Ingram Micro 2008 Annual Report Download - page 57

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INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2008 2007 2006
Fiscal Year Ended
(Dollars in 000s)
Cash flows from operating activities:
Net income (loss) ...................................... $(394,921) $ 275,908 $ 265,766
Adjustments to reconcile net income (loss) to cash provided by
operating activities:
Depreciation and amortization ........................... 68,404 64,078 61,187
Impairment of goodwill . . . ............................. 742,653 — —
Stock-based compensation expense........................ 14,845 37,875 28,875
Excess tax benefit from stock-based compensation ............ (982) (5,674) (8,923)
Noncash charges for interest and compensation............... 382 399 394
Gain on sale of the Asian semiconductor business............. — (2,859) —
Deferred income taxes ................................. (76,330) (33,326) (2,111)
Changes in operating assets and liabilities, net of effects of
acquisitions:
Changes in amounts sold under accounts receivable programs . . — (68,505) 68,505
Accounts receivable ................................. 783,824 (513,909) (175,343)
Inventories ........................................ 387,723 40,869 (456,453)
Other current assets ................................. 28,941 (54,199) (25,599)
Accounts payable ................................... (831,480) 364,736 247,951
Change in book overdrafts ............................ (10,994) 41,866 42,172
Accrued expenses................................... (158,121) 180,555 46,423
Cash provided by operating activities .................... 553,944 327,814 92,844
Cash flows from investing activities:
Purchase of property and equipment......................... (81,359) (49,755) (39,169)
Proceeds from sale of property and equipment ................. — — 2,572
Increase in marketable trading securities ..................... (2,731) — —
Proceeds from sale of a business ........................... — 18,245 —
Collateral deposits on financing arrangements ................. 35,000 — (35,000)
Acquisitions, net of cash acquired .......................... (12,347) (128,965) (33,727)
Cash used by investing activities........................ (61,437) (160,475) (105,324)
Cash flows from financing activities:
Proceeds from exercise of stock options ...................... 23,256 66,698 98,129
Repurchase of Class A Common Stock ...................... (222,346) (25,061) —
Excess tax benefit from stock-based compensation .............. 982 5,674 8,923
Proceeds from senior unsecured term loan .................... 250,000 — —
Net repayments of debt .................................. (323,243) (1,407) (96,546)
Cash provided (used) by financing activities ............... (271,351) 45,904 10,506
Effect of exchange rate changes on cash and cash equivalents ....... (37,287) 33,044 10,832
Increase in cash and cash equivalents.......................... 183,869 246,287 8,858
Cash and cash equivalents, beginning of year.................... 579,626 333,339 324,481
Cash and cash equivalents, end of year ........................ $763,495 $ 579,626 $ 333,339
Supplemental disclosures of cash flow information:
Cash payments during the year:
Interest .............................................. $63,448 $ 75,643 $ 51,327
Income taxes.......................................... 86,076 100,015 119,276
See accompanying notes to these consolidated financial statements.
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