Logitech 2010 Annual Report Download - page 182

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LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Year ended March 31,
2010 2009 2008
Cash flows from operating activities:
Net income .............................................. $64,957 $107,032 $231,026
Non-cash items included in net income:
Depreciation .......................................... 56,380 44,021 43,831
Amortization of other intangible assets..................... 14,515 8,166 5,391
Share-based compensation expense related to options,
restricted stock units (“RSUs”) and stock purchase rights ... 25,807 24,503 21,040
Write-down of investments .............................. 643 2,727 79,823
Gain on sale of investments .............................. — — (27,761)
Excess tax benefits from share-based compensation .......... (2,814)(6,592)(15,231)
Loss (gain) on cash surrender value of life insurance policies ... (1,223)2,868 (724)
In-process research and development ...................... —1,000 —
Deferred income taxes and other .......................... (17,895)(10,387)(2,138)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,489 152,496 (31,212)
Inventories ........................................... 30,942 (9,078)(10,230)
Other assets .......................................... 15,038 14,615 (10,725)
Accounts payable ...................................... 94,155 (123,802) 61,096
Accrued liabilities ..................................... 56,265 (6,982)48,893
Net cash provided by operating activities.............. 365,259 200,587 393,079
Cash flows from investing activities:
Acquisitions and investments, net of cash acquired .............. (388,809)(64,430)(59,722)
Purchases of property, plant and equipment .................... (39,834)(48,263)(57,900)
Purchases of investment securities ........................... — — (379,793)
Sales of investment securities ............................... — — 538,479
Sale of investment ........................................ — — 13,308
Proceeds from cash surrender of life insurance policies........... 813 — —
Premiums paid on cash surrender value life insurance policies ..... —(427)(1,151)
Net cash provided by (used in) investing activities ...... (427,830)(113,120)53,221
Cash flows from financing activities:
Purchases of treasury shares ................................ (126,301)(78,870)(219,742)
Proceeds from sale of shares upon exercise of options
and purchase rights..................................... 28,917 31,119 50,603
Repayments of debt ....................................... (13,630) — (11,739)
Excess tax benefits from share-based compensation ............. 2,814 6,592 15,231
Net cash used in financing activities ................. (108,200)(41,159)(165,647)
Effect of exchange rate changes on cash and cash equivalents......... (2,044)(35,901)5,502
Net increase (decrease) in cash and cash equivalents..... (172,815)10,407 286,155
Cash and cash equivalents at beginning of period .................. 492,759 482,352 196,197
Cash and cash equivalents at end of period........................ $319,944 $492,759 $482,352
Supplemental cash flow information:
Interest paid ............................................. $66 $143 $22
Income taxes paid ........................................ $9,436 $15,268 $11,655