Hasbro 2006 Annual Report Download - page 52

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HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Fiscal Years Ended in December
(Thousands of dollars)
2006 2005 2004
Cash flows from operating activities
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 230,055 212,075 195,977
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization of plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . 67,773 78,097 75,618
Other amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,934 102,035 70,562
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1,277
Loss on impairment of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,629 — 8,988
Change in fair value of liabilities potentially settleable in common stock . . . . . . . . . . . . 31,770 (2,080) (12,710)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,967 (24,032) 34,624
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,832 74 138
Excess tax benefits from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . (14,959) — —
Change in operating assets and liabilities (other than cash and cash equivalents):
(Increase) decrease in accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,708) 39,341 75,590
(Increase) decrease in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,623) 10,677 (15,838)
(Increase) decrease in prepaid expenses and other current assets. . . . . . . . . . . . . . . . . . (35,174) 74,531 29,423
Increase (decrease) in accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . (20,680) 33,211 (89,735)
Other, including long-term advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,169) (27,305) (15,408)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,647 496,624 358,506
Cash flows from investing activities
Additions to property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (82,103) (70,584) (79,239)
Investments and acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (79,179) (9,824)
Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,197 33,083 4,309
Puchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (941,120) — —
Proceeds from sales of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941,120 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,698) (3,991) (213)
Net cash utilized by investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (83,604) (120,671) (84,967)
Cash flows from financing activities
Repurchases and repayments of borrowings with original maturities of more than three
months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,743) (93,303) (57,974)
Net repayments of other short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,726) (3,685) (6,598)
Purchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (456,744) (48,030) —
Stock option transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,257 45,278 25,836
Excess tax benefits from stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,959 — —
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (75,282) (58,901) (37,088)
Net cash utilized by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (467,279) (158,641) (75,824)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,368 (46) 6,540
(Decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . (226,868) 217,266 204,255
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 942,268 725,002 520,747
Cash and cash equivalents at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 715,400 942,268 725,002
Supplemental information
Interest paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,228 33,265 35,781
Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 84,901 32,962 40,647
See accompanying notes to consolidated financial statements.
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