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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(In thousands) December 31,
2011 January 2,
2011 January 3,
2010
Cash Flows from Operating Activities
Net income ................................................................... $ 117,157 $ 278,020 $ 91,200
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment ....................................... 255,975 252,457 295,871
Amortization of intangible assets .................................................. 30,333 27,191 26,642
Goodwill and other long-lived asset impairment charges ................................. 11,923 27,477 25,387
Net pension benefit ........................................................... (4,726) (3,863) (8,069)
Multiemployer pension plan withdrawal charge ....................................... 2,415 20,355 —
Early retirement program expense ................................................. 634 —64,541
Foreign exchange loss (gain) ..................................................... 3,263 (6,705) (16,871)
Net (gain) loss on sales of businesses .............................................. (2,975) 11,824 (2,253)
Loss on write-down of a marketable equity security ..................................... 53,793 ——
Equity in (earnings) losses of affiliates, including impairment charges, net of distributions .......... 5,492 4,133 30,072
Provision for deferred income taxes ................................................ 42,265 37,056 33
Net loss on sale or write-down of property, plant and equipment and other assets .............. 9,294 15,094 23,524
Change in assets and liabilities:
Decrease in accounts receivable, net ............................................. 27,895 14,648 55,970
(Increase) decrease in inventories ................................................ (1,587) 8,571 24,195
(Decrease) increase in accounts payable and accrued liabilities ......................... (126,771) 40,892 831
(Decrease) increase in deferred revenue ........................................... (9,186) (10,410) 25,178
Decrease (increase) in Income taxes receivable ..................................... 16,002 (41,398) 534
(Increase) decrease in other assets and other liabilities, net ............................. (37,748) 18,251 17,198
Other ...................................................................... (157) 123 (2,597)
Net cash provided by operating activities ......................................... 393,291 693,716 651,386
Cash Flows from Investing Activities
Purchases of property, plant and equipment .......................................... (216,381) (243,712) (257,758)
Investments in certain businesses, net of cash acquired .................................. (83,699) (13,345) (26,133)
Net proceeds from sales of businesses, property, plant and equipment and other assets .......... 49,157 39,007 4,788
Purchases of marketable equity securities and other investments ............................ (8,165) (8,070) (10,520)
Other ...................................................................... (1,640) 16,248 8,496
Net cash used in investing activities .............................................. (260,728) (209,872) (281,127)
Cash Flows from Financing Activities
Common shares repurchased .................................................... (248,055) (404,816) (60,956)
Issuance (repayment) of commercial paper, net ....................................... 109,671 —(149,983)
Dividends paid ............................................................... (75,493) (82,090) (81,772)
Issuance of debt .............................................................. 52,476 —395,225
Principal payments on debt ...................................................... (1,285) —(400,868)
Other ...................................................................... (24,275) (4,266) 5,079
Net cash used in financing activities ............................................. (186,961) (491,172) (293,275)
Effect of Currency Exchange Rate Change ......................................... (2,243) 2,509 8,573
Net (Decrease) Increase in Cash and Cash Equivalents ................................ (56,641) (4,819) 85,557
Cash and Cash Equivalents at Beginning of Year .................................... 437,740 442,559 357,002
Cash and Cash Equivalents at End of Year ......................................... $ 381,099 $ 437,740 $ 442,559
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes .............................................................. $ 38,500 $ 213,000 $ 58,900
Interest ................................................................... $ 32,650 $ 30,500 $ 26,600
See accompanying Notes to Consolidated Financial Statements.
66 THE WASHINGTON POST COMPANY