Pitney Bowes 2011 Annual Report Download - page 57

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39
PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years ended December 31,
2011 2010 2009
Cash flows from operating activities:
Net income before attribution of noncontrolling interests $ 635,855 $ 310,703 $ 444,913
Restructuring payments (107,002) (119,565) (105,090)
Special pension plan contributions (123,000) - (125,000)
Proceeds (payments) for settlement of derivative instruments - 31,774 (20,281)
Adjustments to reconcile net income to net cash provided by operating activities:
Restructuring charges and asset impairments 148,151 182,274 48,746
Goodwill impairment 130,150 - -
Gain on sale of leveraged lease asset, after tax (26,689) - -
Depreciation and amortization 272,142 303,653 338,895
Stock-based compensation 18,692 20,111 22,523
Deferred tax provision (benefit) 34,358 (34,387) (10,947)
Changes in operating assets and liabilities, excluding effects of acquisitions:
(Increase) decrease in accounts receivables 58,951 43,204 84,182
(Increase) decrease in finance receivables 190,153 180,352 206,823
(Increase) decrease in inventories (12,830) (11,913) 12,187
(Increase) decrease in prepaid, deferred expense and other assets (12,104) (8,658) (15,036)
Increase (decrease) in accounts payable and accrued liabilities (12,871) 28,766 (127,256)
Increase (decrease) in current and non-current income taxes (257,631) 5,217 79,615
Increase (decrease) in advance billings (12,854) 11,430 (2,744)
Increase (decrease) in other operating capital, net (3,278) 9,150 (7,462)
Net cash provided by operating activities 920,193 952,111 824,068
Cash flows from investing activities:
Short-term and other investments (67,786) (122,464) (8,362)
Proceeds from the sale a facility 683 12,595 -
Capital expenditures (155,980) (119,768) (166,728)
Proceeds from sale of leveraged lease asset 101,784 - -
Net investment in external financing (2,677) (4,718) 1,456
Acquisitions, net of cash acquired - (77,537) -
Reserve account deposits 35,354 10,399 1,664
Net cash used in investing activities (88,622) (301,493) (171,970)
Cash flows from financing activities:
Decrease in notes payable, net (50,000) (170,794) (389,666)
Proceeds from long-term obligations - - 297,513
Principal payments on long-term obligations - - (150,000)
Proceeds from issuance of common stock 12,934 11,423 11,962
Payments to redeem preferred stock issued by a subsidiary - - (375,000)
Proceeds from issuance of preferred stock by a subsidiary - - 296,370
Stock repurchases (99,997) (100,000) -
Dividends paid to stockholders (299,579) (301,456) (297,555)
Dividends paid to noncontrolling interests (18,375) (19,141) (19,485)
Net cash used in financing activities (455,017) (579,968) (625,861)
Effect of exchange rate changes on cash and cash equivalents (4,679) 976 9,829
Increase in cash and cash equivalents 371,875 71,626 36,066
Cash and cash equivalents at beginning of period 484,363 412,737 376,671
Cash and cash equivalents at end of period $ 856,238 $ 484,363 $ 412,737
Cash interest paid $ 202,159 $ 191,880 $ 195,256
Cash income taxes paid, net $ 44,528 $ 231,550 $ 197,925
See Notes to Consolidated Financial Statements