Excerpts from the financial statements of Stanley Black & Decker, Inc. follow.
Stanley Black & Decker, Inc.
Excerpts from Consolidated Balance Sheet as of End of Fiscal 2015 and 2014:
End of Fiscal Year
($ in millions) 2015 2014
Assets
Current assets
Cash and cash equivalents..............................$ 465.4.................$ 496.6
Accounts and notes receivable, net....................1,331.8.................1,396.7
Excerpt from Fiscal 2015 Income Statement:
Provision for doubtful accounts.........................$ 27.3
Consolidated Statement of Cash Flows

From Stanley Black & Decker's Accounts receivable note:

Required:
1. Determine the difference between the change in accounts and notes receivable as reported in the statement of cash flows and the change in receivables based on the balance sheet. Do the same for long-term trade notes receivable. What are the likely reasons for the discrepancies?
2. Stanley Black & Decker reports a small change in cash relative to its operating cash flow for 2015. Explain why.

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For Fiscal Years 2014 760.9 2015 2013 Operating Activities: Net earnings attributable to common shareowners Adjustments to reconcile net earnings to cash provided by operating activities 883.7 S 490.3 Depreciation and amortization of property, plant 256.9 157.1 263.4 186.4 and equipment Amortization of intangibles Pretax (gain) loss on debt extinguishment Asset impairments Stock-based compensation expense Provision for doubtful accounts Deferred tax (benefit) expense Other non-cash items 238.0 203.3 20.6 40.9 66.4 13.7 (135.7) 9.8 67.9 29.5 63.1 57.1 22.1 42.4 12.4 18.8 Changes in operating assets and liabilities: Accounts and notes receivable, net Inventories Accounts payable Deferred revenue Other current assets Long-term trade notes receivable, net Other long-term assets Accrued expenses Defined benefit liabilities Other long-term liabilities Net cash provided by operating activities (41.3) (54.7) (9.7) 7.7 19.8 (12.6) 81.6 (175.9) 71.7 12.8 11.3 (101.9) 105.0 13.5 (13.2) 39.2 59.7 (155.0) (58.5) 1,295.9 29.1 (156.0) (110.2) 152.6 868.0 (59.0) (65.8) 13.0 00 I , I 82.3 Investing Activities (291.0) 15.4 (3.2) Capital expenditures Proceeds from sales of assets Business acquisitions, net of cash acquired (Payments) proceeds from sales of businesses, net of (340.3) 4.0 (933.9) 29.1 (17.6) (3.9) (61.4) cash sold Proceeds (payments) for net investment hedge settlements Other Net cash used in investing activities 93.5 137.7 (25.3) (382.2 1,198.4) (205.0) Financing Activities: (46.6) Payments on long-term debt Proceeds from debt issuance Net short-term borrowings (repayments) Stock purchase contract fees Purchase of common stock for treasury Proceeds from issuance of preferred stock Redemption of preferred stock for treasury Cash settlement on forward stock purchase contract Payment on forward share purchase contract Net premium paid on equity option Premium paid on debt extinguishment Non-controlling interest buyout Termination of interest rate swaps Proceeds from issuances of common stock Cash dividends on common stock Other Net cash (used in) provided by financing activities Effect of exchange rate changes on cash (Decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year 1.2 (17.0) (649.8) 632.5 (632.5) (391.0) (16.4) (28.2) (302.2) 726.7 388.7 (3.2) (39.2) 18.8 (350.0) (83.2) (42.8) (33.5) (33.4) 71.3 154.6 319.9 323) (312.7) 163.5 (4.0) (875.6) (0.6) (766.2) 132.9) (147.1) 0.4 496.2 $496.6 155.5 (44.9) (31.2) 496.6 $ 465.4 (219.8) 716.0 $ 496.2 ($ in millions) Trade accounts receivable Trade notes receivable Other accounts receivables Gross accounts and notes receivable Allowance for doubtful accounts Accounts and notes receivable, net Long-term trade notes receivable, net 2015 2014 $1,165.0 130.6 109.1 1,404.7 (72.9) $1,331.8 $1,204.6 136.4 16.4 1,457.4 $1,396.7 $ 169.5