Sysco 2007 Annual Report Download - page 66

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SYSCO
CONSOLIDATED CASH FLOWS
(In thousands) June 30, 2007 July 1, 2006 July 2, 2005
Year Ended
Cash flows from operating activities:
Net earnings ___________________________________________________________ $1,001,076 $ 855,325 $ 961,457
Add non-cash items:
Cumulative effect of accounting change, net of tax_______________________ —(9,285) —
Share-based compensation expense ___________________________________ 97,985 126,837 19,749
Depreciation and amortization ________________________________________ 362,559 345,062 316,743
Deferred tax provision _______________________________________________ 545,971 482,111 554,850
Provision for losses on receivables ____________________________________ 28,156 19,841 18,587
(Gain) loss on sale of assets __________________________________________ (6,279) 847 (952)
Additional investment in certain assets and liabilities, net of effect of
businesses acquired:
(Increase) in receivables _________________________________________ (134,153) (162,586) (72,829)
(Increase) in inventories _________________________________________ (95,932) (119,392) (35,014)
(Increase) decrease in prepaid expenses and other current assets _____ (62,773) 1,741 (4,058)
Increase in accounts payable _____________________________________ 85,422 49,775 28,080
Increase (decrease) in accrued expenses ___________________________ 132,936 29,161 (52,423)
(Decrease) in accrued income taxes _______________________________ (491,993) (545,634) (438,779)
(Increase) in other assets ________________________________________ (36,426) (17,937) (17,865)
(Increase) decrease in other long-term liabilities and prepaid pension
cost, net ___________________________________________________ (14,817) 75,382 (86,338)
Excess tax benefits from share-based compensation arrangements ____ (8,810) (6,569) —
Net cash provided by operating activities ___________________________________ 1,402,922 1,124,679 1,191,208
Cash flows from investing activities:
Additions to plant and equipment _________________________________________ (603,242) (513,934) (390,026)
Proceeds from sales of plant and equipment________________________________ 16,008 21,037 26,257
Acquisition of businesses, net of cash acquired _____________________________ (59,322) (114,378) (115,637)
(Increase) decrease in restricted cash _____________________________________ (2,155) (2,243) 66,918
Net cash used for investing activities ______________________________________ (648,711) (609,518) (412,488)
Cash flows from financing activities:
Bank and commercial paper borrowings (repayments), net ___________________ 121,858 240,017 115,017
Other debt borrowings ___________________________________________________ 5,290 500,987 9,357
Other debt repayments __________________________________________________ (109,656) (413,383) (167,006)
Debt issuance costs _____________________________________________________ (7) (3,998) (320)
Cash (paid for) received from termination of interest rate swap _______________ —(21,196) 5,316
Common stock reissued from treasury _____________________________________ 221,736 128,055 208,004
Treasury stock purchases ________________________________________________ (550,865) (544,131) (597,660)
Dividends paid __________________________________________________________ (445,416) (397,537) (357,298)
Excess tax benefits from share-based compensation arrangements ____________ 8,810 6,569 —
Net cash used for financing activities ______________________________________ (748,250) (504,617) (784,590)
Effect of exchange rates on cash ______________________________________________ 14 (325) (2,158)
Net increase (decrease) in cash _______________________________________________ 5,975 10,219 (8,028)
Cash at beginning of year ____________________________________________________ 201,897 191,678 199,706
Cash at end of year _________________________________________________________ $ 207,872 $ 201,897 $ 191,678
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest ____________________________________________________________ $ 107,109 $ 107,242 $ 73,939
Income taxes _______________________________________________________ 563,968 619,442 436,378
See Notes to Consolidated Financial Statements
page 40 ][ SYSCO Corporation