CONSOLIDATED STATEMENTS OF CASH FLOWS See Notes to the Consolidated Financial Statements.GLYPH<160> P. 64 – THE NEW YORK TIMES COMPANY Years Ended (In thousands) December 28, 2014 December 29, 2013 December 30, 2012 Cash flows from operating activities Net income $ 32,305 $ 64,856 $ 136,013 Adjustments to reconcile net income to net cash provided by operating activities: Impairment of assets GLYPH<151> 34,300 194,732 Multiemployer pension plan withdrawal expense GLYPH<151> 14,168 GLYPH<151> Gain on insurance settlement (1,859) GLYPH<151> GLYPH<151> Pension settlement charge 9,525 3,228 47,657 Early termination charge 2,550 GLYPH<151> GLYPH<151> Other expense GLYPH<151> GLYPH<151> 2,620 Gain on sale of investments GLYPH<151> GLYPH<151> (220,275) Impairment on investments GLYPH<151> GLYPH<151> 5,500 Loss/(Gain) on sale of New England Media Group & About Group GLYPH<151> (47,561) (96,675) Loss on sale of Regional Media Group GLYPH<151> GLYPH<151> 5,441 Depreciation and amortization 79,455 85,477 103,775 Stock-based compensation expense 8,880 8,741 4,693 Undistributed loss of joint ventures 10,980 3,619 2,586 Deferred income taxes (10,621) 44,102 1,380 Long-term retirement benefit obligations (37,334) (112,133) (143,724) Uncertain tax positions 17,310 1,387 (1,049) Other GLYPH<150> net 12,141 11,541 10,786 Changes in operating assets and liabilities: Accounts receivable GLYPH<150> net (10,166) 3,148 5,130 Inventories (811) 176 6,806 Other current assets 1,318 1,675 (8,477) Accounts payable and other liabilities (33,911) (83,072) 18,429 Unexpired subscriptions 729 1,203 3,962 Net cash provided by operating activities 80,491 34,855 79,310 Cash flows from investing activities Purchases of marketable securities (777,945) (860,848) (439,700) Maturities of marketable securities 506,711 447,350 409,726 Repayment of borrowings against cash surrender value of corporate-owned life insurance (26,005) GLYPH<151> GLYPH<151> Proceeds from sale of business GLYPH<151> 68,585 456,158 Proceeds from investments GLYPH<150> net of purchases 7,331 12,004 250,918 Capital expenditures (35,350) (16,942) (34,888) Proceeds from insurance settlement 1,638 GLYPH<151> GLYPH<151> Change in restricted cash (1,401) (3,806) 3,287 Other-net 304 GLYPH<151> 1,312 Net cash (used in)/provided by investing activities (324,717) (353,657) 646,813 Cash flows from financing activities Repayment of debt and capital lease obligations (38,857) (19,959) (81,584) Dividends paid (24,858) (6,040) GLYPH<151> Stock option exercises 1,120 5,086 730 Windfall tax benefit related to share-based payments 1,209 1,654 GLYPH<151> Net cash used in financing activities (61,386) (19,259) (80,854) Net (decrease)/increase in cash and cash equivalents (305,612) (338,061) 645,269 Effect of exchange rate changes on cash and cash equivalents (526) 316 70 Cash and cash equivalents at the beginning of the year 482,745 820,490 175,151 Cash and cash equivalents at the end of the year $ 176,607 $ 482,745 $ 820,490