Hasbro 2010 Annual Report Download - page 55

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HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Fiscal Years Ended in December
(Thousands of Dollars)
2010 2009 2008
Cash flows from operating activities
Net earnings ............................................ $397,752 374,930 306,766
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation of plant and equipment ........................ 95,925 95,934 87,873
Amortization .......................................... 50,405 85,029 78,265
Program production cost amortization ....................... 22,069 — —
Deferred income taxes ................................... 25,172 19,136 24,994
Stock-based compensation ................................ 33,392 29,912 35,221
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable .................... 71,173 (422,560) (14,220)
(Increase) decrease in inventories ........................... (151,634) 105,329 (69,871)
Decrease in prepaid expenses and other current assets ........... 15,904 35,702 74,734
Program production costs................................. (52,047) (1,837) —
(Decrease) increase in accounts payable and accrued liabilities ..... (129,531) 5,966 56,143
Other, including long-term advances ........................ (10,599) (61,918) 13,280
Net cash provided by operating activities ................... 367,981 265,623 593,185
Cash flows from investing activities
Additions to property, plant and equipment ..................... (112,597) (104,129) (117,143)
Investments and acquisitions, net of cash acquired ................ — (371,482) (154,757)
Purchases of short-term investments........................... — (18,000) (42,000)
Proceeds from sales of short-term investments ................... — — 42,000
Other investing activities ................................... 8,409 (3,898) (20)
Net cash utilized by investing activities .................... (104,188) (497,509) (271,920)
Cash flows from financing activities
Net proceeds from borrowings with original maturities of more than
three months .......................................... 492,528 421,309 —
Repayments of borrowings with original maturities of more than three
months .............................................. (186) — (135,092)
Net (repayments) proceeds of other short-term borrowings .......... (381) 4,114 (645)
Purchases of common stock................................. (639,563) (88,112) (360,244)
Stock option transactions ................................... 93,522 9,193 120,895
Excess tax benefits from stock-based compensation ............... 22,517 1,733 24,760
Dividends paid .......................................... (133,048) (111,458) (107,065)
Other financing activities................................... (5,984) — —
Net cash (utilized) provided by financing activities ............ (170,595) 236,779 (457,391)
Effect of exchange rate changes on cash ......................... (1,447) 762 (7,942)
Increase (decrease) in cash and cash equivalents .............. 91,751 5,655 (144,068)
Cash and cash equivalents at beginning of year .................... 636,045 630,390 774,458
Cash and cash equivalents at end of year ......................... $727,796 636,045 630,390
Supplemental information
Interest paid . . ...................................... $ 72,927 54,578 50,696
Income taxes paid .................................... $ 93,995 107,948 49,152
See accompanying notes to consolidated financial statements.
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