we sell, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, immigration, customs, border actions and the like, and other external factors that we cannot control;
product liability and other litigation, or claims by end users, government agencies or others that our products or our customers’ applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims;
unanticipated liabilities of acquired businesses;
unanticipated adverse effects or liabilities from business exits or divestitures;
unanticipated costs or expenses we may incur related to product warranty issues;
our dependence on key suppliers and the potential effects of supply disruptions;
infringement of our intellectual property by third parties, challenges to our intellectual property and claims of infringement by us of third party technologies;
effects on earnings of any significant impairment of goodwill or intangible assets;
losses from failures, breaches, attacks or disclosures involving our information technology infrastructure and data;
cyclical downturns affecting the global market for capital goods; and
other risks and uncertainties including but not limited to those described in “Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 26, 2019 and from time to time in other filed reports.

Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and we undertake no obligation to update these statements to reflect subsequent events or circumstances. Additional information regarding these and other risks and uncertainties is included in Part I - Item 1A - Risk Factors in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2019.


4



PART I—FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

REGAL BELOIT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in Millions, Except Per Share Data)
 
 
Three Months Ended
 
Nine Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Net Sales
$
772.3

 
$
925.4

 
$
2,499.8

 
$
2,763.9

Cost of Sales
570.4

 
682.8

 
1,829.3

 
2,039.0

Gross Profit
201.9

 
242.6

 
670.5

 
724.9

Operating Expenses
128.9

 
155.0

 
416.3

 
449.5

Loss (Gain) on Divestiture of Businesses
0.2

 

 
(45.2
)
 

Goodwill Impairment


9.5

 

 
9.5

Asset Impairments

 
8.7

 
10.0

 
8.7

       Total Operating Expenses
129.1

 
173.2

 
381.1

 
467.7

Income from Operations
72.8

 
69.4

 
289.4

 
257.2

Other Expenses, net
0.1

 
0.4

 
0.4

 
1.2

Interest Expense
13.5

 
13.7

 
40.5

 
40.9

Interest Income
1.5

 
1.0

 
4.0

 
1.8

Income before Taxes
60.7

 
56.3

 
252.5

 
216.9

Provision for Income Taxes
9.9

 
3.6

 
47.5

 
37.6

Net Income
50.8

 
52.7

 
205.0

 
179.3

Less: Net Income Attributable to Noncontrolling Interests
1.1

 
1.4

 
2.8

 
3.7

Net Income Attributable to Regal Beloit Corporation
$
49.7

 
$
51.3

 
$
202.2

 
$
175.6

Earnings Per Share Attributable to Regal Beloit Corporation:
 
 
 
 
 
 
 
Basic
$
1.20

 
$
1.18

 
$
4.78

 
$
4.01

Assuming Dilution
$
1.19

 
$
1.17

 
$
4.75

 
$
3.98

Weighted Average Number of Shares Outstanding:
 
 
 
 
 
 
 
Basic
41.5

 
43.4

 
42.3

 
43.8

Assuming Dilution
41.7

 
43.8

 
42.6

 
44.1


See accompanying Notes to Condensed Consolidated Financial Statements


5



REGAL BELOIT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(Dollars in Millions)
 
 
Three Months Ended
 
Nine Months Ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Net Income
$
50.8

 
$
52.7

 
$
205.0

 
$
179.3

Other Comprehensive Income (Loss) Net of Tax:
 
 
 
 
 
 
 
Foreign Currency Translation Adjustments, Net of $0.0 Million Tax Effects for the Three and Nine Months Ended September 28, 2019 and $1.8 Million for the Three and Nine Months Ended September 29, 2018
(38.5
)
 
(18.8
)
 
(31.7
)
 
(57.0
)
Reclassification of Foreign Currency Translation Adjustments included in Net Income, Net of $0.0 Million Tax Effects for the Three and Nine Months Ended September 28, 2019

 

 
1.6

 

Hedging Activities:
 
 
 
 
 
 
 
Increase (Decrease) in Fair Value of Hedging Activities, Net of Tax Effects of $(1.6) Million and $0.9 Million for the Three Months Ended September 28, 2019 and September 29, 2018 and $1.4 Million and $0.7 Million for the Nine Months Ended September 28, 2019 and September 29, 2018, Respectively
(4.9
)
 
3.1

 
4.4

 
2.3

Reclassification of Gains included in Net Income, Net of Tax Effects of $(1.0) Million and $(0.3) Million for the Three Months Ended September 28, 2019 and September 29, 2018 and $(1.0) Million and $(3.7) Million for the Nine Months Ended September 28, 2019 and September 29, 2018, Respectively
(3.2
)
 
(1.0
)
 
(3.2
)
 
(11.3
)
Pension and Post Retirement Plans:
 
 
 
 
 
 
 
Reclassification Adjustments for Pension and Post Retirement Benefits included in Net Income, Net of Tax Effects of $0.1 Million and $0.3 Million for the Three Months Ended September 28, 2019 and September 29, 2018 and $0.3 Million and $0.7 Million for the Nine Months Ended September 28, 2019 and September 29, 2018, Respectively
0.4

 
0.7

 
1.3

 
2.2

Other Comprehensive Income (Loss)
(46.2
)
 
(16.0
)
 
(27.6
)
 
(63.8
)
Comprehensive Income (Loss)
4.6

 
36.7

 
177.4

 
115.5

Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interests
(0.1
)
 
0.3

 
1.6

 
1.8

Comprehensive Income (Loss) Attributable to Regal Beloit Corporation
$
4.7

 
$
36.4

 
$
175.8

 
$
113.7

See accompanying Notes to Condensed Consolidated Financial Statements


6



REGAL BELOIT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in Millions, Except Per Share Data)
 
 
September 28, 2019
 
December 29, 2018
ASSETS
 
 
 
Current Assets:
 
 
 
Cash and Cash Equivalents
$
293.0

 
$
248.6

Trade Receivables, Less Allowances of $9.4 Million in 2019 and $13.3 Million in 2018
491.7

 
551.9

Inventories
725.7

 
767.2

Prepaid Expenses and Other Current Assets
154.7

 
157.9

Assets Held for Sale
2.8

 
92.1

Total Current Assets
1,667.9

 
1,817.7

Net Property, Plant, and Equipment
609.0

 
615.5

Operating Lease Assets
76.1

 

Goodwill
1,496.4

 
1,509.2

Intangible Assets, Net of Amortization
577.5

 
625.5

Deferred Income Tax Benefits
31.5

 
34.2

Other Noncurrent Assets
19.9

 
21.7

Total Assets
$
4,478.3

 
$
4,623.8

LIABILITIES AND EQUITY
 
 
 
Current Liabilities:
 
 
 
Accounts Payable
$
362.3

 
$
424.8

Dividends Payable
12.3

 
12.0

Current Hedging Obligations
10.9

 
11.3

Accrued Compensation and Employee Benefits
73.6

 
81.9

Other Accrued Expenses
106.8

 
136.0

Liabilities Held for Sale

 
17.0

Current Operating Lease Liabilities
22.7

 

Current Maturities of Long-Term Debt
0.6

 
0.5

Total Current Liabilities
589.2

 
683.5

Long-Term Debt
1,200.3

 
1,306.6

Deferred Income Taxes
163.0

 
148.3

Noncurrent Hedging Obligations
2.2

 
1.2

Pension and Other Post Retirement Benefits
89.8

 
96.2

Noncurrent Operating Lease Liabilities
55.3

 

Other Noncurrent Liabilities
49.4

 
49.5

Contingencies (see Note 13)

 

Equity:
 
 
 
Regal Beloit Corporation Shareholders' Equity:
 
 
 
Common Stock, $0.01 par value, 100.0 Million Shares Authorized, 40.9 Million and 42.8 Million Shares Issued and Outstanding for 2019 and 2018, Respectively
0.4

 
0.4

Additional Paid-In Capital
707.8

 
783.6

Retained Earnings
1,870.9

 
1,777.9

Accumulated Other Comprehensive Loss
(277.8
)
 
(251.4
)
Total Regal Beloit Corporation Shareholders' Equity
2,301.3

 
2,310.5

Noncontrolling Interests
27.8

 
28.0

Total Equity
2,329.1

 
2,338.5

Total Liabilities and Equity
$
4,478.3

 
$
4,623.8

See accompanying Notes to Condensed Consolidated Financial Statements.

7



REGAL BELOIT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(Dollars in Millions, Except Per Share Data)
 
 
Three Months Ended
 
Common Stock $0.01 Par Value
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interests
 
Total Equity
June 29, 2019
$
0.4

 
$
750.7

 
$
1,882.7

 
$
(232.8
)
 
$
29.4

 
$
2,430.4

Net Income

 

 
49.7

 

 
1.1

 
50.8

Other Comprehensive Loss

 

 

 
(45.0
)
 
(1.2
)
 
(46.2
)
Dividends Declared ($0.30 Per Share)

 

 
(12.3
)
 

 

 
(12.3
)
Stock Options Exercised

 
(0.5
)
 

 

 

 
(0.5
)
Stock Repurchase

 
(45.0
)
 
(49.2
)
 

 

 
(94.2
)
Share-Based Compensation

 
2.6

 

 

 

 
2.6

Dividends Declared to Noncontrolling Interests

 

 

 

 
(1.5
)
 
(1.5
)
September 28, 2019
$
0.4

 
$
707.8

 
$
1,870.9

 
$
(277.8
)
 
$
27.8

 
$
2,329.1

 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
$
0.4

 
$
820.8

 
$
1,704.4

 
$
(215.6
)
 
$
30.7

 
$
2,340.7

Net Income

 

 
51.3

 

 
1.4

 
52.7

Other Comprehensive Loss

 

 

 
(14.9
)
 
(1.1
)
 
(16.0
)
Dividends Declared ($0.28 Per Share)

 

 
(12.2
)
 

 

 
(12.2
)
Stock Options Exercised

 
(0.4
)
 

 

 

 
(0.4
)
Stock Repurchase

 
(5.0
)
 
(1.2
)
 

 

 
(6.2
)
Share-Based Compensation

 
3.3

 

 

 

 
3.3

Dividends Declared to Noncontrolling Interests

 

 

 

 
(1.6
)
 
(1.6
)
Purchase of Subsidiary Shares from Noncontrolling Interest

 

 

 
1.6

 
(2.4
)
 
(0.8
)
September 29, 2018
$
0.4

 
$
818.7

 
$
1,742.3

 
$
(228.9
)
 
$
27.0

 
$
2,359.5

 

8



 
Nine Months Ended
 
Common Stock $0.01 Par Value
 
Additional Paid-In Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interests
 
Total Equity
December 29, 2018
$
0.4

 
$
783.6

 
$
1,777.9

 
$
(251.4
)
 
$
28.0

 
$
2,338.5

Net Income

 

 
202.2

 

 
2.8

 
205.0

Other Comprehensive Loss

 

 

 
(26.4
)
 
(1.2
)
 
(27.6
)
Dividends Declared ($0.88 Per Share)

 

 
(36.9
)
 

 

 
(36.9
)
Stock Options Exercised

 
(8.0
)
 

 

 

 
(8.0
)
Stock Repurchase

 
(77.8
)
 
(72.3
)
 

 

 
(150.1
)
Share-Based Compensation

 
10.0

 

 

 

 
10.0

Dividends Declared to Noncontrolling Interests

 

 

 

 
(1.8
)
 
(1.8
)
September 28, 2019
$
0.4

 
$
707.8

 
$
1,870.9

 
$
(277.8
)
 
$
27.8

 
$
2,329.1

 
 
 
 
 
 
 
 
 
 
 
 
December 30, 2017
$
0.4

 
$
877.5

 
$
1,611.6

 
$
(164.0
)
 
$
29.2

 
$
2,354.7

Net Income

 

 
175.6

 

 
3.7

 
179.3

Other Comprehensive Loss

 

 

 
(61.9
)
 
(1.9
)
 
(63.8
)
Dividends Declared ($0.82 Per Share)

 

 
(35.8
)
 

 

 
(35.8
)
Stock Options Exercised

 
(4.7
)
 

 

 

 
(4.7
)
Stock Repurchase

 
(64.6
)
 
(13.7
)
 

 

 
(78.3
)
Share-Based Compensation

 
10.5

 

 

 

 
10.5

Dividends Declared to Noncontrolling Interests

 

 

 

 
(1.6
)
 
(1.6
)
Adoption of Accounting Pronouncement ASU 2018-02

 

 
4.6

 
(4.6
)
 

 

Purchase of Subsidiary Shares from Noncontrolling Interest

 

 

 
1.6

 
(2.4
)
 
(0.8
)
September 29, 2018
$
0.4

 
$
818.7

 
$
1,742.3

 
$
(228.9
)
 
$
27.0

 
$
2,359.5

See accompanying Notes to Condensed Consolidated Financial Statements.

9



REGAL BELOIT CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Millions)
 
Nine Months Ended
 
September 28, 2019
 
September 29, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
205.0

 
$
179.3

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities (Net of Acquisitions and Divestitures):
 
 
 
Depreciation and Amortization
100.4

 
106.3

Goodwill Impairment

 
9.5

Asset Impairments
10.0

 
8.7

Noncash Lease Expense
20.5

 

Loss on Sale or Disposition of Assets, Net
1.7

 
3.5

Share-Based Compensation Expense
10.0

 
10.5

Exit Related Costs

 
16.7

Gain on Divestiture of Businesses
(45.2
)
 

Change in Operating Assets and Liabilities
(31.2
)
 
(84.2
)
Net Cash Provided by Operating Activities
271.2

 
250.3

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Additions to Property, Plant and Equipment
(77.3
)
 
(59.2
)
Sales of Investment Securities

 
0.5

Business Acquisitions, Net of Cash Acquired

 
(161.5
)
Proceeds from Divestiture of Businesses
159.6

 

Proceeds from Sale of Assets
1.7

 
4.4

Net Cash Provided by (Used In) Investing Activities
84.0

 
(215.8
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Borrowings Under Revolving Credit Facility
894.3

 
1,018.7

Repayments Under Revolving Credit Facility
(977.4
)
 
(993.1
)
Proceeds from Short-Term Borrowings
27.5

 
10.7

Repayments of Short-Term Borrowings
(27.5
)