Hasbro 2015 Annual Report Download - page 70

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HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Fiscal Years Ended in December
(Thousands of Dollars)
2015 2014 2013
Cash flows from operating activities
Net earnings .................................................. $446,872 413,310 283,928
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation of plant and equipment ............................. 111,605 105,258 102,799
Amortization of intangibles .................................... 43,722 52,708 78,186
Program production cost amortization ............................ 42,449 47,086 47,690
Deferred income taxes ........................................ (18,954) (9,755) (19,183)
Stock-based compensation ..................................... 53,880 36,152 21,272
Changes in operating assets and liabilities:
Increase in accounts receivable ................................. (227,808) (112,366) (86,616)
Increase in inventories ........................................ (99,353) (28,944) (37,511)
Decrease (increase) in prepaid expenses and other current assets ....... 83,124 30,760 (5,021)
Program production costs ...................................... (42,506) (31,424) (41,325)
Increase (decrease) in accounts payable and accrued liabilities ........ 149,663 (957) 140,092
Other, including long-term advances ............................. 9,751 (47,417) (83,179)
Net cash provided by operating activities ......................... 552,445 454,411 401,132
Cash flows from investing activities
Additions to property, plant and equipment .......................... (142,022) (113,388) (112,031)
Investments and acquisitions, net of cash acquired .................... — — (110,698)
Cash proceeds from dispositions .................................. 18,632 64,400 —
Other ........................................................ 19,743 48,503 4,986
Net cash utilized by investing activities ........................... (103,647) (485) (217,743)
Cash flows from financing activities
Net proceeds from borrowings with maturity greater than three months . . . — 559,986 —
Repayments of borrowings with maturity greater than three months ...... — (425,000) —
Net (repayments of) proceeds from other short-term borrowings ......... (87,310) 246,054 (215,273)
Purchases of common stock ...................................... (87,224) (459,564) (103,488)
Stock-based compensation transactions ............................. 43,322 60,519 118,122
Excess tax benefits from stock-based compensation ................... 14,228 10,914 22,300
Dividends paid ................................................ (225,797) (216,855) (156,129)
Other ........................................................ (3,676) (7,010) (6,541)
Net cash utilized by financing activities .......................... (346,457) (230,956) (341,009)
Effect of exchange rate changes on cash .............................. (18,758) (12,252) (9,632)
Increase (decrease) in cash and cash equivalents ...................... 83,583 210,718 (167,252)
Cash and cash equivalents at beginning of year ......................... 893,167 682,449 849,701
Cash and cash equivalents at end of year .............................. $976,750 893,167 682,449
Supplemental information
Interest paid .................................................. $ 93,106 106,755 90,605
Income taxes paid .............................................. $144,137 182,158 88,189
See accompanying notes to consolidated financial statements.
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