Radio Shack 2009 Annual Report Download - page 56

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49
RADIOSHACK CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Year Ended December 31,
(In millions) 2009 2008 2007
Cash flows from operating activities:
Net income $ 205.0 $ 189.4 $ 236.8
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 92.9 99.1 112.7
Amortization of discount on convertible notes 13.8 5.0 --
Impairment of long-lived assets 1.5 2.8 2.7
Stock-based compensation 12.1 12.8 12.7
Net change in liability for unrecognized tax benefits (5.0) 4.6 (11.9)
Deferred income taxes 7.6 11.7 16.5
Other non-cash items 5.4 13.5 (11.0)
Provision for credit losses and bad debts 0.4 0.6 0.4
Changes in operating assets and liabilities:
Accounts and notes receivable (79.6) 15.2 (0.7)
Inventories (34.7) 93.6 46.8
Other current assets (2.8) (8.7) 5.3
Accounts payable, accrued expenses, income taxes
payable and other
29.2
(165.0)
(31.3)
Net cash provided by operating activities 245.8 274.6 379.0
Cash flows from investing activities:
Additions to property, plant and equipment (81.0) (85.6) (45.3)
Proceeds from sale of property, plant and equipment 0.4 0.9 1.5
Acquisition of Mexican subsidiary, net of cash acquired (0.2) (42.0) --
Other investing activities -- 2.4 1.8
Net cash used in investing activities (80.8) (124.3) (42.0)
Cash flows from financing activities:
Repayments of borrowings (43.2) (5.0) (150.0)
Payments of dividends (31.3) (31.3) (32.8)
Changes in short-term borrowings and outstanding
checks in excess of cash balances, net
2.2
(16.8)
10.7
Proceeds from exercise of stock options 0.7 -- 81.3
Purchases of treasury stock -- (111.3) (208.5)
Issuance of convertible notes -- 375.0 --
Convertible notes issuance costs -- (9.4) --
Purchase of convertible notes hedges -- (86.3) --
Sale of common stock warrants -- 39.9 --
Net cash (used in) provided by financing activities (71.6) 154.8 (299.3)
Net increase in cash and cash equivalents 93.4 305.1 37.7
Cash and cash equivalents, beginning of period 814.8 509.7 472.0
Cash and cash equivalents, end of period $ 908.2 $ 814.8 $ 509.7
Supplemental cash flow information:
Interest paid $ 30.3 $ 26.5 $ 42.6
Income taxes paid 122.4 123.2 112.2
The accompanying notes are an integral part of these consolidated financial statements.