Hasbro 2011 Annual Report Download - page 57

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HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Fiscal Years Ended in December
(Thousands of Dollars)
2011 2010 2009
Cash flows from operating activities
Net earnings ....................................................... $385,367 397,752 374,930
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation of plant and equipment ................................. 113,821 95,925 95,934
Amortization of intangibles ......................................... 46,647 50,405 85,029
Program production cost amortization ................................ 35,798 22,069 —
Deferred income taxes ............................................. (2,921) 25,172 19,136
Stock-based compensation ......................................... 12,463 33,392 29,912
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable ............................. (108,845) 71,173 (422,560)
Decrease (increase) in inventories .................................... 17,463 (151,634) 105,329
(Increase) decrease in prepaid expenses and other current assets ............ (85,076) 15,904 35,702
Program production costs .......................................... (80,983) (52,047) (1,837)
Increase (decrease) in accounts payable and accrued liabilities ............. 75,589 (129,531) 5,966
Other, including long-term advances ................................. (13,254) (10,599) (61,918)
Net cash provided by operating activities ............................ 396,069 367,981 265,623
Cash flows from investing activities
Additions to property, plant and equipment ............................ (99,402) (112,597) (104,129)
Investments and acquisitions, net of cash acquired ....................... (11,585) — (371,482)
Purchases of short-term investments .................................. — — (18,000)
Other investing activities ........................................... 3,372 8,409 (3,898)
Net cash utilized by investing activities ............................. (107,615) (104,188) (497,509)
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) —
Net proceeds (repayments) of other short-term borrowings ................ 167,339 (381) 4,114
Purchases of common stock ........................................ (423,008) (639,563) (88,112)
Stock option transactions .......................................... 29,798 93,522 9,193
Excess tax benefits from stock-based compensation ..................... 9,657 22,517 1,733
Dividends paid ................................................... (154,028) (133,048) (111,458)
Other financing activities .......................................... (5,443) (5,984) —
Net cash (utilized) provided by financing activities .................... (375,685) (170,595) 236,779
Effect of exchange rate changes on cash ................................... 1,123 (1,447) 762
(Decrease) increase in cash and cash equivalents ...................... (86,108) 91,751 5,655
Cash and cash equivalents at beginning of year ............................. 727,796 636,045 630,390
Cash and cash equivalents at end of year .................................. $641,688 727,796 636,045
Supplemental information
Interest paid ................................................... $ 91,045 72,927 54,578
Income taxes paid .............................................. $ 78,104 93,995 107,948
See accompanying notes to consolidated financial statements.
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