Proceeds from issuance of common stock

[Table of Contents](#i3d0ebbc4e2a2420f98ed7e6fe698936a_7)HASBRO, INC. AND SUBSIDIARIESConsolidated Statements of Cash FlowsFiscal Years Ended in December(Millions of Dollars)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  | 2020 |  | 2019 |
| Cash flows from operating activities |  |  |  |  |  |
| Net earnings | $ | 435.3  |  |  | 225.4  |  |  | 520.5  |  |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |  |
| Depreciation of property, plant and equipment | 163.3  |  |  | 120.2  |  |  | 133.5  |  |
| Loss on disposal of business | 108.8  |  |  | —  |  |  | —  |  |
| Impairment of intangibles and production assets | —  |  |  | 71.5  |  |  | —  |  |
| Loss on Discovery investment | 74.1  |  |  | —  |  |  | —  |  |
| Fair value adjustment on Discovery Option | (20.1) |  |  | (1.5) |  |  | (1.2) |  |
| Non-cash pension settlement | —  |  |  | —  |  |  | 111.0  |  |
| Amortization of intangible assets | 116.8  |  |  | 144.7  |  |  | 47.3  |  |
| Program cost amortization | 628.6  |  |  | 387.1  |  |  | 85.6  |  |
| Deferred income taxes | 36.0  |  |  | 30.3  |  |  | (15.0) |  |
| Stock-based compensation | 97.8  |  |  | 49.7  |  |  | 28.0  |  |
| Other non-cash items | (1.5) |  |  | 9.0  |  |  | (53.0) |  |
| Changes in operating assets and liabilities, net of acquired and disposed balances: |  |  |  |  |  |
| (Increase) decrease in accounts receivable | (159.5) |  |  | 210.8  |  |  | (211.5) |  |
| (Increase) decrease in inventories | (173.9) |  |  | 62.8  |  |  | (4.6) |  |
| (Increase) decrease in prepaid expenses and other current assets | (30.6) |  |  | (7.5) |  |  | 18.1  |  |
| Program spend, net | (697.3) |  |  | (438.9) |  |  | (33.9) |  |
| Increase in accounts payable and accrued liabilities | 313.2  |  |  | 49.3  |  |  | 62.3  |  |
| Change in net deemed repatriation tax | (18.4) |  |  | (18.4) |  |  | (14.6) |  |
| Other | (54.7) |  |  | 81.8  |  |  | (19.4) |  |
| Net cash provided by operating activities | 817.9  |  |  | 976.3  |  |  | 653.1  |  |
| Cash flows from investing activities |  |  |  |  |  |
| Additions to property, plant and equipment | (132.7) |  |  | (125.8) |  |  | (133.6) |  |
| Investments and acquisitions, net of cash acquired | —  |  |  | (4,412.9) |  |  | (8.8) |  |
| Proceeds from sale of business, net of cash | 378.5  |  |  | —  |  |  | —  |  |
| Net gains on derivative contracts | —  |  |  | —  |  |  | 80.0  |  |
| Other | (3.8) |  |  | 38.5  |  |  | 1.5  |  |
| Net cash provided (utilized) by investing activities | 242.0  |  |  | (4,500.2) |  |  | (60.9) |  |
| Cash flows from financing activities |  |  |  |  |  |
| Net proceeds from borrowings | 144.0  |  |  | 1,112.6  |  |  | 2,355.0  |  |
| Repayments of borrowings | (1,220.1) |  |  | (275.5) |  |  | —  |  |
| Net repayments of other short-term borrowings | (5.6) |  |  | (8.6) |  |  | (8.8) |  |
| Purchases of common stock | —  |  |  | —  |  |  | (61.4) |  |
| Stock-based compensation transactions | 30.6  |  |  | 16.6  |  |  | 31.8  |  |
| Dividends paid | (374.5) |  |  | (372.7) |  |  | (336.6) |  |
| Payments related to tax withholding for share-based compensation | (13.7) |  |  | (6.0) |  |  | (13.1) |  |
| Redemption of equity instruments | —  |  |  | (47.4) |  |  | —  |  |
| Deferred acquisition payments | —  |  |  | —  |  |  | (100.0) |  |
| Proceeds from issuance of common stock | —  |  |  | —  |  |  | 975.2  |  |
| Debt extinguishment costs | (9.1) |  |  | —  |  |  | —  |  |
| Debt acquisition costs | —  |  |  | —  |  |  | (26.7) |  |
| Other | (11.4) |  |  | (13.1) |  |  | (4.8) |  |
| Net cash (utilized) provided by financing activities | (1,459.8) |  |  | 405.9  |  |  | 2,810.6  |  |
| Effect of exchange rate changes on cash | (30.6) |  |  | (12.7) |  |  | (4.8) |  |
| (Decrease) increase in cash, cash equivalents and restricted cash | (430.5) |  |  | (3,130.7) |  |  | 3,398.0  |  |
| Cash, cash equivalents and restricted cash at beginning of year | 1,449.7  |  |  | 4,580.4  |  |  | 1,182.4  |  |
| Cash, cash equivalents and restricted cash at end of year | $ | 1,019.2  |  |  | 1,449.7  |  |  | 4,580.4  |  |
| Supplemental information |  |  |  |  |  |
| Interest paid | $ | 171.9  |  |  | 182.9  |  |  | 82.2  |  |
| Income taxes paid | $ | 160.5  |  |  | 81.6  |  |  | 103.1  |  |

See accompanying notes to consolidated financial statements.76
