Washington Post 2008 Annual Report Download - page 70

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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(in thousands) December 28,
2008 December 30,
2007 December 31,
2006
Cash Flows from Operating Activities:
Net income ........................................................... $ 65,722 $ 288,607 $ 324,459
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of change in accounting principle ............................ —— 5,075
Depreciation of property, plant and equipment ............................... 265,606 221,239 205,295
Amortization of intangible assets .......................................... 22,525 17,571 7,043
Goodwill and other intangible asset impairment charges ........................ 135,439 — 9,864
Net pension benefit ................................................... (25,651) (22,280) (21,833)
Early retirement program expense ......................................... 111,077 — 50,942
Gain on sale of marketable equity securities ................................. (47,308) (394) (33,805)
Foreign exchange loss (gain) ............................................ 46,285 (8,790) (11,920)
Gain from sale or exchange of businesses ................................... —(214) (41,742)
Equity in losses (earnings) of affiliates including impairment charges, net of
distributions ....................................................... 9,065 (3,820) 110
Provision for deferred income taxes ........................................ (4,196) 33,041 (38,234)
Change in assets and liabilities:
Increase in accounts receivable, net ..................................... (4,398) (42,246) (10,494)
Increase in inventories ................................................ (16,907) (3,356) (4,222)
Increase in accounts payable and accrued liabilities ......................... 41,788 35,940 41,615
Increase in deferred revenue ........................................... 32,119 47,163 26,304
(Decrease) increase in Kaplan stock compensation liability ..................... (92,941) 33,240 4,391
Increase (decrease) in income taxes payable ............................... 3,110 (1,247) 31,343
(Increase) decrease in other assets and other liabilities, net ..................... (6,629) (16,075) 34,177
Other ............................................................. 1,061 2,808 16,382
Net cash provided by operating activities ................................. 535,767 581,187 594,750
Cash Flows from Investing Activities:
Purchases of property, plant and equipment ................................. (288,923) (290,007) (284,022)
Proceeds from sale of marketable equity securities ............................. 114,393 538 82,910
Investments in certain businesses, net of cash acquired .......................... (86,262) (273,929) (153,696)
Purchases of marketable equity securities and other investments ................... (68,202) (694) (51,310)
Investments in affiliates ................................................. (4,419) (15,309) (3,349)
Escrow funding for acquisition ........................................... —(18,914) —
Net proceeds from sale of businesses ...................................... —— 76,389
Other ............................................................. 3,314 17,204 11,808
Net cash used in investing activities ...................................... (330,099) (581,111) (321,270)
Cash Flows from Financing Activities:
Common shares repurchased ............................................ (98,960) (42,031) (56,559)
Dividends paid ...................................................... (82,161) (79,024) (75,903)
Issuance (repayment) of commercial paper, net ............................... 65,183 84,800 —
Principal payments on debt .............................................. (1,864) (3,578) (27,846)
Other ............................................................. 147 8,076 11,565
Net cash used in financing activities ..................................... (117,655) (31,757) (148,743)
Effect of Currency Exchange Rate Change ..................................... (18,970) 4,999 7,550
Net Increase (Decrease) in Cash and Cash Equivalents ........................... 69,043 (26,682) 132,287
Cash and Cash Equivalents at Beginning of Year ............................... 321,466 348,148 215,861
Cash and Cash Equivalents at End of Year ..................................... $ 390,509 $ 321,466 $ 348,148
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes ...................................................... $ 78,600 $ 158,100 $ 194,900
Interest ........................................................... $ 25,400 $ 23,800 $ 24,600
The information on pages 60 through 84 is an integral part of the financial statements.
58 THE WASHINGTON POST COMPANY