Lexmark 2011 Annual Report Download - page 75

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Lexmark International, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2011, 2010 and 2009
(In Millions)
2011 2010 2009
Cash flows from operating activities:
Net earnings ............................................... $ 320.9 $ 340.0 $ 145.9
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization ............................. 221.8 197.9 213.7
Deferred taxes ......................................... 41.3 (2.1) 11.0
Stock-based compensation expense ....................... 22.2 19.4 20.4
Other ................................................. 1.1 8.5 8.9
Change in assets and liabilities:
Trade receivables ....................................... 24.0 (28.5) 2.3
Inventories ............................................. 30.6 (8.8) 81.2
Accounts payable ....................................... (50.6) 22.7 (47.8)
Accrued liabilities ....................................... (84.2) 38.7 (16.0)
Other assets and liabilities ................................ (136.1) (67.4) (17.4)
Net cash flows provided by operating activities .......... 391.0 520.4 402.2
Cash flows from investing activities:
Purchases of property, plant and equipment ................. (156.5) (161.2) (242.0)
Purchases of marketable securities ........................ (1,400.3) (1,334.4) (870.5)
Proceeds from sales of marketable securities ................ 1,287.7 957.5 215.0
Proceeds from maturities of marketable securities ............ 209.0 174.8 679.7
Purchases of business, net of cash acquired ................. (41.4) (273.5) (10.1)
Proceeds from sale of facilities ............................ 4.3 5.6 —
Other ................................................. 0.3 0.6 (0.3)
Net cash flows used for investing activities ............. (96.9) (630.6) (228.2)
Cash flows from financing activities:
Decrease in short term debt .............................. — — (6.6)
Repayment of assumed debt .............................. (7.1) (3.1) —
Payment of cash dividend ................................ (18.0) — —
Issuance of treasury stock ................................ — 0.1 —
Purchase of treasury stock ............................... (250.0) — —
Proceeds from employee stock plans ....................... — 0.7 —
Other ................................................. 2.8 (10.0) 10.4
Net cash flows (used for) provided by financing
activities .......................................... (272.3) (12.3) 3.8
Effect of exchange rate changes on cash ..................... (3.2) 0.7 2.3
Net change in cash and cash equivalents ....................... 18.6 (121.8) 180.1
Cash and cash equivalents — beginning of period ................ 337.5 459.3 279.2
Cash and cash equivalents — end of period .................. $ 356.1 $ 337.5 $ 459.3
See notes to consolidated financial statements.
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