Henry Schein 2009 Annual Report Download - page 68

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See accompanying notes.
56
December 26,
2009
December 27,
2008
December 29,
2007
(Adjusted Notes 1, 7 & 9) (Adjusted Notes 1, 7 & 9)
Cash flows from operating activities:
Net income ............................................................................................ 333,157$ 261,374$ 229,176$
Adjustments to reconcile net income to net cash provided
by operating activities:
Gain on sale of discontinued operation, net of tax ......................... (2,382) - (673)
Impairment from write-down of long-lived assets of
discontinued operation ................................................................ - 8,484 32,667
Depreciation and amortization ........................................................ 81,493 78,127 73,936
Amortization of bond discount ....................................................... 5,990 5,649 5,355
Stock-based compensation expense ................................................ 25,924 25,429 22,553
Provision for losses on trade and other accounts receivable ........... 4,747 6,255 1,384
Benefit from deferred income taxes ................................................ (26,214) (5,958) (9,233)
Stock issued to 401(k) plan ............................................................ 5,301 4,662 4,104
Undistributed (earnings) losses of affiliates ................................... (5,243) (5,037) 73
Other ............................................................................................... 2,373 150 (6,512)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable ........................................................................ 20,445 (26,834) (21,964)
Inventories ...................................................................................... (19,242) (68,360) (15,946)
Other current assets ........................................................................ 375 11,261 (58,148)
Accounts payable and accrued expenses ........................................ (29,834) 89,580 13,572
Net cash provided by operating activities ................................................... 396,890 384,782 270,344
Cash flows from investing activities:
Purchases of fixed assets ....................................................................... (51,627) (50,870) (56,821)
Payments for equity investment and business
acquisitions, net of cash acquired ........................................................ (56,648) (128,470) (199,294)
Cash received from business divestiture ................................................ 12,716 - 15,827
Purchases of available-for-sale securities .............................................. - (35,925) (115,066)
Proceeds from sales of available-for-sale securities .............................. 9,955 5,722 163,065
Net proceeds from (payments for) foreign exchange
forward contract settlements ................................................................ 275 41,336 (32,241)
Other ...................................................................................................... (12,119) 197 (10,762)
Net cash used in investing activities ........................................................... (97,448) (168,010) (235,292)
Cash flows from financing activities:
Proceeds from (repayments of) bank borrowings .................................. (4,481) (7,197) 1,212
Proceeds from issuance of long-term debt ............................................. - - 483
Principal payments for long-term debt .................................................. (154,329) (33,721) (47,903)
Proceeds from issuance of stock upon exercise of stock options ........... 11,870 25,649 35,459
Acquisitions of noncontrolling interests in subsidiaries ........................ (52,453) - (6,888)
Payments for repurchases of common stock .......................................... - (82,788) (30,689)
Excess tax benefits related to stock-based compensation ...................... 4,680 11,041 12,668
Other ...................................................................................................... (2,962) (954) (2,350)
Net cash used in financing activities ........................................................... (197,675) (87,970) (38,008)
Net change in cash and cash equivalents .................................................... 101,767 128,802 (2,956)
Effect of exchange rate changes on cash and cash equivalents ................... (183) (6,822) 1,899
Cash and cash equivalents, beginning of year ............................................ 369,570 247,590 248,647
Cash and cash equivalents, end of yea
r
...................................................... 471,154$ 369,570$ 247,590$
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years ended