Pitney Bowes 2007 Annual Report Download - page 58

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40
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years ended December 31,
2007 2006 2005
Cash flows from operating activities:
Net income ................................................................................ $ 366,781
$ 105,347
$ 508,611
Gain on sale of a facility, net of tax .......................................... (1,623) -
-
Loss on sale of Capital Services, net of tax............................... - 445,150
-
Gain on sale of Imagistics, net of tax ........................................ - (11,065)
-
Non-cash charge from FSC tax law change .............................. - 16,209
-
Non-cash tax charge.................................................................. - 61,000
-
Tax and bond payments related to IRS settlement
and Capital Services sale......................................................
-
(1,040,700)
(200,000)
Restructuring and other charges, net of tax ............................... 223,486
23,040
42,248
Restructuring and other payments............................................. (31,568)
(51,566)
(88,544)
Adjustments to reconcile net income ........................................
to net cash provided by (used in) operating activities:
Depreciation and amortization .............................................. 383,141 363,258
331,963
Stock-based compensation .................................................... 24,131 27,375
27,223
Pension plan contributions .................................................... - -
(76,508)
Changes in operating assets and liabilities, excluding
effects of acquisitions:
Accounts receivable .......................................................... 35,853
(46,623)
(87,646)
Net investment in internal finance receivables .................. (86,238)
(236,872)
(105,358)
Inventories......................................................................... 7,710
(142)
(7,835)
Other current assets and prepayments ............................... 906
(11,360)
(12,114)
Accounts payable and accrued liabilities........................... 32,789
42,231
3,324
Current and non-current income taxes............................... 123,636
52,784
185,628
Advance billings................................................................ 1,745
(6,029)
19,508
Other, net........................................................................... (20,284)
(18,611)
(10,059)
Net cash provided by (used in) operating activities............... 1,060,465
(286,574)
530,441
Cash flows from investing activities:
Short-term investments ............................................................. 42,367
(1,295)
(44,099)
Proceeds from the sale of facilities............................................ 29,608
-
30,238
Capital expenditures.................................................................. (264,656)
(327,877)
(291,550)
Net investment in external financing......................................... (2,214)
109,050
117,595
Net proceeds from sale of Imagistics lease portfolio................. - 281,653
-
Net proceeds from sale of Capital Services............................... - 746,897
-
Cash included in the sale of Capital Services............................ - (25,488)
-
Advance against COLI cash surrender value ............................ - 138,381
-
Acquisitions, net of cash acquired............................................. (594,110)
(230,628)
(294,176)
Reserve account deposits .......................................................... 62,666
28,780
9,800
Net cash (used in) provided by investing activities ............... (726,339)
719,473
(472,192)
Cash flows from financing activities:
(Decrease) increase in notes payable, net.................................. (89,673)
(26,790)
(31,150)
Proceeds from long-term obligations ........................................ 640,765
493,285
1,050,000
Principal payments on long-term obligations............................ (174,191)
(396,755)
(695,724)
Proceeds from issuance of stock ............................................... 107,517
101,449
92,164
Proceeds from issuance of preferred stock in a subsidiary........ - 74,165
-
Stock repurchases...................................................................... (399,996)
(400,000)
(258,803)
Dividends paid .......................................................................... (288,790)
(285,051)
(284,348)
Net cash used in financing activities ..................................... (204,368)
(439,697)
(127,861)
Effect of exchange rate changes on cash..................................... 8,316
2,391
(3,096)
Increase (decrease) in cash and cash equivalents ........................ 138,074
(4,407)
(72,708)
Cash and cash equivalents at beginning of year .......................... 239,102
243,509
316,217
Cash and cash equivalents at end of year .................................... $ 377,176
$ 239,102
$ 243,509
Cash interest paid ........................................................................ $ 236,697
$ 225,837
$ 196,964
Cash income taxes paid, net ........................................................ $ (178,469) $ 1,315,437 $ 164,068
See Notes to Consolidated Financial Statements