Ingram Micro 2013 Annual Report Download - page 43
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Table of Contents
INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In 000s)
Fiscal Year Ended
2013
2012
2011
Cash flows from operating activities:
Net income $310,583
$305,909
$244,240
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 128,915
70,416
57,282
Stock-based compensation 30,340
27,218
30,811
Excess tax benefit from stock-based compensation (1,944)
(6,252)
(3,133)
Loss from settlement of interest rate swap and senior unsecured term loan —
—
5,624
Loss on disposal of property and equipment 8,399
—
—
Gain on sale of land and building (1,045)
—
(474)
Noncash charges for interest and bond discount amortization 2,554
2,017
2,065
Deferred income taxes (33,087)
(5,917)
28,825
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade accounts receivable (66,400)
(438,642)
(425,690)
Inventory (159,779)
(200,351)
(79,137)
Other current assets (13,654)
22,552
53,947
Accounts payable 234,913
468,961
407,477
Change in book overdrafts (67,370)
(95,965)
(5,935)
Accrued expenses 93,615
(104,225)
(20,043)
Cash provided by operating activities 466,040
45,721
295,859
Cash flows from investing activities:
Capital expenditures (95,639)
(92,300)
(122,188)
Sale of (investment in) marketable trading securities, net 1,877
2,735
(1,426)
Proceeds from sale of land and building 1,169
—
1,100
Acquisitions and earn-out payments, net of cash acquired (135,763)
(899,464)
(2,106)
Cash used by investing activities (228,356)
(989,029)
(124,620)
Cash flows from financing activities:
Proceeds from exercise of stock options 43,384
31,335
39,465
Repurchase of Class A Common Stock —
(50,000)
(225,905)
Excess tax benefit from stock-based compensation 1,944
6,252
3,133
Net proceeds from issuance of senior unsecured notes —
296,256
—
Repayment of senior unsecured term loan —
—
(239,752)
Fees associated with the amendment and extension of credit facilities (1,086)
—
—
Net proceeds (repayments) on revolving credit facilities (195,729)
355,918
9,017
Other (4,423)
—
—
Cash provided (used) by financing activities (155,910)
639,761
(414,042)
Effect of exchange rate changes on cash and cash equivalents (2,531)
7,291
(21,345)
Increase (decrease) in cash and cash equivalents 79,243
(296,256)
(264,148)
Cash and cash equivalents, beginning of year 595,147
891,403
1,155,551
Cash and cash equivalents, end of year $ 674,390
$595,147
$891,403
Supplemental disclosures of cash flow information:
Cash payments during the year:
Interest $57,492
$53,286
$ 51,703
Income taxes $ 144,978
$103,616
$110,336
See accompanying notes to these consolidated financial statements.
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