Fortune Brands Innovations Inc
For the period ended Dec 30, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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Item 8. Consolidated Statements of Cash Flows
| Consolidated Statements of Cash Flows | Fortune Brands Innovations, Inc. and Subsidiaries |
|---|
| For years ended | |||
|---|---|---|---|
| (In millions) | December 30, 2023 | December 31, 2022 | December 31, 2021 |
| OPERATING ACTIVITIES | |||
| Net income | $404.5 | $686.7 | $772.4 |
| Non-cash expense (income): | |||
| Depreciation | 106.7 | 126.5 | 125.0 |
| Amortization of intangibles | 62.1 | 65.1 | 64.1 |
| Non-cash lease expense | 35.1 | 45.2 | 42.5 |
| Stock-based compensation | 34.2 | 50.2 | 50.2 |
| Restructuring charges | — | 8.0 | — |
| (Gain) loss on sale of property, plant and equipment | (1.0) | (4.7) | 1.6 |
| Loss on equity investments | — | — | 5.0 |
| Asset impairment charges | 33.5 | 46.4 | — |
| Recognition of actuarial (gain) loss | (0.5) | (1.2) | 0.8 |
| Deferred taxes | (26.1) | 14.8 | 1.7 |
| Amortization of deferred financing costs | 4.1 | 3.8 | 3.6 |
| Changes in assets and liabilities including effects subsequent to acquisitions | |||
| Decrease (increase) in accounts receivable | 25.7 | 66.3 | (151.5) |
| Decrease (increase) in inventories | 148.8 | (198.5) | (324.3) |
| Increase (decrease) in accounts payable | 101.1 | (161.2) | 137.7 |
| Decrease in other assets | 170.0 | 14.0 | 1.0 |
| (Decrease) increase in accrued taxes | (17.4) | (65.5) | 8.4 |
| Decrease in accrued expenses and other liabilities | (25.0) | (129.6) | (49.5) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,055.8 | 566.3 | 688.7 |
| INVESTING ACTIVITIES | |||
| Capital expenditures(a) | (256.5) | (246.1) | (214.2) |
| Proceeds from the disposition of assets | 2.8 | 8.2 | 1.9 |
| Cost of acquisitions, net of cash acquired | (784.1) | (217.6) | 5.2 |
| NET CASH USED IN INVESTING ACTIVITIES | (1,037.8) | (455.5) | (207.1) |
| FINANCING ACTIVITIES | |||
| Increase in short-term debt | — | 700.0 | 400.0 |
| Repayment of short-term debt | (600.0) | (1,100.0) | — |
| Issuance of long-term debt | 1,065.1 | 5,975.4 | 1,245.0 |
| Repayment of long-term debt | (470.0) | (5,612.5) | (1,510.0) |
| Proceeds from the exercise of stock options | 18.0 | 1.1 | 41.8 |
| Employee withholding taxes paid related to stock-based compensation | (14.5) | (27.0) | (13.3) |
| Dividends to stockholders | (116.8) | (145.6) | (143.0) |
| Dividends received from MasterBrand | — | 940.0 | — |
| Cash retained by Masterbrand at Separation | — | (56.3) | — |
| Treasury stock purchases | (150.0) | (580.1) | (447.7) |
| Other financing activities, net | (3.1) | (22.5) | (1.4) |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (271.3) | 72.5 | (428.6) |
| Effect of foreign exchange rate changes on cash | 0.5 | (11.1) | (1.9) |
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | $(252.8) | $172.2 | $51.1 |
| Cash, cash equivalents and restricted cash(b) at beginning of year | $648.3 | $476.1 | $425.0 |
| Cash, cash equivalents and restricted cash(b) at end of year | $395.5 | $648.3 | $476.1 |
| Cash paid during the year for | |||
| Interest | $121.4 | $102.9 | $76.8 |
| Income taxes paid directly to taxing authorities | 120.3 | 278.3 | 228.8 |
| Dividends declared but not paid | 30.3 | 29.4 | 37.8 |
(a)
Capital expenditures of $34.1 million, $14.2 million and $19.6 million that have not been paid as of December 30, 2023, December 31, 2022 and December 31, 2021, respectively, were excluded from the Consolidated Statement of Cash Flows.
(b)
Restricted cash of $26.9 million and $2.2 million is included in Other current assets and Other assets, respectively, as of December 30, 2023,$2.1 million and $3.7 million is included in Other current assets and Other assets, respectively, as of December 31, 2022 and $1.3 million and $3.3 million is included in Other current assets and Other assets, respectively, as of December 31, 2021 within our Consolidated Balance Sheet.
The Consolidated Statements of Cash Flows presented above include cash flows from continuing and discontinued operations. Refer to Note 5, Discontinued Operations, for additional details.
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