AmerisourceBergen 2011 Annual Report Download - page 21

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See notes to consolidated financial statements in the Company’sAnnual Report on Form 10-K as filed with the SEC for the FiscalYear Ended September 30,2011.
19
Consolidated Statements of Cash Flows
(in thousands)
Fiscal year ended September 30, 2011 2010 2009
Operating Activities
Net income $ 706,624 $ 636,748 $ 503,397
Loss from discontinued operations ——8,455
Income from continuing operations 706,624 636,748 511,852
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation, including amounts charged to cost of goods sold 104,743 82,753 74,612
Amortization, including amounts charged to interest expense 21,198 21,419 19,704
Provision for doubtful accounts 39,315 43,124 31,830
Provision for deferred income taxes 194,997 85,478 84,324
Share-based compensation 28,365 30,844 27,138
Loss on disposal of property and equipment 853 8,795 3,318
Other, including intangible asset impairments 4,489 7,555 13,031
Changes in operating assets and liabilities, excluding the effects
of acquisitions and dispositions:
Accounts receivable (35,457) 61,160 (457,771)
Merchandise inventories (272,294) (242,967) (765,011)
Prepaid expenses and other assets (27,472) 10,325 (15,379)
Accounts payable, accrued expenses, and income taxes 406,387 385,385 1,259,604
Other liabilities (3,800) (21,995) 3,744
Net cash provided by operating activities — continuing operations 1,167,948 1,108,624 790,996
Net cash used in operating activities — discontinued operations ——(7,233)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,167,948 1,108,624 783,763
Investing Activities
Capital expenditures (167,954) (184,635) (145,837)
Cost of acquired companies, net of cash acquired (45,380) — (13,422)
Proceeds from sales of property and equipment 916 264 108
Proceeds from sale of PMSI ——11,940
Net cash used in investing activities — continuing operations (212,418) (184,371) (147,211)
Net cash used in investing activities — discontinued operations ——(1,138)
NET CASH USED IN INVESTING ACTIVITIES (212,418) (184,371) (148,349)
Financing Activities
Long-term debt borrowings — 396,696 —
Long-term debt repayments — (7,664) —
Borrowings under revolving and securitization credit facilities 866,631 1,027,738 2,153,527
Repayments under revolving and securitization credit facilities (844,204) (1,253,731) (2,162,365)
Purchases of common stock (840,577) (470,356) (450,350)
Exercises of stock options, including excess tax benefits of $39,711,
$21,036, and $1,510, in fiscal 2011, 2010, and 2009, respectively 155,531 132,719 22,066
Cash dividends on common stock (117,624) (90,622) (62,696)
Debt issuance costs and other (7,479) (10,219) (4,342)
NET CASH USED IN FINANCING ACTIVITIES (787,722) (275,439) (504,160)
INCREASE IN CASH AND CASH EQUIVALENTS 167,808 648,814 131,254
Cash and cash equivalents at beginning of year 1,658,182 1,009,368 878,114
CASH AND CASH EQUIVALENTS AT END OF YEAR $1,825,990 $ 1,658,182 $ 1,009,368