Avon 2003 Annual Report Download - page 39

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Consolidated Statements of Cash Flows
financial statements
In millions
Years ended December 31 2003 2002 2001
Cash Flows from Operating Activities
Net income $664.8 $534.6 $444.6
Adjustments to reconcile income to net cash provided by operating activities:
Cumulative effect of accounting change ——.3
Depreciation 94.4 96.3 81.9
Amortization 29.1 28.5 27.1
Provision for doubtful accounts 124.8 108.3 105.6
Provision for obsolescence 55.6 58.9 63.7
Amortization of debt discount 9.7 18.1 14.9
Foreign exchange losses (gains) 12.2 (20.3) 6.8
Deferred income taxes 22.7 31.1 (21.7)
Net realized (gains) losses on investments (.8) .5 .1
Special charges, net of payments (44.6) (7.6) 89.1
Other 25.1 13.0 15.9
Changes in assets and liabilities:
Accounts receivable (140.8) (177.3) (155.5)
Income tax receivable —— 95.2
Inventories (66.4) (88.3) (96.9)
Prepaid expenses and other (25.7) (20.2) (17.7)
Accounts payable and accrued liabilities (7.9) 62.6 71.7
Income and other taxes 5.1 41.2 38.4
Noncurrent assets and liabilities (12.0) (114.0) (16.0)
Net cash provided by operating activities 745.3 565.4 747.5
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