Harman Kardon 2009 Annual Report Download - page 70

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CONSOLIDATED STATEMENTS OF CASH FLOWS
HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
Year Ended June 30,
(in thousands) 2009 2008 2007
Cash flows from operating activities:
Net (loss) income .......................................... $(422,551) $ 107,786 $ 313,963
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
Goodwill impairment ....................................... 330,563 — —
Depreciation and amortization ................................ 147,457 152,342 127,162
Deferred income tax benefit .................................. (102,871) (10,441) (45,563)
(Gain) loss on disposition of assets ............................ (13,753) 235 959
Share-based compensation ................................... 9,770 23,148 15,418
Excess tax benefits from share-based payment arrangements ........ (126) (5,321) (10,456)
Changes in operating assets and liabilities:
Decrease (increase) in:
Receivables ........................................... 119,096 (34,980) (20,314)
Inventories ........................................... 27,756 102,451 (92,024)
Other current assets .................................... 64,036 (55,950) (34,844)
Increase (decrease) in:
Accounts payable ...................................... (81,444) (38,265) 26,266
Accrued warranties ..................................... (10,304) 78,829 (12,620)
Accrued other liabilities ................................. 13,056 69,785 (24,677)
Income taxes payable ................................... 1,503 (63,666) (34,083)
Other operating activities ................................ (3,528) (9,144) 6,126
Net cash provided by operating activities ........................... 78,660 316,809 215,313
Cash flows from investing activities:
Contingent purchase price consideration ........................ (7,443) (12,724) (9,229)
Proceeds from asset dispositions .............................. 22,882 1,476 3,038
Capital expenditures ........................................ (79,850) (138,934) (174,794)
Other items, net ........................................... (2,601) 7,697 970
Net cash used in investing activities ............................... (67,012) (142,485) (180,015)
Cash flows from financing activities:
Net increase (decrease) in long-term borrowings ................. 935 (1,838) 135
Net borrowings under revolving credit facility ................... 235,000 (38,940) (107,631)
Repayments under revolving credit facility ...................... (38,000) — —
Repayments of long-term debt ................................ — (18,140) (18,782)
Proceeds from issuance of convertible senior notes ............... — 400,000 —
Issuance (repurchase) of common stock ........................ 189,723 (400,287) (128,780)
Dividends paid to shareholders ............................... (2,207) (3,056) (3,262)
Share-based payment arrangements ............................ 142 (3,152) 25,115
Debt issuance costs ......................................... (9,733) (4,750) —
Excess tax benefits from share-based payment arrangements ........ 126 5,321 10,456
Net cash provided by (used in) financing activities ................ 375,986 (64,842) (222,749)
Effect of exchange rate changes on cash ........................ (20,174) 7,486 1,834
Net increase (decrease) in cash and cash equivalents .............. 367,459 116,968 (185,617)
Cash and cash equivalents at beginning of period ................. 223,109 106,141 291,758
Cash and cash equivalents at end of period ...................... $590,568 $ 223,109 $ 106,141
See accompanying notes to consolidated financial statements.
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