Washington Post 2010 Annual Report Download - page 81

THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(in thousands)
January 2,
2011 January 3, 2010 December 28, 2008
Cash Flows from Operating Activities:
Net income .............................................................. $ 278,020 $ 91,200 $ 65,796
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment .................................. 252,457 295,871 265,606
Amortization of intangible assets ............................................. 27,191 26,642 22,525
Goodwill and other long-lived asset impairment charges ........................... 27,477 25,387 135,439
Net pension benefit ...................................................... (3,863) (8,069) (25,651)
Multiemployer pension plan withdrawal charge .................................. 20,355 ——
Early retirement program expense ............................................ —64,541 111,077
Gain on sale of marketable equity securities .................................... —— (47,308)
Foreign exchange (gain) loss ............................................... (6,705) (16,871) 46,285
Net loss on sales of businesses .............................................. 11,824 ——
Equity in losses of affiliates, including impairment charges, net of distributions ............ 4,133 30,072 9,065
Provision (benefit) for deferred income taxes .................................... 37,056 33 (4,196)
Net loss on sale or write-down of property, plant and equipment ..................... 15,094 19,724 4,483
Change in assets and liabilities:
Decrease (increase) in accounts receivable, net ................................ 14,648 55,970 (4,398)
Decrease (increase) in inventories .......................................... 8,571 24,195 (16,907)
Increase in accounts payable and accrued liabilities ............................ 40,892 831 41,788
(Decrease) increase in deferred revenue ...................................... (10,410) 25,178 32,119
(Decrease) increase in Kaplan stock compensation liability ........................ (1,179) 933 (92,941)
(Increase) decrease in income taxes receivable ................................ (41,398) 534 3,110
Decrease (increase) in other assets and other liabilities, net ........................ 19,430 16,265 (6,331)
Other ................................................................. 123 (1,050) (3,496)
Net cash provided by operating activities .................................... 693,716 651,386 536,065
Cash Flows from Investing Activities:
Purchases of property, plant and equipment ..................................... (243,712) (257,758) (288,923)
Net proceeds from sales of businesses ........................................ 23,064 ——
Proceeds from sale of property, plant and equipment and other assets ................. 15,943 4,788 3,506
Investments in certain businesses, net of cash acquired ............................. (13,345) (26,133) (86,262)
Purchases of marketable equity securities and other investments ...................... (7,047) (10,237) (68,202)
Investments in affiliates .................................................... (1,023) (283) (4,419)
Return of escrow for acquisition .............................................. —4,667 —
Return of investment in affiliates .............................................. 16,691 4,321 —
Proceeds from sale of marketable equity securities ................................ —— 114,393
Other ................................................................. (443) (492) (192)
Net cash used in investing activities ......................................... (209,872) (281,127) (330,099)
Cash Flows from Financing Activities:
Common shares repurchased ............................................... (404,816) (60,956) (98,960)
Dividends paid ......................................................... (82,090) (81,772) (82,161)
Principal payments on debt ................................................. —(400,868) (1,864)
Issuance of notes, net ..................................................... —395,225 —
(Repayment) issuance of commercial paper, net .................................. —(149,983) 65,183
Other ................................................................. (4,266) 5,079 147
Net cash used in financing activities ........................................ (491,172) (293,275) (117,655)
Effect of Currency Exchange Rate Change ........................................ 2,509 8,573 (18,970)
Net (Decrease) Increase in Cash and Cash Equivalents .............................. (4,819) 85,557 69,341
Cash and Cash Equivalents at Beginning of Year ................................... 442,559 357,002 287,661
Cash and Cash Equivalents at End of Year ........................................ $ 437,740 $ 442,559 $ 357,002
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes ......................................................... $ 213,000 $ 58,900 $ 78,600
Interest .............................................................. $ 30,500 $ 26,600 $ 25,400
See accompanying Notes to Consolidated Financial Statements.
2010 FORM 10-K 65