Ingram Micro 2010 Annual Report Download - page 53

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INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In 000s)
2010 2009 2008
Fiscal Year Ended
Cash flows from operating activities:
Net income (loss)...................................... $ 318,060 $ 202,138 $(394,921)
Adjustments to reconcile net income (loss) to cash provided by
operating activities:
Depreciation and amortization .......................... 61,549 68,590 68,404
Impairment of goodwill ............................... — 2,490 742,653
Stock-based compensation ............................. 27,062 22,227 14,845
Excess tax benefit from stock-based compensation ........... (3,723) (4,085) (982)
Gain on sale of land and building ........................ (2,380) — —
Noncash charges for interest ............................ 1,264 278 382
Deferred income taxes ................................ (8,361) 5,920 (76,330)
Changes in operating assets and liabilities, net of effects of
acquisitions:
Trade accounts receivable ............................ (208,829) (754,699) 783,824
Inventory ........................................ (421,551) (179,341) 387,723
Other current assets ................................ (22,110) 40,829 28,941
Accounts payable .................................. 233,017 772,194 (831,480)
Change in book overdrafts ........................... 105,163 96,911 (10,994)
Accrued expenses .................................. 100,161 (32,651) (158,121)
Cash provided by operating activities ................... 179,322 240,801 553,944
Cash flows from investing activities:
Purchase of property and equipment ........................ (76,292) (68,667) (81,359)
Sale of (investments in) marketable trading securities ........... 1,346 704 (2,731)
Proceeds from sale of land and building ..................... 3,924 — —
Collection of short-term collateral deposits on financing
arrangements ....................................... — 3,470 35,000
Acquisitions, net of cash acquired ......................... (8,329) (35,415) (12,347)
Cash used by investing activities ....................... (79,351) (99,908) (61,437)
Cash flows from financing activities:
Proceeds from exercise of stock options ..................... 38,439 34,635 23,256
Repurchase of Class A Common Stock ...................... (152,285) — (222,346)
Excess tax benefit from stock-based compensation ............. 3,723 4,085 982
Net proceeds from issuance of senior unsecured notes ........... 297,152 — —
Proceeds from (repayment of) senior unsecured term loan ........ (12,500) (3,125) 250,000
Net repayments on revolving credit facilities.................. (28,172) (86,773) (323,243)
Cash provided (used) by financing activities .............. 146,357 (51,178) (271,351)
Effect of exchange rate changes on cash and cash equivalents . . . .... (1,713) 57,726 (37,287)
Increase in cash and cash equivalents ......................... 244,615 147,441 183,869
Cash and cash equivalents, beginning of year ................... 910,936 763,495 579,626
Cash and cash equivalents, end of year........................ $1,155,551 $ 910,936 $ 763,495
Supplemental disclosures of cash flow information:
Cash payments during the year:
Interest ............................................. $ 33,985 $ 27,424 $ 63,448
Income taxes ......................................... 87,294 90,679 86,076
See accompanying notes to these consolidated financial statements.
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