Henry Schein 2014 Annual Report Download - page 80

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See accompanying notes.
66
HENRY SCHEIN, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended
December 27, December 28, December 29,
2014 2013 2012
Cash flows from operating activities:
N
et income ....................................................................................................... $ 505,436 $ 471,462 $423,388
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization ................................................................ 152,238 128,035 125,322
Accelerated amortization of deferred financing costs ............................. - 6,203 -
Loss on sale of equity investment ........................................................... - 12,535 -
Stock-based compensation expense ........................................................ 45,876 35,527 37,313
Provision for losses on trade and other accounts receivable ................... 4,619 5,189 4,407
Provision for (benefit from) deferred income taxes ................................ 4,699 (11,514) 10,072
Equity in earnings of affiliates ................................................................ (11,734) (10,194) (7,058)
Distributions from equity affiliates ......................................................... 15,727 16,529 14,499
Changes in unrecognized tax benefits ..................................................... 22,597 10,500 13,500
Other ....................................................................................................... 3,303 10,290 693
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable ............................................................................ (81,441) (45,110) (73,925)
Inventories .......................................................................................... (71,899) (48,087) (193,585)
Other current assets ............................................................................ (40,407) 15,747 (62,390)
Accounts payable and accrued expenses ............................................ 43,490 67,063 115,863
N
et cash provided by operating activities .............................................................. 592,504 664,175 408,099
Cash flows from investing activities:
Purchases of fixed assets .................................................................................. (82,116) (60,215) (51,237)
Payments related to equity investments and business
acquisitions, net of cash acquired ................................................................ (424,283) (182,363) (220,238)
Payments related to sale of equity investment .................................................. - (13,364) -
Proceeds from sales of available-for-sale securities ......................................... - - 9,225
Proceeds from maturities of available-for-sale securities ................................. 3,250 - -
Other ................................................................................................................. (13,490) (10,663) (7,354)
N
et cash used in investing activities ...................................................................... (516,639) (266,605) (269,604)
Cash flows from financing activities:
Proceeds from (repayments of) bank borrowings ............................................. 152,641 2,175 (32,185)
Proceeds from issuance of long-term debt ........................................................ 314,787 678,781 155,132
Debt issuance costs ........................................................................................... (687) (1,372) (1,482)
Principal payments for long-term debt ............................................................. (228,407) (729,977) (40,722)
Proceeds from issuance of stock upon exercise of stock options ...................... 31,491 35,553 72,485
Payments for repurchases of common stock ..................................................... (299,989) (300,251) (299,883)
Excess tax benefits related to stock-based compensation ................................. 5,886 8,141 17,819
Distributions to noncontrolling shareholders .................................................... (24,986) (19,224) (21,284)
Acquisitions of noncontrolling interests in subsidiaries ................................... (105,383) (9,800) (20,481)
N
et cash used in financing activities ..................................................................... (154,647) (335,974) (170,601)
Effect of exchange rate changes on cash and cash equivalents ............................. (20,360) 4,940 6,902
N
et change in cash and cash equivalents ............................................................... (99,142) 66,536 (25,204)
Cash and cash equivalents, beginning of period .................................................... 188,616 122,080 147,284
Cash and cash equivalents, end of period .............................................................. $89,474 $ 188,616 $122,080