Equifax 2008 Annual Report Download - page 39

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28FEB200910255904
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended
December 31,
(In millions) 2008 2007 2006
Operating activities:
Net income $ 272.8 $ 272.7 $ 274.5
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 155.4 127.7 82.8
Stock-based compensation expense 19.9 17.6 17.4
Tax effects of stock-based compensation plans 2.9 6.6 8.9
Excess tax benefits from stock-based compensation plans (2.1) (7.0) (7.2)
Deferred income taxes 7.7 7.9 (2.6)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net 24.2 (1.6) (22.8)
Prepaid expenses and other current assets 3.5 (5.3) (2.4)
Other assets (2.2) (18.7) (1.6)
Current liabilities, excluding debt (23.4) 38.9 49.1
Other long-term liabilities, excluding debt (14.0) 11.1 (24.0)
Cash provided by operating activities 444.7 449.9 372.1
Investing activities:
Capital expenditures (110.5) (118.5) (52.0)
Acquisitions, net of cash acquired (27.4) (303.8) (34.8)
Investment in unconsolidated affiliates (3.7) ——
Cash used in investing activities (141.6) (422.3) (86.8)
Financing activities:
Net short-term (repayments) borrowings (184.8) 139.7 (12.2)
Net borrowings (repayments) under long-term revolving credit facilities 45.0 253.4 (40.0)
Payments on long-term debt (17.8) (250.0) —
Proceeds from issuance of long-term debt 2.3 545.7 —
Treasury stock purchases (155.7) (718.7) (215.2)
Dividends paid (20.5) (20.7) (20.3)
Proceeds from exercise of stock options 14.7 31.6 26.1
Excess tax benefits from stock-based compensation plans 2.1 7.0 7.2
Other (1.0) (5.6) (0.6)
Cash used in financing activities (315.7) (17.6) (255.0)
Effect of foreign currency exchange rates on cash and cash equivalents (10.8) 3.8 —
(Decrease) increase in cash and cash equivalents (23.4) 13.8 30.3
Cash and cash equivalents, beginning of period 81.6 67.8 37.5
Cash and cash equivalents, end of period $ 58.2 $ 81.6 $ 67.8
See Notes to Consolidated Financial Statements.
2008 ANNUAL REPORT 37