Alcoa 2003 Annual Report Download - page 46

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44
Statement of Consolidated Cash Flows Alcoa and subsidiaries
(in millions)
For the year ended December 31 2003 2002 2001
Cash from Operations
Net income $ 938 $ 420 $ 908
Adjustments to reconcile net income to cash from operations:
Depreciation, depletion, and amortization 1,202 1,119 1,250
Impairment of goodwill (E) —44 —
Change in deferred income taxes 128 (179) (25)
Equity income, net of dividends (94) (40) (56)
Noncash specialitems(D) (26) 412 526
Gains frominvesting activities—sale of assets (N) (37) (52) (114)
Provision for doubtful accounts 11 16 78
Loss (income) from discontinued operations (B) 49 90 (4)
Accounting changes (C and E) 47 (34) —
Minority interests 231 135 208
Other 116 89
Changesinassetsand liabilities, excluding effects of acquisitions and divestitures:
(Increase) reduction in receivables (137) 373 526
Reduction (increase) in inventories 104 156 (4)
Reduction (increase) in prepaid expenses and other current assets 59 31 (71)
Reduction in accounts payable and accrued expenses (150) (263) (438)
Reduction in taxes, including taxes on income (263) (219) (29)
Cash received on long-term aluminum supply contract 440 ——
Netchangeinnoncurrent assets and liabilities (246) (234) (439)
Reduction in net assets held for sale 54 128 67
Cash provided from continuing operations 2,426 1,911 2,392
Cash provided from (used for) discontinued operations 4(72) 19
Cash from operations 2,430 1,839 2,411
Financing Activities
Net changes to short-term borrowings 13 (382) (2,570)
Common stock issued for stock compensation plans 98 55 552
Repurchase of common stock —(224) (1,452)
Dividends paid to shareholders (516) (509) (518)
Dividends paid to minority interests (207) (197) (251)
Net change incommercial paper (665) 445 (1,290)
Additions to long-term debt 387 1,636 3,343
Payments on long-term debt (823) (231) (941)
Cash (used for) provided from financing activities (1,713) 593 (3,127)
Investing Activities
Capitalexpenditures (863) (1,264) (1,172)
Capital expenditures of discontinued operations (4) (6) (5)
Acquisitions,netofcash acquired (F and O) (9) (1,253) (159)
Proceeds from the sale of assets 164 127 2,507
Additions to investments (11) (112) (270)
Sale of investments (F) 129 ——
Changes in short-term investments 19 (54) 41
Changes in minority interests —26 6
Other 52 (8) (9)
Cash (used for) provided from investing activities (523) (2,544) 939
Effect of exchange rate changes on cash 38 (56) (26)
Net changeincash and cash equivalents 232 (168) 197
Cash and cash equivalents at beginning of year 344 512 315
Cash and cash equivalents at end of year $ 576 $ 344 $ 512
The accompanying notes are an integral part of the consolidated financial statements.