Memorex 2011 Annual Report Download - page 48

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IMATION CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2011 2010 2009
(In millions)
Cash Flows from Operating Activities:
Net loss ................................................................ $(46.7) $(158.5) $ (42.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation .......................................................... 10.7 18.2 19.7
Intangible amortization ................................................... 26.0 23.6 23.3
Deferred income taxes ................................................... (2.9) (48.6) (2.0)
Goodwill impairment .................................................... 1.6 23.5 —
Asset disposals/impairments .............................................. 7.0 31.2 2.7
Inventory write-downs ................................................... 9.1 14.2 —
Stock-based compensation ............................................... 7.5 6.9 7.5
Pension settlement/curtailment ............................................. 3.1 2.8 11.7
Deferred tax asset valuation allowance ....................................... — 105.6 —
Litigation settlements .................................................... 2.0 2.6 49.0
Other ................................................................ 9.8 5.4 9.2
Changes in operating assets and liabilities, net of effects from acquisitions:
Litigation settlement payments ............................................. (10.9) (8.2) (20.0)
Accounts receivable ..................................................... 28.0 59.7 67.6
Inventories ............................................................ (12.2) 16.1 132.9
Restricted cash ........................................................ 4.2 1.2 (19.2)
Other assets .......................................................... 1.3 53.7 (19.4)
Accounts payable ...................................................... (17.7) 13.6 (98.4)
Other liabilities ......................................................... (36.2) (11.6) (54.9)
Net cash (used in) provided by operating activities ............................ (16.3) 151.4 67.5
Cash Flows from Investing Activities:
Capital expenditures ...................................................... (7.3) (8.3) (11.0)
License agreement ....................................................... — (5.0) —
Acquisitions, net of cash acquired ............................................. (47.0) — —
Proceeds from sale of assets ................................................ — 0.2 13.0
Net cash (used in) provided by investing activities ............................ (54.3) (13.1) 2.0
Cash Flows from Financing Activities:
Purchase of treasury stock .................................................. (9.7) — —
Exercise of stock options ................................................... 0.6 — —
Debt issuance costs ....................................................... — (1.0) (3.2)
Net cash used in financing activities ....................................... (9.1) (1.0) (3.2)
Effect of exchange rate changes on cash and cash equivalents ......................... (2.1) 4.2 0.5
Change in cash and equivalents ................................................ (81.8) 141.5 66.8
Cash and cash equivalents — beginning of year .................................... 304.9 163.4 96.6
Cash and cash equivalents — end of year ........................................ $223.1 $ 304.9 $163.4
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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