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Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2009, 2008 and 2007
(In Millions)
2009 2008 2007
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 145.9 $ 240.2 $ 300.8
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213.7 204.9 192.3
Deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.0 (31.0) (31.0)
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . 20.4 32.7 41.2
Tax shortfall from employee stock plans . . . . . . . . . . . . . . . . . . . . (4.5) (3.3) (0.3)
Foreign exchange gain upon Scotland liquidation . . . . . . . . . . . . . — — (8.1)
Gain on sale of facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1.1) (3.5)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 6.7 (9.4)
399.9 449.1 482.0
Change in assets and liabilities:
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 150.5 5.5
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.2 26.1 (6.6)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47.8) (80.1) 36.6
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.0) (39.7) (7.4)
Other assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17.4) (23.8) 54.1
Net cash flows provided by operating activities . . . . . . . . . . 402.2 482.1 564.2
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . (242.0) (217.7) (182.7)
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . (870.5) (744.4) (968.2)
Proceeds from sales/maturities of marketable securities . . . . . . . . 894.7 533.8 855.3
Purchases of companies net of cash acquired. . . . . . . . . . . . . . . . (10.1) (1.8) —
Proceeds from sale of facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . — 4.6 8.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3) (2.1) 0.1
Net cash flows used for investing activities . . . . . . . . . . . . . (228.2) (427.6) (287.4)
Cash flows from financing activities:
Repayment of current portion of long term debt. . . . . . . . . . . . . . . — (150.0) —
Proceeds from issuance of long-term debt, net of issuance cost of
$4.1 in 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 644.5 —
Increase in short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 5.7 —
Decrease in short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.6) — (0.4)
Issuance of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.1
Purchase of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (554.5) (165.0)
Proceeds from employee stock plans . . . . . . . . . . . . . . . . . . . . . . — 6.3 15.6
Tax windfall from employee stock plans . . . . . . . . . . . . . . . . . . . . . 0.6 1.1 3.9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.8 (1.2) (1.2)
Net cash flows provided by (used for) financing activities . . 3.8 (48.1) (147.0)
Effect of exchange rate changes on cash . . . . . . . . . . . . . . . . . . . . 2.3 (4.2) 2.6
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . 180.1 2.2 132.4
Cash and cash equivalents — beginning of period . . . . . . . . . . . . . . . . 279.2 277.0 144.6
Cash and cash equivalents — end of period . . . . . . . . . . . . . . . . . . $ 459.3 $ 279.2 $ 277.0
See notes to consolidated financial statements.
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