Memorex 2012 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2012 Memorex annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

IMATION CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2012 2011 2010
(In millions)
Cash Flows from Operating Activities:
Net loss ............................................................... $(340.7) $ (46.7) $(158.5)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization ............................................. 35.8 36.7 41.8
Stock-based compensation ............................................... 7.3 7.5 6.9
Deferred income taxes and valuation allowance ............................... 5.7 (2.9) 57.0
Goodwill, intangible and other asset impairments ............................... 285.7 8.6 54.7
Inventory write-offs ..................................................... 2.3 9.1 14.2
Pension settlement ..................................................... 2.4 3.1 2.8
Changes in fair value of contingent consideration .............................. (8.6) — —
Other, net ............................................................ 2.9 11.8 8.0
Changes in operating assets and liabilities:
Accounts receivable .................................................... 23.7 28.0 59.7
Inventories ........................................................... 45.8 (12.2) 16.1
Other assets .......................................................... (9.1) 1.3 53.7
Accounts payable ...................................................... (44.0) (17.7) 13.6
Accrued payroll and other liabilities ......................................... (17.7) (47.1) (19.8)
Restricted cash ........................................................ — 4.2 1.2
Net cash used in operating activities ...................................... (8.5) (16.3) 151.4
Cash Flows from Investing Activities:
Capital expenditures ...................................................... (10.2) (7.3) (8.3)
Acquisitions, net of cash acquired ............................................ (103.8) (47.0) —
Proceeds from sale of assets ............................................... 1.4 — 0.2
Purchase of tradename .................................................... (4.0) — —
Recovery of investments ................................................... 0.9 — —
License agreement ....................................................... — — (5.0)
Net cash used in investing activities ...................................... (115.7) (54.3) (13.1)
Cash Flows from Financing Activities:
Purchase of treasury stock ................................................. (6.5) (9.7) —
Debt issuance costs ...................................................... (2.4) — (1.0)
Debt borrowings ......................................................... 25.0 — —
Debt repayments ........................................................ (5.0) — —
Contingent consideration payments ........................................... (1.2) — —
Exercise of stock options ................................................... — 0.6 —
Net cash provided by (used in) financing activities ............................ 9.9 (9.1) (1.0)
Effect of exchange rate changes on cash and cash equivalents ........................ (0.1) (2.1) 4.2
Net change in cash and cash equivalents ........................................ (114.4) (81.8) 141.5
Cash and cash equivalents — beginning of period .................................. 223.1 304.9 163.4
Cash and cash equivalents — end of period ...................................... $108.7 $223.1 $ 304.9
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
49