Henry Schein 2013 Annual Report Download - page 72

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See accompanying notes.
63
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended
December 28, December 29, December 31,
2013 2012 2011
Cash flows from operating activities:
N
et income ....................................................................................................... $ 471,462 $ 423,388 $404,656
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ................................................................ 128,035 125,322 115,896
Accelerated amortization of deferred financing costs ............................. 6,203 - -
Loss on sale of equity investment ........................................................... 12,535 - -
Stock-based compensation expense ........................................................ 35,527 37,313 36,932
Provision for losses on trade and other accounts receivable ................... 5,189 4,407 6,156
Provision for (benefit from) deferred income taxes ................................ (11,514) 10,072 (19,319)
Stock issued to 401(k) plan ...................................................................... - - 5,798
Equity in earnings of affiliates ................................................................ (10,194) (7,058) (15,561)
Distributions from equity affiliates .......................................................... 16,529 14,499 14,883
Other ....................................................................................................... 20,790 14,193 6,352
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable ............................................................................ (45,110) (73,925) 36,204
Inventories .......................................................................................... (48,087) (193,585) (44,155)
Other current assets ............................................................................ 15,747 (62,390) (10,493)
Accounts payable and accrued expenses ............................................ 67,063 115,863 17,276
N
et cash provided by opera
t
ing activities .............................................................. 664,175 408,099 554,625
Cash flows from investing activities:
Purchases of fixed assets .................................................................................. (60,215) (51,237) (45,176)
Payments related to equity investments and business
acquisitions, net of cash acquired ................................................................ (182,363) (220,238) (149,403)
Payments related to sale of equity investment .................................................. (13,364) - -
Proceeds from sales of available-for-sale securities ......................................... - 9,225 2,600
Other ................................................................................................................. (10,663) (7,354) (1,243)
N
et cash used in investing activities ...................................................................... (266,605) (269,604) (193,222)
Cash flows from financing activities:
Proceeds from (repayments of) bank borrowings ............................................. 2,175 (32,185) 13,316
Proceeds from issuance of long-term debt ........................................................ 678,781 155,132 3,101
Debt issuance costs ............................................................................................ (1,372) (1,482) (2,847)
Principal payments for long-term debt ............................................................. (729,977) (40,722) (33,722)
Proceeds from issuance of stock upon exercise of stock options ...................... 35,553 72,485 34,519
Payments for repurchases of common stock ..................................................... (300,251) (299,883) (200,002)
Excess tax benefits related to stock-based compensation ................................. 8,141 17,819 8,765
Distributions to noncontrolling shareholders .................................................... (19,224) (21,284) (10,055)
Acquisitions of noncontrolling interests in subsidiaries ................................... (9,800) (20,481) (170,199)
Other ................................................................................................................. - - (90)
N
et cash used in financing activities ..................................................................... (335,974) (170,601) (357,214)
Effect of exchange rate changes on cash and cash equivalents ............................. 4,940 6,902 (7,253)
N
et change in cash and cash equivalents ............................................................... 66,536 (25,204) (3,064)
Cash and cash equivalents, beginning of period .................................................... 122,080 147,284 150,348
Cash and cash equivalents, end of period .............................................................. $188,616 $ 122,080 $147,284