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THE WASHINGTON POST COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
(In thousands) December 31,
2012 December 31,
2011 January 2,
2011
Cash Flows from Operating Activities
Net Income ................................................................. $ 132,187 $ 117,157 $ 278,020
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment ..................................... 269,992 255,975 252,457
Amortization of intangible assets ................................................ 21,444 30,333 27,191
Goodwill and other long-lived asset impairment charges .............................. 111,593 11,923 27,477
Net pension expense (benefit) .................................................. 16,044 (4,726) (3,863)
Multiemployer pension plan withdrawal charge ..................................... 886 2,415 20,355
Early retirement program expense ............................................... 8,508 634 —
Foreign exchange (gain) loss .................................................. (3,132) 3,263 (6,705)
Net (gain) loss on sales and disposition of businesses ................................ (23,759) (2,975) 11,824
Loss on write-down of a marketable equity security ................................... 17,998 53,793 —
Equity in (earnings) losses of affiliates, including impairment charges, net of distributions ........ (1,148) 5,492 4,133
(Benefit) provision for deferred income taxes ....................................... (64,383) 42,265 37,056
Net (gain) loss on sale or write-down of property, plant and equipment and other assets ....... (4,743) 9,294 15,094
Change in assets and liabilities:
(Increase) decrease in accounts receivable, net ................................... (14,846) 27,895 14,648
(Increase) decrease in inventories .............................................. (1,871) (1,587) 8,571
(Decrease) increase in accounts payable and accrued liabilities ....................... (34,224) (126,771) 40,892
Increase (decrease) in deferred revenue ......................................... 24,482 (9,186) (10,410)
Increase (decrease) in income taxes payable ..................................... 11,936 16,002 (41,398)
Decrease (increase) in other assets and other liabilities, net ........................... 9,295 (37,748) 18,251
Other ................................................................... 955 (157) 123
Net Cash Provided by Operating Activities ...................................... 477,214 393,291 693,716
Cash Flows from Investing Activities
Purchases of property, plant and equipment ........................................ (217,995) (216,381) (243,712)
Investments in certain businesses, net of cash acquired ................................ (40,339) (83,699) (13,345)
Net proceeds from sales of businesses, property, plant and equipment and other assets ........ 76,863 49,157 39,007
Purchases of marketable equity securities and other investments .......................... (48,031) (8,165) (8,070)
Other ................................................................... 1,459 (1,640) 16,248
Net Cash Used in Investing Activities ........................................... (228,043) (260,728) (209,872)
Cash Flows from Financing Activities
Common shares repurchased .................................................. (103,196) (248,055) (404,816)
Issuance of short-term borrowing, net ............................................. 130,450 109,671 —
Dividends paid ............................................................ (147,327) (75,493) (82,090)
Issuance of debt ............................................................ —52,476 —
Other ................................................................... (1,772) (25,560) (4,266)
Net Cash Used in Financing Activities .......................................... (121,845) (186,961) (491,172)
Effect of Currency Exchange Rate Change ....................................... 4,006 (2,243) 2,509
Net Increase (Decrease) in Cash and Cash Equivalents .............................. 131,332 (56,641) (4,819)
Cash and Cash Equivalents at Beginning of Year .................................. 381,099 437,740 442,559
Cash and Cash Equivalents at End of Year ....................................... $ 512,431 $ 381,099 $ 437,740
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes ............................................................ $ 50,531 $ 38,500 $ 213,000
Interest ................................................................. $ 35,500 $ 32,650 $ 30,500
See accompanying Notes to Consolidated Financial Statements.
2012 FORM 10-K 69