Pitney Bowes 2012 Annual Report Download - page 56

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PITNEY BOWES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
38
Years Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net income before attribution of noncontrolling interests $ 463,539 $ 635,855 $ 310,703
Restructuring payments (74,718) (107,002) (119,565)
Special pension plan contributions (95,000) (123,000) —
Tax payments related to sale of leveraged lease assets (114,128) ——
Adjustments to reconcile net income to net cash provided by operating activities:
Restructuring charges and asset impairments 33,351 148,151 182,274
Goodwill impairment 18,315 130,150 —
Depreciation and amortization 255,556 272,142 303,653
Gain on sale of leveraged lease assets, net of tax (12,886) (26,689) —
Stock-based compensation 18,227 18,692 20,111
Proceeds from settlement of derivative instruments —— 31,774
Deferred tax (benefit) provision (92,999)34,358 (34,387)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable (3,068) 58,951 43,204
(Increase) decrease in finance receivables 147,165 190,153 180,352
(Increase) decrease in inventories (599) (12,830) (11,913)
(Increase) decrease in other current assets and prepayments (3,131) 16,905 (8,658)
Increase (decrease) in accounts payable and accrued liabilities (47,023) (13,086) 28,766
Increase (decrease) in current and non-current income taxes 116,013 (257,631) 5,217
Increase (decrease) in advance billings 3,767 (12,854) 11,430
Increase (decrease) in other operating capital, net 47,807 (3,278) 9,150
Net cash provided by operating activities 660,188 948,987 952,111
Cash flows from investing activities:
Purchases of investment securities (367,745) (406,114) (315,355)
Proceeds from sales/maturities of investment securities 352,124 309,534 192,891
Capital expenditures (176,586) (155,980) (119,768)
Proceeds from sale of leveraged lease assets 105,506 101,784 —
Net investment in external financing (1,667) (2,677) (4,718)
Reserve account deposits 1,636 35,354 10,399
Proceeds from sale of facility —683 12,595
Acquisitions, net of cash acquired —— (77,537)
Net cash used in investing activities (86,732) (117,416) (301,493)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 340,000 ——
Principal payments of long-term obligations (550,000) ——
Decrease in notes payable, net —(50,000) (170,794)
Proceeds from issuance of common stock 9,314 12,934 11,423
Dividends paid to stockholders (300,578) (299,579) (301,456)
Dividends paid to noncontrolling interests (18,376) (18,375) (19,141)
Stock repurchases —(99,997) (100,000)
Net cash used in financing activities (519,640) (455,017) (579,968)
Effect of exchange rate changes on cash and cash equivalents 3,222 (4,679) 976
Increase in cash and cash equivalents 57,038 371,875 71,626
Cash and cash equivalents at beginning of period 856,238 484,363 412,737
Cash and cash equivalents at end of period $ 913,276 $ 856,238 $ 484,363
Cash interest paid $ 190,892 $ 202,159 $ 191,880
Cash income tax payments, net of refunds $ 206,285 $ 44,528 $ 231,550
See Notes to Consolidated Financial Statements
(92,999