Hormel Foods 2010 Annual Report Download - page 38

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36
Consolidated Statements of Cash Flows
Fiscal Year Ended
(in thousands) October 31, 2010 October 25, 2009 October 26, 2008
Operating Activities
Net earnings $ 399,776 $ 345,978 $ 288,635
Adjustments to reconcile to net cash provided by operating activities:
Depreciation 115,059 116,774 114,636
Amortization of intangibles 10,532 10,364 11,553
Equity in earnings of affiliates (13,126) (4,793) (7,370)
Provision for deferred income taxes 29,429 (311) (9,713)
(Gain) loss on property/equipment sales and plant facilities (394) 128 1,929
Gain on dissolution of joint venture 0 (3,591) 0
Non-cash investment activities (1,760) (3,555) 32,966
Stock-based compensation expense 14,402 12,054 14,460
Excess tax benefit from stock-based compensation (10,298) (1,313) (10,170)
Other 7,595 0 0
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable (58,647) 38,718 (42,844)
(Increase) decrease in inventories (73,909) 62,116 (135,308)
Decrease (increase) in prepaid expenses and other current assets 39,289 61,470 (25,391)
(Decrease) increase in pension and post-retirement benefits (35,265) (85,947) 3,920
Increase in accounts payable and accrued expenses 62,849 10,676 34,319
Net Cash Provided by Operating Activities 485,532 558,768 271,622
Investing Activities
Sale of available-for-sale securities 0 6,270 151,308
Purchase of available-for-sale securities 0 (2,371) (155,207)
Net purchase of trading securities (50,000) 0 0
Acquisitions of businesses/intangibles (28,104) (701) (27,225)
Purchases of property/equipment (89,823) (96,961) (125,890)
Proceeds from sales of property/equipment 4,915 5,003 3,185
(Increase) decrease in investments, equity in
affiliates, and other assets (95,464) 3,532 (1,366)
Dividends from affiliates 0 0 970
Net Cash Used in Investing Activities (258,476) (85,228) (154,225)
Financing Activities
Proceeds from short-term debt 0 0 160,000
Principal payments on short-term debt 0 (100,000) (130,000)
Principal payments on long-term debt 0 0 (54)
Dividends paid on common stock (109,374) (101,376) (95,531)
Share repurchase (69,574) (38,147) (69,551)
Proceeds from exercise of stock options 22,884 2,387 11,297
Excess tax benefit from stock-based compensation 10,298 1,313 10,170
Distribution to noncontrolling interest 0 (7,999) 0
Other 1,303 756 1,301
Net Cash Used in Financing Activities (144,463) (243,066) (112,368)
Increase in Cash and Cash Equivalents 82,593 230,474 5,029
Cash and cash equivalents at beginning of year 385,252 154,778 149,749
Cash and Cash Equivalents at End of Year $ 467,845 $ 385,252 $ 154,778
See Notes to Consolidated Financial Statements.