Sysco 2011 Annual Report Download - page 68

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SYSCO
CONSOLIDATED CASH FLOWS
July 2, 2011
July 3, 2010
(53 Weeks) June 27, 2009
Year Ended
(In thousands)
Cash flows from operating activities:
Net earnings........................................................ $1,152,030 $1,179,983 $1,055,948
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense . . . .................................. 59,235 66,358 56,030
Depreciation and amortization .......................................... 402,588 389,976 382,339
Deferred income taxes . . ............................................. (165,239) (121,865) (294,162)
Provision for losses on receivables....................................... 42,623 34,931 74,638
Other non-cash items . . . ............................................. (9,454) 2,550 (3,586)
Additional investment in certain assets and liabilities, net of effect of businesses acquired:
(Increase) decrease in receivables ....................................... (252,641) (166,426) 188,748
(Increase) decrease in inventories ....................................... (254,738) (106,172) 177,590
Decrease (increase) in prepaid expenses and other current assets ................. 341 (6,271) (678)
Increase (decrease) in accounts payable . .................................. 187,410 154,811 (198,284)
(Decrease) increase in accrued expenses .................................. (43,348) 58,002 (120,314)
(Decrease) increase in accrued income taxes ............................... (44,202) (296,475) 325,482
(Increase) in other assets ............................................. (26,966) (31,514) (15,701)
Increase (decrease) in other long-term liabilities and prepaid pension cost, net ........ 44,308 (271,692) (48,380)
Excess tax benefits from share-based compensation arrangements ................ (429) (768) (2,921)
Net cash provided by operating activities . . .................................. 1,091,518 885,428 1,576,749
Cash flows from investing activities:
Additions to plant and equipment ......................................... (636,442) (594,604) (464,561)
Proceeds from sales of plant and equipment ................................. 19,069 21,710 25,244
Acquisition of businesses, net of cash acquired ............................... (101,148) (29,293) (218,075)
Purchases of short-term investments ...................................... — (85,071) —
Maturities of short-term investments....................................... 24,993 61,568 —
Decrease (increase) in restricted cash ...................................... 13,972 (30,630) (1,271)
Net cash used for investing activities....................................... (679,556) (656,320) (658,663)
Cash flows from financing activities:
Bank and commercial paper borrowings (repayments), net . ....................... 181,975 — —
Other debt borrowings . . . ............................................. 4,411 7,091 506,611
Other debt repayments . . . ............................................. (8,732) (10,695) (10,173)
Debt issuance costs .................................................. (7) (7) (3,693)
Proceeds from common stock reissued from treasury for share-based compensation
awards . ......................................................... 332,688 94,750 111,780
Treasury stock purchases . . ............................................. (291,600) (179,174) (438,843)
Dividends paid ...................................................... (597,071) (579,763) (548,246)
Excess tax benefits from share-based compensation arrangements ................. 429 768 2,921
Net cash used for financing activities....................................... (377,907) (667,030) (379,643)
Effect of exchange rates on cash ........................................... 20,267 4,714 334
Net increase (decrease) in cash and cash equivalents ............................. 54,322 (433,208) 538,777
Cash and cash equivalents at beginning of period ............................... 585,443 1,018,651 479,874
Cash and cash equivalents at end of period . . .................................. $ 639,765 $ 585,443 $1,018,651
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest ......................................................... $ 119,050 $ 127,411 $ 108,608
Income taxes ..................................................... 907,720 1,141,963 735,772
See Notes to Consolidated Financial Statements
44