Equifax 2007 Annual Report Download - page 56

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CONSOLIDATED STATEMENTS OF CASH FLOWS
54 EQUIFAX | 2007 ANNUAL REPORT
Twelve Months Ended
December 31,
(In millions) 2007 2006 2005
Operating activities:
Net income $ 272.7 $ 274.5 $ 246.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 127.7 82.8 82.2
Stock-based compensation expense 17.6 17.4 8.2
Tax effects of stock-based compensation plans 6.6 8.9 18.1
Excess tax benefi ts from stock-based compensation plans (7.0) (7.2)
–
Deferred income taxes 7.9 (2.6) 11.8
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net (1.6) (22.8) (14.3)
Prepaid expenses and other current assets (5.3) (2.4) 10.5
Other assets (18.7) (1.6) 0.5
Current liabilities, excluding debt 38.9 49.1 (14.0)
Other long-term liabilities, excluding debt 11.1 (24.0) (11.7)
Cash provided by operating activities 449.9 372.1 337.8
Investing activities:
Capital expenditures (118.5) (52.0) (46.2)
Acquisitions, net of cash acquired (300.0) (34.4) (121.8)
Proceeds from sale of investments
–
–
10.1
Other (3.8) (0.4)
–
Cash used in investing activities (422.3) (86.8) (157.9)
Financing activities:
Net short-term borrowings (repayments) 139.7 (12.2) 92.3
Net borrowings (repayments) under long-term revolving credit facilities 253.4 (40.0) 65.0
Payments on long-term debt (250.0)
–
(250.0)
Proceeds from issuance of long-term debt 545.7
–
–
Treasury stock purchases (718.7) (215.2) (144.0)
Dividends paid (20.7) (20.3) (20.2)
Proceeds from exercise of stock options 31.6 26.1 62.8
Excess tax benefi ts from stock-based compensation plans 7.0 7.2
–
Other (5.6) (0.6) 0.6
Cash used in fi nancing activities (17.6) (255.0) (193.5)
Effect of foreign currency exchange rates on cash and cash equivalents 3.8
–
(1.0)
Increase in cash and cash equivalents 13.8 30.3 (14.6)
Cash and cash equivalents, beginning of period 67.8 37.5 52.1
Cash and cash equivalents, end of period $ 81.6 $ 67.8 $ 37.5
See Notes to Consolidated Financial Statements.