Avon 2000 Annual Report Download - page 20

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Years ended December 31 2000 1999 1998
Cash flows from operating activities
Net income $ 478.4 $ 302.4 $ 270.0
Adjustments to reconcile income to net cash provided by operating activities:
Cumulative effect of accounting change 6.7 ——
Depreciation and amortization 97.1 83.0 72.0
Provision for doubtful accounts 94.3 87.5 91.3
Translation losses (gains) 2.7 (.9) (7.2)
Deferred income taxes 13.5 (20.0) (13.0)
Special charges (18.3) 84.1 88.5
Other 20.7 9.7 3.9
Changes in assets and liabilities:
Accounts receivable (145.6) (132.7) (157.6)
Income tax receivable (95.2) ——
Inventories (103.3) (57.8) (17.2)
Prepaid expenses and other (30.7) 1.1 (4.0)
Accounts payable and accrued liabilities (62.3) 40.4 13.0
Income and other taxes 81.5 27.6 19.5
Noncurrent assets and liabilities (15.6) 24.3 (34.8)
Net cash provided by operating activities 323.9 448.7 324.4
Cash flows from investing activities
Capital expenditures (193.5) (203.4) (189.5)
Disposal of assets 7.2 11.7 5.8
Acquisitions of subsidiary stock and other investing activities (1.4) (16.5) 1.4
Net cash used by investing activities (187.7) (208.2) (182.3)
Cash flows from financing activities
Cash dividends (178.2) (186.3) (180.6)
Book overdrafts (13.5) 15.9 —
Debt, net (maturities of three months or less) (194.3) 227.2 (96.1)
Proceeds from short-term debt 90.5 90.8 54.7
Retirement of short-term debt (92.2) (69.4) (34.9)
Proceeds from long-term debt 400.1 500.0 100.1
Retirement of long-term debt (.3) (.2) (.6)
Proceeds from exercise of stock options 38.4 23.9 24.0
Repurchase of common stock (68.1) (800.6) (107.8)
Other financing activities (101.4) — 58.1
Net cash used by financing activities (119.0) (198.7) (183.1)
Effect of exchange rate changes on cash and equivalents (11.9) (30.0) 4.7
Net increase (decrease) in cash and equivalents 5.3 11.8 (36.3)
Cash and equivalents at beginning of year 117.4 105.6 141.9
Cash and equivalents at end of year $ 122.7 $ 117.4 $ 105.6
Cash paid for:
Interest, net of amounts capitalized $ 96.9 $ 47.1 $ 39.2
Income taxes, net of refunds received 207.6 176.0 188.5
The accompanying notes are an integral part of these statements.
Consolidated Statements of Cash Flows
Avon Products, Inc.
In millions
50