AMD 2003 Annual Report Download - page 67

Table of Contents
Consolidated Statements of Cash Flows
Three Years Ended December 28, 2003
2003 2002 2001
(Thousands)
Cash flows from operating activities:
Net loss $ (274,490) $ (1,303,012) $ (60,581)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Minority interest in loss of subsidiary (44,761) — —
Depreciation 955,560 739,608 601,673
Amortization 40,103 16,561 21,194
Provision for doubtful accounts 1,831 1,456 9,791
Other than temporary impairment of equity investments 2,339 4,654 27,164
Provision (benefit) for deferred income taxes 2,971 35,427 (36,052)
Restructuring and other special charges, net (9,994) 311,250 81,768
Foreign grant and subsidy income (75,302) (59,324) (61,843)
Gain from partial sale of net assets to FASL LLC (see Note 3) (5,681) — —
Net loss on equipment sale and lease back transaction (see Note 7) 16,088 — —
Net loss on disposal of property, plant and equipment 3,862 11,930 22,371
Net loss (gain) realized on sale of available-for-sale securities (3,736) (5,334) 1,565
Compensation recognized under employee stock plans 1,920 2,891 4,592
Undistributed income of joint venture (5,913) (6,177) (18,879)
Recognition of deferred gain on sale of building (1,681) (1,681) (1,681)
Tax expense allocated to minority interest (1,766) — —
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 39,090 259,505 (122,174)
Increase in accounts receivable from related party (187,898) — —
Increase in inventories (77,426) (51,975) (36,975)
Decrease (increase) in prepaid expenses 70,247 (31,848) 28,560
Increase in other assets (12,614) (100,221) (88,775)
Decrease (increase) in tax refund receivable (6,555) 63,384 (33,716)
Increase (decrease) in tax payable 19,882 (34,988) (18,572)
Refund of customer deposits under LT purchase agreements (26,500) (39,000) (39,000)
Net (decrease) increase in payables and accrued liabilities (156,335) 66,931 (112,785)
Increase in accounts payable to related party 32,345 — —
Net cash provided by (used in) operating activities 295,586 (119,963) 167,645
Cash flows from investing activities:
Purchases of property, plant and equipment (570,316) (705,147) (678,865)
Net cash acquired from formation and consolidation of FASL LLC 147,616 — —
Proceeds from sale of property, plant and equipment 29,939 8,618 1,737
Acquisitions, net of cash acquired (6,265) (26,509) —
Purchases of available-for-sale securities (1,029,884) (4,465,252) (4,130,769)
Proceeds from sale and maturity of available-for-sale securities 1,512,093 4,333,901 4,376,732
Investment in joint venture — — (122,356)
Net cash provided by (used in) investing activities 83,183 (854,389) (553,521)
Cash flows from financing activities:
Proceeds from notes payable to banks 7,350 121,251 63,363
Proceeds from borrowings, net of issuance costs — 1,006,027 308,457
Proceeds from borrowings from related party (see Note 3) 40,000 — —
Payments on debt and capital lease obligations (140,933) (324,744) (137,104)
Proceeds from foreign grants and subsidies 155,349 75,727 37,510
Proceeds from sale leaseback transactions 244,647 — —
Increase in compensating balance (74,447) — (90,821)
Proceeds from issuance of stock 35,436 29,179 36,706
Repurchase of common stock — — (77,220)
Net cash provided by financing activities 267,402 907,440 140,891
Effect of exchange rate changes on cash and cash equivalents 32,173 22,884 (12,605)
Net increase (decrease) in cash and cash equivalents 678,344 (44,028) (257,590)
Cash and cash equivalents at beginning of year 289,839 333,867 591,457
Cash and cash equivalents at end of year 968,183 $ 289,839 $ 333,867
See accompanying notes
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Source: ADVANCED MICRO DEVIC, 10-K, March 09, 2004