Arrow Electronics 2010 Annual Report Download - page 49

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47
ARROW ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended December 31,
2010 2009
2008
Cash flows from operating activities:
Consolidated net income (loss) $ 479,625 $ 123,505 $ (613,635 )
Adjustments to reconcile consolidated net income (loss) to net cash
provided by operations:
Depreciation and amortization 77,352 67,027 69,286
Amortization of stock-based compensation 34,613 33,017
18,092
Amortization of deferred financing costs and discount on notes 2,338 2,313
2,162
Equity in earnings of affiliated companies (6,369) (4,731
) (6,549)
Deferred income taxes 17,133 19,313
(88,212)
Restructuring, integration, and other charges 24,605 75,720
61,876
Impairment charge - -
1,018,780
Non-cash impact of tax matters (11,716) -
(7,488)
Loss on prepayment of debt 964 3,228
-
Loss on the write-down of an investment - -
10,030
Excess tax benefits from stock-based compensation
arrangements (1,922) 1,731 (161)
Change in assets and liabilities, net of effects of acquired
businesses:
Accounts receivable (805,637) 2,302 269,655
Inventories (497,294) 286,626
85,489
Accounts payable 799,142 304,295
(191,669)
Accrued expenses 88,675 (92,587
) 2,977
Other assets and liabilities 19,263 28,096
(10,834)
Net cash provided by operating activities 220,772 849,855
619,799
Cash flows from investing activities:
Cash consideration paid for acquired businesses (587,087) (170,064 ) (333,491)
Acquisition of property, plant and equipment (112,254) (121,516
) (158,688)
Proceeds from sale of properties 16,971 1,153
-
Other - (272 ) (512)
Net cash used for investing activities (682,370) (290,699
) (492,691)
Cash flows from financing activities:
Change in short-term and other borrowings 9,775 (48,144 ) 2,604
Repayments of long-term bank borrowings, net - -
(2,489)
Repurchase/repayment of senior notes (69,545) (135,658
) -
Net proceeds from note offerings 494,325 297,430
-
Proceeds from exercise of stock options 8,057 4,234
4,392
Excess tax benefits from stock-based compensation
arrangements 1,922 (1,731 ) 161
Repurchases of common stock (173,650) (2,478
) (115,763)
Net cash provided by (used for) financing activities 270,884 113,653
(111,095)
Effect of exchange rate changes on cash (19,972) 12,926 (12,472)
Net increase (decrease) in cash and cash equivalents (210,686) 685,735 3,541
Cash and cash equivalents at beginning of year 1,137,007 451,272 447,731
Cash and cash equivalents at end of year $ 926,321 $ 1,137,007
$ 451,272
See accompanying notes.