Harman Kardon 2008 Annual Report Download - page 62

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44
Consolidated Statements of Cash Flows
Harman International Industries, Incorporated and Subsidiaries
($000s omitted) Years Ended June 30,
2008 2007 2006
Cash flows from o
p
eratin
g
activities:
Net income $ 107,786 313,963 255,295
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 152,342 127,162 129,949
Deferred income taxes (10,441) (45,563) (8,011)
Loss on disposition of assets 235 959 1,480
Share-based compensation 23,148 15,418 16,586
Excess tax benefits from share-based payment arrangements (5,321) (10,456) (45,493)
Changes in operating assets and liabilities:
Decrease (increase) in:
Receivables (34,980) (20,314) 4,877
Inventories 102,451 (92,024) (21,433)
Other current assets (55,950) (34,844) (27,456)
Increase (decrease) in:
Accounts payable (38,265) 26,266 37,274
Accrued warranty liabilities 78,829 (12,620) 12,186
Accrued other liabilities 69,785 (24,677) 33,691
Income taxes payable (63,666) (34,083) 5,303
Other operating activities (9,144) 6,126 5,731
N
et cash
p
rovided b
y
o
p
eratin
g
activities
$
316
,
809 215
,
313 399
,
979
Cash flows from investing activities:
Contingent purchase price consideration $ (12,724) (9,229) (13,808)
Proceeds from asset dispositions 1,476 3,038 1,574
Capital expenditures (138,934) (174,794) (130,548)
Other items, net 7,697 970 (3,898)
N
et cash used in investin
g
activities
$
(
142
,
485
)
(
180
,
015
)
(
146
,
680
)
Cash flows from financing activities:
N
et increase (decrease) in shor
t
-term borrowings $ (1,838) 135 (828)
N
et (repayments) borrowings under revolving credit facility (38,940) (107,631) 158,294
Repayments of long-term debt (18,140) (18,782) (294,733)
Proceeds from issuance of convertible senior notes 400,000 --- ---
Repurchase of common stock (400,287) (128,780) (192,608)
Dividends paid to shareholders (3,056) (3,262) (3,321)
Share-based payment arrangements (3,152) 25,115 27,650
Debt issuance costs (4,750) --- ---
Excess tax benefits from share-based payment arrangements 5,321 10,456 45,493
N
et cash used in financing activities $ (64,842) (222,749) (260,053)
Effect of exchange rate changes on cash 7,486 1,834 7,298
N
et increase (decrease) in cash and cash equivalents 116,968 (185,617) 544
Cash and cash equivalents at beginning of period $ 106,141 291,758 291,214
Cash and cash equivalents at end of period $ 223,109 106,141 291,758
Supplemental schedule of non-cash investing activities:
Fair value of assets acquired $ --- --- 12,102
Cash paid for the assets --- --- 6,503
Liabilities assumed $ --- --- 5,599
See accompanying notes to consolidated financial statements.