ADT 2002 Annual Report Download - page 47

TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (RESTATED)
(in millions)
Years Ended September 30,
2002 2001 2000
Cash Flows From Operating Activities:
(Loss) income from continuing operations ....................................... $(2,838.2) $ 3,894.9 $ 4,318.5
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by operating
activities:
Non-cash restructuring and other charges (credits), net .............................. 796.5 312.0 (84.2)
Write-off of purchased in-process research and development ........................... 17.8 184.3 —
Charges for the impairment of long-lived assets ................................... 3,309.5 120.1 99.0
Goodwill impairment .................................................. 1,343.7 — —
Minority interest in net income of consolidated subsidiaries ............................ 1.4 47.5 18.7
Net gain on sale of businesses ............................................. (23.6) (410.4) —
Loss on investments ................................................... 270.8 133.8 —
Net gain on sale of common shares of subsidiary .................................. — (24.5) (1,760.0)
Depreciation ....................................................... 1,464.1 1,242.7 1,094.9
Goodwill and intangible assets amortization ..................................... 620.9 942.3 590.2
Deferred income taxes ................................................. (585.2) 107.3 434.6
Provision for losses on accounts receivable and inventory ............................. 501.6 598.2 354.3
Debt and refinancing cost amortization ....................................... 194.0 108.4 6.8
Other non-cash items .................................................. (26.0) 82.0 60.6
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable ................................................ 1,071.5 (427.0) (992.4)
(Decrease in) proceeds under sale of accounts receivable program ..................... (56.4) 490.6 100.0
Contracts in progress ............................................... (334.3) (191.7) 30.9
Inventories ..................................................... (37.1) (655.7) (829.7)
Other current assets ................................................ (54.9) 327.7 100.2
Accounts payable ................................................. (833.8) (248.0) 446.7
Accrued expenses and other current liabilities ................................. 195.3 (555.3) 101.9
Income taxes .................................................... 335.1 370.7 896.4
Deferred revenue ................................................. (25.1) 327.7 (1.0)
Other ........................................................ 105.9 (87.5) 170.0
Net cash provided by operating activities from continuing operations .................. 5,413.5 6,690.1 5,156.4
Net cash provided by (used in) operating activities from discontinued operations ........... 1,462.9 (260.2) —
Net cash provided by operating activities ................................... 6,876.4 6,429.9 5,156.4
Cash Flows From Investing Activities:
Purchase of property, plant and equipment, net .................................... (1,678.8) (1,773.4) (1,695.9)
Construction in progress—Tyco Global Network .................................... (1,146.0) (2,247.7) (111.1)
Acquisition of businesses, net of cash acquired .................................... (1,683.8) (9,962.0) (3,746.4)
Acquisition of customer accounts (ADT dealer program) .............................. (1,139.3) (798.1) (390.7)
Cash paid for purchase accounting and holdback/earn-out liabilities ........................... (624.1) (878.7) (544.2)
Net proceeds from the sale of CIT ........................................... 4,395.4 — —
Disposal of other businesses, net of cash sold ..................................... 138.7 904.4 74.4
Net purchases of investments ............................................... (16.8) (142.8) (352.1)
Restricted cash ....................................................... (196.2) — —
Other ............................................................ (94.8) (177.2) (52.9)
Net cash used in investing activities from continuing operations ..................... (2,045.7) (15,075.5) (6,818.9)
CIT cash balance acquired ........................................... — 2,156.4 —
Net cash provided by investing activities from discontinued operations ................. 2,684.3 1,516.8 —
Net cash provided by (used in) investing activities ............................. 638.6 (11,402.3) (6,818.9)
Cash Flows From Financing Activities:
Net proceeds from debt .................................................. 1,951.3 8,535.6 680.4
Proceeds from sale of common shares ......................................... — 2,196.6 —
Proceeds from exercise of options ............................................ 185.7 545.0 355.3
Net proceeds from sale of common shares by subsidiary ............................... — — 2,130.7
Dividends paid ....................................................... (100.3) (90.0) (86.2)
Repurchase of Tyco common shares ........................................... (789.2) (1,326.1) (1,885.1)
Repurchase of minority interest shares of subsidiary ................................. — (270.0) —
Capital contributions to Tyco Capital .......................................... (200.0) (675.0) —
Other ............................................................ (9.7) (15.4) (29.8)
Net cash provided by financing activities from continuing operations ................... 1,037.8 8,900.7 1,165.3
Net cash used in financing activities from discontinued operations .................... (2,874.6) (2,605.0) —
Net cash (used in) provided by financing activities ............................. (1,836.8) 6,295.7 1,165.3
Net increase (decrease) in cash and cash equivalents ................................. 5,678.2 1,323.3 (497.2)
Tyco Capital’s cash and cash equivalents transferred to discontinued operations ................. (1,272.6) (808.0) —
Cash and cash equivalents at beginning of period ................................... 1,780.1 1,264.8 1,762.0
Cash and cash equivalents at end of period ...................................... $6,185.7 $ 1,780.1 $ 1,264.8
Supplementary Cash Flow Disclosure:
Interest paid ........................................................ $ 943.8 $ 896.5 $ 814.2
Income taxes paid ..................................................... $ 668.3 $ 798.9 $ 491.1
See Notes to Consolidated Financial Statements.
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