Columbia Sportswear 2010 Annual Report Download - page 51

COLUMBIA SPORTSWEAR COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2010 2009 2008
Cash flows from operating activities:
Net income ................................................ $ 77,037 $ 67,021 $ 95,047
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................ 38,430 36,253 31,158
Loss on disposal or impairment of property, plant, and
equipment .......................................... 3,331 1,828 253
Deferred income taxes ................................... (22,610) 55 (10,338)
Stock-based compensation ............................... 6,730 6,353 6,302
Excess tax benefit from employee stock plans ................ (498) (41) (72)
Impairment of acquired intangible assets .................... — — 24,742
Changes in operating assets and liabilities:
Accounts receivable ................................. (69,500) 77,490 (9,689)
Inventories ........................................ (87,265) 38,831 4,507
Prepaid expenses and other current assets ................ 3,856 (1,695) (15,787)
Intangibles and other assets ........................... (1,566) (5,179) 101
Accounts payable ................................... 26,028 (16,944) 8,944
Accrued liabilities .................................. 34,224 7,563 (1,047)
Income taxes payable ................................ 9,018 (1,558) 2,567
Other liabilities .................................... 6,302 4,395 8,242
Net cash provided by operating activities ............ 23,517 214,372 144,930
Cash flows from investing activities:
Purchases of short-term investments ............................ (81,671) (25,305) (72,337)
Sales of short-term investments ................................ 35,601 25,163 131,565
Capital expenditures ........................................ (28,838) (33,074) (47,580)
Proceeds from sale of property, plant, and equipment .............. 42 31 52
Acquisitions, net of cash acquired .............................. (16,315) — —
Net cash provided by (used in) investing activities ..... (91,181) (33,185) 11,700
Cash flows from financing activities:
Proceeds from notes payable .................................. 31,680 57,588 33,727
Repayments on notes payable ................................. (31,680) (57,588) (33,727)
Repayment on long-term debt and other long-term liabilities ........ — (4) (21)
Proceeds from issuance of common stock under employee stock
plans, net ............................................... 6,480 86 3,488
Excess tax benefit from employee stock plans .................... 498 41 72
Repurchase of common stock ................................. (13,838) (7,399) (83,865)
Cash dividends paid ......................................... (75,439) (22,331) (22,098)
Net cash used in financing activities ................ (82,299) (29,607) (102,424)
Net effect of exchange rate changes on cash ........................ (2,444) 4,467 (15,539)
Net increase (decrease) in cash and cash equivalents ................. (152,407) 156,047 38,667
Cash and cash equivalents, beginning of year ...................... 386,664 230,617 191,950
Cash and cash equivalents, end of year ............................ $234,257 $386,664 $ 230,617
Supplemental disclosures of cash flow information:
Cash paid during the year for interest ........................... $ 76 $ 35 $ 47
Cash paid during the year for income taxes ...................... 34,924 31,284 48,521
Supplemental disclosures of non-cash investing activities:
Capital expenditures incurred but not yet paid .................... 1,001 7,852 6,760
See accompanying notes to consolidated financial statements.
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