Ingram Micro 2011 Annual Report Download - page 57

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INGRAM MICRO INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In 000s)
Fiscal Year Ended
2011 2010 2009
Cash flows from operating activities:
Net income .................................................... $ 244,240 $ 318,060 $ 202,138
Adjustments to reconcile net income to cash provided by operating
activities:
Depreciation and amortization ................................... 57,282 61,549 68,590
Impairment of goodwill ........................................ — — 2,490
Stock-based compensation ...................................... 30,811 27,062 22,227
Excess tax benefit from stock-based compensation ................... (3,133) (3,723) (4,085)
Loss from settlement of interest rate swap and senior unsecured term
loan ...................................................... 5,624 — —
Gain on sale of land and building ................................ (474) (2,380) —
Noncash charges for interest .................................... 2,065 1,264 278
Deferred income taxes ......................................... 28,825 (8,361) 5,920
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade accounts receivable .................................... (425,690) (208,829) (754,699)
Inventory ................................................. (79,137) (421,551) (179,341)
Other current assets ......................................... 53,947 (22,110) 40,829
Accounts payable ........................................... 407,477 233,017 772,194
Increase (decrease) in book overdrafts .......................... (5,935) 105,163 96,911
Accrued expenses ........................................... (20,043) 100,161 (32,651)
Cash provided by operating activities ........................... 295,859 179,322 240,801
Cash flows from investing activities:
Purchase of property and equipment ................................ (122,188) (76,292) (68,667)
Sale of (investment in) marketable trading securities ................... (1,426) 1,346 704
Proceeds from sale of land and building ............................. 1,100 3,924 —
Collection of short-term collateral deposits on financing arrangements ..... — — 3,470
Acquisitions, net of cash acquired .................................. (2,106) (8,329) (35,415)
Cash used by investing activities ............................... (124,620) (79,351) (99,908)
Cash flows from financing activities:
Proceeds from exercise of stock options ............................. 39,465 38,439 34,635
Repurchase of Class A Common Stock .............................. (225,905) (152,285) —
Excess tax benefit from stock-based compensation ..................... 3,133 3,723 4,085
Proceeds from issuance of senior unsecured notes, net of issuance costs .... — 297,152 —
Repayment of senior unsecured term loan ............................ (239,752) (12,500) (3,125)
Net proceeds (repayments) on revolving credit facilities ................ 9,017 (28,172) (86,773)
Cash provided (used) by financing activities ...................... (414,042) 146,357 (51,178)
Effect of exchange rate changes on cash and cash equivalents .............. (21,345) (1,713) 57,726
Increase (decrease) in cash and cash equivalents ........................ (264,148) 244,615 147,441
Cash and cash equivalents, beginning of year ........................... 1,155,551 910,936 763,495
Cash and cash equivalents, end of year ................................ $ 891,403 $1,155,551 $ 910,936
Supplemental disclosures of cash flow information:
Cash payments during the year:
Interest ....................................................... $ 51,703 $ 33,985 $ 27,424
Income taxes .................................................. 110,336 87,294 90,679
See accompanying notes to these consolidated financial statements.
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