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Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2010, 2009 and 2008
(In Millions)
2010 2009 2008
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 340.0 $ 145.9 $ 240.2
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . 197.9 213.7 204.9
Deferredtaxes...................................... (2.1) 11.0 (31.0)
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . 19.4 20.4 32.7
Gain on sale of facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5) — (1.1)
Other............................................. 9.0 8.9 3.4
Change in assets and liabilities:
Trade receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28.5) 2.3 150.5
Inventories......................................... (8.8) 81.2 26.1
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.7 (47.8) (80.1)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.7 (16.0) (39.7)
Other assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (67.4) (17.4) (23.8)
Net cash flows provided by operating activities . . . . . . . . . 520.4 402.2 482.1
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . (161.2) (242.0) (217.7)
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . (1,334.4) (870.5) (744.4)
Proceeds from sales/maturities of marketable securities . . . . . . . 1,132.3 894.7 533.8
Purchases of companies net of cash acquired . . . . . . . . . . . . . . (273.5) (10.1) (1.8)
Proceeds from sale of facilities. . . . . . . . . . . . . . . . . . . . . . . . . . 5.6 — 4.6
Other............................................. 0.6 (0.3) (2.1)
Net cash flows used for investing activities . . . . . . . . . . . . (630.6) (228.2) (427.6)
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) —
Repayment of assumed long-term debt . . . . . . . . . . . . . . . . . . . (3.1) — —
Issuance of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 — —
Purchase of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (554.5)
Proceeds from employee stock plans . . . . . . . . . . . . . . . . . . . . . 0.7 — 6.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.0) 10.4 (0.1)
Net cash flows (used for) provided by financing activities . . (12.3) 3.8 (48.1)
Effect of exchange rate changes on cash ................... 0.7 2.3 (4.2)
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . (121.8) 180.1 2.2
Cash and cash equivalents — beginning of period. . . . . . . . . . . . . . . 459.3 279.2 277.0
Cash and cash equivalents — end of period . . . . . . . . . . . . . . . . . $ 337.5 $ 459.3 $ 279.2
See notes to consolidated financial statements.
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