Mead Johnson Nutrition Co

CIK:0001452575|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
NET SALES	$ 883.5	$ 962.1
Cost of Products Sold	330.2	347.6
GROSS PROFIT	553.3	614.5
Operating Expenses:
Selling, General and Administrative	193.7	198.9
Advertising and Promotion	160.3	151.8
Research and Development	21.4	25.4
Other Operating (Income) Expense, Net	22.8	88.3
EARNINGS BEFORE INTEREST AND INCOME TAXES	155.1	150.1
Interest Expense—net	27.1	26.2
EARNINGS BEFORE INCOME TAXES	128.0	123.9
Provision for Income Taxes	10.4	47.2
NET EARNINGS	117.6	76.7
Less Net Earnings/(Loss) Attributable to Noncontrolling Interests	(2.3)	4.0
NET EARNINGS ATTRIBUTABLE TO SHAREHOLDERS	$ 119.9	$ 72.7
Earnings per Share—Basic
Net earnings attributable to shareholders (in dollars per share)	$ 0.65	$ 0.39
Earnings per Share—Diluted
Net earnings attributable to shareholders (in dollars per share)	$ 0.65	$ 0.39
Weighted average shares - basic (in shares)	183.5	186.6
Weighted average shares - diluted (in shares)	183.9	186.7
Dividends declared per share (in dollars per share)	$ 0.4125	$ 0.4125

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Restricted Cash and Investments, Current	$ 152.5
CashCashEquivalentsandRestrictedCashatCarryingValue	1,876.9	$ 1,702.3
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Earnings	117.6	76.7
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities:
Depreciation and Amortization	25.8	24.9
Venezuela long-lived asset impairments	0.0	45.9
Other Noncash Income (Expense)	(12.6)	36.0
Changes in Assets and Liabilities	65.7	(23.4)
Pension and Other Post-employment Benefit Contributions	(0.1)	0.0
Net Cash Provided by (Used in) Operating Activities	196.4	160.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for Capital Expenditures	(48.5)	(55.6)
Proceeds from Sale of Property, Plant and Equipment	0.1	0.1
Net Cash Provided by (Used in) Investing Activities	(48.4)	(55.5)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Short-term Borrowings	0.6	0.4
Repayments of Short-term Borrowings	0.0	(0.1)
Payments of Debt Issuance Costs	0.0	(0.1)
Payments of Dividends	(75.9)	(77.4)
Proceeds and Excess Tax Benefit from Share-based Compensation	5.4	3.7
Stock-based Compensation Tax Withholdings	(4.7)	(3.5)
Net Cash Used in Financing Activities	(74.6)	(77.0)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH(3):
Effect of Exchange Rate on Cash and Cash Equivalents	8.1	(26.7)
Cash and Cash Equivalents, Period Increase (Decrease)	81.5	0.9
Beginning of Period	1,795.4	$ 1,701.4
End of Period	$ 1,724.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and Cash Equivalents	$ 1,724.4	$ 1,795.4
Restricted Cash and Investments, Current	152.5	0.0
Receivables—net of allowances of $4.4 and $4.4, respectively	355.0	369.0
Inventories - net	498.5	473.5
Income Taxes Receivable	26.1	8.3
Prepaid Expenses and Other Assets	60.8	60.4
Total Current Assets	2,817.3	2,706.6
Property, Plant and Equipment – net	963.6	948.6
Goodwill	113.1	108.9
Other Intangible Assets – net	43.9	46.0
Deferred Income Taxes – net of valuation allowance	148.4	143.1
Other Assets	140.8	134.5
TOTAL	4,227.1	4,087.7
CURRENT LIABILITIES:
Short-Term Borrowings	4.5	3.9
Accounts Payable	536.0	515.8
Dividends Payable	76.3	76.0
Accrued Expenses	216.2	194.7
Accrued Rebates and Returns	415.0	417.4
Deferred Income	10.9	12.4
Income Taxes Payable	49.9	24.0
Total Current Liabilities	1,308.8	1,244.2
Long-Term Debt	2,973.3	2,976.2
Deferred Income Taxes	6.0	6.2
Pension and Other Post-employment Liabilities	99.2	104.2
Other Liabilities	232.6	229.0
Liabilities	4,619.9	4,559.8
Commitments and Contingencies
Shareholders’ Equity
Common Stock, $0.01 par value: 3,000 authorized, 188.6 and 188.3 issued, respectively	1.9	1.9
Additional Paid-in/(Distributed) Capital	(499.5)	(514.0)
Retained Earnings	812.4	773.4
Treasury Stock – at cost	(362.6)	(362.6)
Accumulated Other Comprehensive Loss	(383.3)	(411.4)
Total Shareholders’ Equity/(Deficit)	(431.1)	(512.7)
Noncontrolling Interests	38.3	40.6
Total Equity/(Deficit)	(392.8)	(472.1)
TOTAL	$ 4,227.1	$ 4,087.7