Pitney Bowes 2010 Annual Report Download - page 59

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40
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve Months Ended December 31,
2010 2009 2008
Cash flows from operating activities:
Net income before attribution of noncontrolling interests $ 310,703 $ 444,913 $ 440,548
Adjustments to reconcile net income
to net cash provided by operating activities:
Restructuring charges and asset impairments, net of tax 122,893 31,782 144,211
Restructuring payments (119,565) (105,090) (102,680)
Proceeds (payments) for settlement of derivative instruments 31,774 (20,281) 43,991
Depreciation and amortization 303,653 338,895 379,117
Stock-based compensation 20,111 22,523 26,402
Special pension plan contributions - (125,000) -
Changes in operating assets and liabilities,
excluding effects of acquisitions:
(Increase) decrease in accounts receivables 43,204 84,182 (23,690)
(Increase) decrease in finance receivables 180,352 206,823 24,387
(Increase) decrease in inventories (11,913) 12,187 2,018
(Increase) decrease in prepaid, deferred expense and other assets (8,658) (15,036) 6,001
Increase (decrease) in accounts payable and accrued liabilities 28,766 (127,256) (76,880)
Increase (decrease) in current and non-current income taxes 30,211 85,632 122,480
Increase (decrease) in advance billings 11,430 (2,744) 2,051
Increase (decrease) in other operating capital, net 9,150 (7,462) 21,459
Net cash provided by operating activities 952,111 824,068 1,009,415
Cash flows from investing activities:
Short-term and other investments (122,464) (8,362) 35,652
Proceeds from the sale of a facility 12,595 - -
Capital expenditures (119,768) (166,728) (237,308)
Net investment in external financing (4,718) 1,456 1,868
Acquisitions, net of cash acquired (77,537) - (67,689)
Reserve account deposits 10,399 1,664 33,359
Net cash used in investing activities (301,493) (171,970) (234,118)
Cash flows from financing activities:
(Decrease) increase in notes payable, net (170,794) (389,666) 205,590
Proceeds from long-term obligations - 297,513 245,582
Principal payments on long-term obligations - (150,000) (576,565)
Proceeds from issuance of common stock 11,423 11,962 20,154
Payments to redeem preferred stock issued by a subsidiary - (375,000) (10,000)
Proceeds from issuance of preferred stock by a subsidiary - 296,370 -
Stock repurchases (100,000) - (333,231)
Dividends paid to stockholders (301,456) (297,555) (291,611)
Dividends paid to noncontrolling interests (19,141) (19,485) (20,755)
Net cash used in financing activities (579,968) (625,861) (760,836)
Effect of exchange rate changes on cash and cash equivalents 976 9,829 (14,966)
Increase (decrease) in cash and cash equivalents 71,626 36,066 (505)
Cash and cash equivalents at beginning of period 412,737 376,671 377,176
Cash and cash equivalents at end of period $ 484,363 $ 412,737 $ 376,671
Cash interest paid $ 191,880 $ 195,256 $ 235,816
Cash income taxes paid, net $ 231,550 $ 197,925 $ 164,354
See Notes to Consolidated Financial Statements