|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions)
|
|
2016
|
|
2015
|
|
2014
|
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
$
|
534
|
|
|
$
|
394
|
|
|
$
|
903
|
|
Depreciation and amortization
|
134
|
|
|
133
|
|
|
167
|
|
Display amortization
|
25
|
|
|
20
|
|
|
15
|
|
Deferred income taxes
|
130
|
|
|
212
|
|
|
(406
|
)
|
(Gain) on disposition of investments, net
|
(4
|
)
|
|
(7
|
)
|
|
(2
|
)
|
Pension and other postretirement benefits
|
(78
|
)
|
|
(18
|
)
|
|
(36
|
)
|
Impairment of property and equipment, net
|
—
|
|
|
2
|
|
|
27
|
|
Stock-based compensation
|
29
|
|
|
41
|
|
|
47
|
|
(Increase) in receivables
|
(120
|
)
|
|
(104
|
)
|
|
(81
|
)
|
(Increase) decrease in inventories
|
(39
|
)
|
|
17
|
|
|
(75
|
)
|
Increase in accounts payable and accrued liabilities, net
|
71
|
|
|
82
|
|
|
63
|
|
Other items, net
|
44
|
|
|
(73
|
)
|
|
(20
|
)
|
Net cash from operating activities
|
726
|
|
|
699
|
|
|
602
|
|
|
|
|
|
|
|
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Retirement of notes
|
(1,300
|
)
|
|
(500
|
)
|
|
—
|
|
Purchase of Company common stock
|
(459
|
)
|
|
(456
|
)
|
|
(158
|
)
|
Cash dividends paid
|
(128
|
)
|
|
(126
|
)
|
|
(117
|
)
|
Dividends paid to noncontrolling interest
|
(31
|
)
|
|
(36
|
)
|
|
(34
|
)
|
Cash distributed to TopBuild Corp.
|
—
|
|
|
(63
|
)
|
|
—
|
|
Issuance of TopBuild Corp. debt
|
—
|
|
|
200
|
|
|
—
|
|
Issuance of notes, net of issuance costs
|
889
|
|
|
497
|
|
|
—
|
|
Debt extinguishment costs
|
(40
|
)
|
|
—
|
|
|
—
|
|
Increase in debt
|
3
|
|
|
4
|
|
|
4
|
|
Issuance of Company common stock
|
1
|
|
|
2
|
|
|
1
|
|
Excess tax benefit from stock-based compensation
|
23
|
|
|
75
|
|
|
13
|
|
Payment of debt
|
(4
|
)
|
|
(4
|
)
|
|
(6
|
)
|
Credit Agreement and other financing costs
|
—
|
|
|
(3
|
)
|
|
—
|
|
Net cash for financing activities
|
(1,046
|
)
|
|
(410
|
)
|
|
(297
|
)
|
|
|
|
|
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
(180
|
)
|
|
(158
|
)
|
|
(128
|
)
|
Acquisition of businesses, net of cash acquired
|
—
|
|
|
(41
|
)
|
|
(2
|
)
|
Proceeds from disposition of:
|
|
|
|
|
|
|
|
|
Short-term bank deposits
|
251
|
|
|
279
|
|
|
379
|
|
Property and equipment
|
—
|
|
|
18
|
|
|
16
|
|
Other financial investments
|
32
|
|
|
10
|
|
|
64
|
|
Purchases of:
|
|
|
|
|
|
|
|
|
Short-term bank deposits
|
(211
|
)
|
|
(253
|
)
|
|
(399
|
)
|
Other financial investments
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
Other, net
|
(16
|
)
|
|
(43
|
)
|
|
(29
|
)
|
Net cash for investing activities
|
(124
|
)
|
|
(189
|
)
|
|
(100
|
)
|
Effect of exchange rate changes on cash and cash investments
|
(34
|
)
|
|
(15
|
)
|
|
(45
|
)
|
CASH AND CASH INVESTMENTS:
|
|
|
|
|
|
|
|
|
(Decrease) increase for the year
|
(478
|
)
|
|
85
|
|
|
160
|
|
At January 1
|
1,468
|
|
|
1,383
|
|
|
1,223
|
|
At December 31
|
$
|
990
|
|
|
$
|
1,468
|
|
|
$
|
1,383
|
|
See notes to consolidated financial statements.
