ADT 2003 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2003 ADT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

69
(IN MILLIONS)
YEAR ENDED SEPTEMBER 30, 2003 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) from continuing operations $«1,034.7 $(2,838.2) $÷«3,894.9
Adjustments to reconcile income (loss) from continuing operations to
net cash provided by operating activities:
Non-cash restructuring and other (credits) charges, net (45.9) 796.5 312.0
Write off of purchased in-process research and development —17.8 184.3
Charges for the impairment of long-lived assets 824.9 3,309.5 120.1
Goodwill impairment 278.4 1,343.7 —
Minority interest in net income of consolidated subsidiaries 3.6 1.4 47.5
Net gain on sale of businesses —(23.6) (410.4)
Loss on investments 87.2 270.8 133.8
Net gain on sale of common shares of subsidiary —— (24.5)
Depreciation 1,471.9 1,464.1 1,242.7
Goodwill and intangible assets amortization 725.0 620.9 942.3
Deferred income taxes 348.9 (585.2) 107.3
Provision for losses on accounts receivable and inventory 581.1 501.6 598.2
Debt and refinancing cost amortization 116.4 194.0 108.4
Loss on the retirement of debt 151.8 ——
(Gain) loss on the early extinguishment of debt (24.1) (33.0) 0.7
Other non-cash items 99.2 42.4 136.5
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable 331.9 1,071.5 (427.0)
(Decrease) increase in sale of accounts receivable programs (119.0) (56.4) 490.6
Contracts in progress (86.2) (334.3) (191.7)
Inventories 419.2 (37.1) (655.7)
Other current assets (22.1) (54.9) 327.7
Accounts payable (627.6) (833.8) (248.0)
Accrued expenses and other current liabilities (559.9) 195.3 (555.3)
Income taxes 200.6 335.1 370.7
Deferred revenue 2.3 (25.1) 327.7
Other 153.8 68.4 (121.7)
Net cash provided by operating activities from continuing operations 5,346.1 5,411.4 6,711.1
Net cash provided by (used in) operating activities from discontinued operations 20.0 1,462.9 (260.2)
Net cash provided by operating activities 5,366.1 6,874.3 6,450.9
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment, net (1,169.6) (1,678.8) (1,773.4)
Construction of Tyco Global Network (112.7) (1,146.0) (2,247.7)
Acquisition of businesses, net of cash acquired (44.0) (1,683.8) (9,962.0)
Acquisition of customer accounts (ADT dealer program) (596.8) (1,139.3) (798.1)
Cash paid for purchase accounting and holdback/earn-out liabilities (271.8) (624.1) (878.7)
Net proceeds from the sale of CIT —4,395.4 —
Disposal of other businesses, net of cash sold 8.5 138.7 904.4
Cash invested in short-term investments (392.1) ——
Net sales (purchases) of long-term investments 9.2 (16.8) (142.8)
Increase in current and non-current restricted cash (228.4) (196.2) —
Other 57.7 (94.8) (177.2)
Net cash used in investing activities from continuing operations (2,740.0) (2,045.7) (15,075.5)
CIT cash balance acquired —— 2,156.4
Net cash provided by investing activities from discontinued operations —2,684.3 1,516.8
Net cash (used in) provided by investing activities (2,740.0) 638.6 (11,402.3)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments of) proceeds from debt (Note 29)(4,618.6) 1,951.3 8,535.6
Proceeds from sale of common shares —— 2,196.6
Proceeds from exercise of options 14.8 185.7 545.0
Dividends paid (100.9) (100.3) (90.0)
Repurchase of Tyco common shares (1.2) (789.2) (1,326.1)
Repurchase of minority interest shares of subsidiary —— (270.0)
Capital contributions to Tyco Capital —(200.0) (675.0)
Other (8.0) (9.7) (15.4)
Net cash (used in) provided by financing activities from continuing operations (4,713.9) 1,037.8 8,900.7
Net cash used in financing activities from discontinued operations —(2,874.6) (2,605.0)
Net cash (used in) provided by financing activities (4,713.9) (1,836.8) 6,295.7
Effect of currency translation on cash 88.8 2.1 (21.0)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,999.0) 5,678.2 1,323.3
TYCO CAPITAL’S CASH AND CASH EQUIVALENTS TRANSFERRED TO DISCONTINUED OPERATIONS —(1,272.6) (808.0)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 6,185.7 1,780.1 1,264.8
CASH AND CASH EQUIVALENTS AT END OF YEAR $«4,186.7 $«6,185.7 $«÷1,780.1
See Notes to Consolidated Financial Statements.
Consolidated Statements
of Cash Flows