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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(in thousands) January 3,
2010 December 28,
2008 December 30,
2007
Cash Flows from Operating Activities:
Net income ............................................................. $ 91,200 $ 65,796 $ 288,965
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment ................................. 295,871 265,606 221,239
Amortization of intangible assets ............................................ 26,642 22,525 17,571
Goodwill and other long-lived asset impairment charges .......................... 25,387 135,439 —
Net pension benefit ..................................................... (8,069) (25,651) (22,280)
Early retirement program expense ........................................... 64,541 111,077 —
Gain on sale of marketable equity securities ................................... —(47,308) (394)
Foreign exchange (gain) loss .............................................. (16,871) 46,285 (8,790)
Equity in losses (earnings) of affiliates including impairment charges, net of distributions .... 30,072 9,065 (3,820)
Provision (benefit) for deferred income taxes ................................... 33 (4,196) 33,041
Net loss on sale or write-down of property, plant and equipment .................... 19,724 4,483 3,136
Change in assets and liabilities:
Decrease (increase) in accounts receivable, net ............................... 55,970 (4,398) (42,246)
Decrease (increase) in inventories ......................................... 24,195 (16,907) (3,356)
Increase in accounts payable and accrued liabilities ........................... 831 41,788 35,940
Increase in deferred revenue ............................................. 25,178 32,119 47,163
Increase (decrease) in Kaplan stock compensation liability ....................... 933 (92,941) 33,240
Increase (decrease) in income taxes payable ................................. 534 3,110 (1,247)
Decrease (increase) in other assets and other liabilities, net ...................... 17,872 (6,629) (16,075)
Other ............................................................... (1,050) (3,496) (900)
Net cash provided by operating activities ................................... 652,993 535,767 581,187
Cash Flows from Investing Activities:
Purchases of property, plant and equipment ................................... (257,758) (288,923) (290,007)
Investments in certain businesses, net of cash acquired ............................ (26,133) (86,262) (273,929)
Purchases of marketable equity securities and other investments ..................... (10,237) (68,202) (694)
Investments in affiliates ................................................... (283) (4,419) (15,309)
Return (funding) of escrow for acquisition ...................................... 4,667 — (18,914)
Return of investment in affiliates ............................................. 4,321 ——
Proceeds from sale of marketable equity securities ............................... —114,393 538
Other ............................................................... 4,296 3,314 17,204
Net cash used in investing activities ....................................... (281,127) (330,099) (581,111)
Cash Flows from Financing Activities:
Principal payments on debt ............................................... (400,868) (1,864) (3,578)
Issuance of notes, net .................................................... 395,225 ——
(Repayment) issuance of commercial paper, net ................................. (149,983) 65,183 84,800
Dividends paid ........................................................ (81,772) (82,161) (79,024)
Common shares repurchased .............................................. (60,956) (98,960) (42,031)
Other ............................................................... 5,079 147 8,076
Net cash used in financing activities ....................................... (293,275) (117,655) (31,757)
Effect of Currency Exchange Rate Change ....................................... 8,573 (18,970) 4,999
Net Increase (Decrease) in Cash and Cash Equivalents ............................. 87,164 69,043 (26,682)
Cash and Cash Equivalents at Beginning of Year ................................. 390,509 321,466 348,148
Cash and Cash Equivalents at End of Year ....................................... $ 477,673 $ 390,509 $ 321,466
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes ........................................................ $ 58,900 $ 78,600 $ 158,100
Interest ............................................................. $ 26,600 $ 25,400 $ 23,800
See accompanying Notes to Consolidated Financial Statements.
2009 FORM 10-K 57