Hormel Foods 2011 Annual Report Download - page 39

3
7
Hormel Foods Corporation
CONSOLIDATED S
T
ATEMENTS OF CASH
F
LOW
S
F
isca
l Y
ea
r En
ded
(
in thousands
)
O
c
tober 30
,
2011 October
3
1
,
2010 October 25
,
200
9
O
peratin
g
Activitie
s
N
et earn
i
n
g
s
$
479
,
19
6
$ 399,776 $ 345,978
Ad
j
ustments to reconc
i
le to net cash prov
i
ded by operat
i
n
g
act
i
v
i
t
i
es
:
Depreciation 114,6
89
1
15
,0
5
9
116,774
A
mortization of intangibles 9,476
1
0
,
532 10
,
364
E
quity in earnings o
f
a
ffi
liates, net o
f
dividends
(
22
,
726
)
(
13,126
)
(
4,793
)
P
rovision
f
or de
f
erred income taxes
6,
75
2
29
,4
29
(
311
)
(
Gain) loss on
p
ro
p
erty/e
q
ui
p
ment sales and
p
lant facilities
(
632
)
(
394
)
128
G
ain on dissolution of
j
oint venture
0
0
(3
,
591)
N
o
n-
cas
h inv
es
tm
e
nt
ac
tiviti
es
3
,
99
5
(
1
,
760
)
(
3
,
555
)
S
tock-based compensation expense
1
7,229
1
4
,
402 12
,
054
E
xcess tax bene
fi
t
f
rom stock-based compensation
(
15
,
205
)
(
10,298
)
(
1,313
)
Other 486
7
,595 0
C
han
g
es in operatin
g
assets and liabilities, net of acquisitions:
(
Increase
)
decrease in accounts receivable
(
30,171
)
(
58
,
647)
3
8
,
718
(
Increase
)
decrease in inventories
(
92,052
)
(
73
,
909
)
6
2,
116
D
ecrease in prepaid expenses and other current assets 10,513
3
9
,
289 61
,
470
I
ncrease
(
decrease
)
in pension and post-retirement benefits 5
,
197
(
35,265
)
(
85,947
)
I
ncrease
i
n accounts
p
ayable and accrued ex
p
enses
3,
732
6
2,849
1
0,676
N
et Cash Provided by Operatin
g
Activities 490
,
479 485,5
3
2
5
58,768
Invest
i
n
g
Act
i
v
i
t
i
e
s
S
ale of available-for-sale securities
0
0
6
,2
7
0
P
u
r
c
h
ase
o
f
a
v
a
il
ab
l
e
-f
o
r-
sa
l
e
secu
riti
es
0
0
(2
,
371
)
Net purchase of trading securities
(
20,000
)
(
50
,
000
)
0
Acquisitions of businesses/intangibles
(
7,207
)
(
28
,
104
)
(
701
)
Purchases of property
/
equipment
(
96
,
911
)
(
89,823
)
(
96,961
)
Proceeds from sales of
p
ro
p
erty
/
e
q
ui
p
ment
4,38
64,
9
15
5
,00
3
(Increase) decrease in investments, e
q
uity in
affi
liates, and other assets
(
51
,
253
)
(
95,464
)
3
,532
D
istributions
f
rom a
ffi
liates
0
0
0
Net
C
ash Used in Investin
g
Activities (170
,
985
)
(
258,476)
(
85,228
)
F
i
nanc
i
ng Act
i
v
i
t
i
es
P
rincipal payments on short-term debt
0
0
(
100
,
000
)
Proceeds
f
rom long-term debt, net
2
47,564
0
0
Principal payments on long-term debt
(
350
,
000
)
0
0
Di
v
i
dends
p
a
i
d on common stock (129
,
975
)
(
109,374) (101,376)
S
hare re
p
urchase (152
,
930
)
(
69,574)
(
38,147
)
Proceeds from exercise of stock o
p
tions
53
,7
80
22,88
4
2,3
87
Excess tax benefit from stock-based compensation 15,
20
51
0,298
1,
313
Distribution to noncontrolling interest
(
8,000
)
0
(
7
,
999
)
Other 147 1,
3
0
3
7
5
6
Net Cash Used in Financing Activities
(
324
,
209
)
(
144,463
)
(
243,066
)
(
Decrease
)
Increase in Cash and Cash Equivalents
(
4
,
715
)
8
2,59
3
2
3
0,474
C
ash and cash equivalents at be
g
innin
g
of year 467
,8
45
3
85,252 154,77
8
C
ash and
C
ash E
q
uivalents at End of Year $ 463
,
130 $ 467,845 $ 385,252
See
N
o
t
es
t
o
Co
n
so
li
da
t
ed
Fin
a
n
c
i
a
l
S
t
a
t
e
m
e
nt
s
.