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CONSOLIDATED฀STATEMENTS฀OF฀CASH฀FLOWS
฀ Year฀Ended฀December฀31,
(In฀millions)฀ 2004฀ 2003฀ 2002
Cash฀flows฀from฀operating฀activities:฀ ฀ ฀ ฀ ฀ ฀
Income฀from฀continuing฀operations฀ $฀ 528.2฀ $฀ 177.9฀ $฀ 227.8
Adjustments฀to฀reconcile฀income฀from฀continuing฀฀
฀ operations฀to฀net฀cash฀flows฀from฀operating฀activities:฀ ฀ ฀ ฀ ฀ ฀
฀ Depreciation฀and฀amortization฀ ฀ 371.8฀ ฀ 347.5฀ ฀ 319.6
฀ Amortization฀of฀deferred฀gains฀on฀derivatives฀ ฀ (7.9)฀ ฀ (6.7)฀ ฀ (1.3)
฀ Amortization฀of฀unearned฀compensation฀ ฀ 1.8฀ ฀ –฀ ฀ –
฀ Acquired฀in-process฀research฀and฀development฀ ฀ 1.8฀ ฀ –฀ ฀ –
฀ Provision฀(benefit)฀for฀deferred฀income฀taxes฀ ฀ 48.4฀ ฀ (20.1)฀ ฀ (20.4)
฀ Gain฀on฀disposal฀of฀assets฀ ฀ (37.8)฀ ฀ (30.2)฀ ฀ (45.8)
฀ Impairment฀of฀investment฀in฀affiliate฀ ฀ –฀ ฀ 45.3฀ ฀ –
฀ Equity฀in฀(income)฀loss฀of฀affiliates฀ ฀ (36.3)฀ ฀ 137.8฀ ฀ 69.7
฀ Change฀in฀accounts฀receivable฀ ฀ (175.3)฀ ฀ (13.9)฀ ฀ 86.4
฀ Change฀in฀inventories฀ ฀ (4.5)฀ ฀ 20.9฀ ฀ 15.4
฀ Change฀in฀accounts฀payable฀ ฀ 49.2฀ ฀ 16.0฀ ฀ (56.8)
฀ Change฀in฀accrued฀employee฀compensation฀and฀other฀accrued฀liabilities฀ ฀ 141.4฀ ฀ 0.5฀ ฀ (49.4)
฀ Change฀in฀pensions฀and฀postretirement฀benefit฀obligations฀and฀other฀liabilities฀ ฀ (30.4)฀ ฀ (23.0)฀ ฀ 18.0
฀ Change฀in฀other฀assets฀and฀liabilities฀ ฀ (66.8)฀ ฀ (0.4)฀ ฀ 56.9
Net฀cash฀flows฀from฀continuing฀operations฀ ฀ 783.6฀ ฀ 651.6฀ ฀ 620.1
Net฀cash฀flows฀from฀discontinued฀operations฀ ฀ 0.1฀ ฀ 4.5฀ ฀ 86.3
Net฀cash฀flows฀from฀operating฀activities฀ ฀ 783.7฀ ฀ 656.1฀ ฀ 706.4
฀ ฀ ฀ ฀ ฀ ฀
Cash฀flows฀from฀investing฀activities:฀ ฀ ฀ ฀ ฀ ฀
฀ Expenditures฀for฀capital฀assets฀ ฀ (348.3)฀ ฀ (404.3)฀ ฀ (355.9)
฀ Acquisition฀of฀businesses,฀net฀of฀cash฀acquired฀ ฀ (6.6)฀ ฀ (9.5)฀ ฀ (39.7)
฀ Investments฀in฀affiliates฀ ฀ (7.1)฀ ฀ (38.1)฀ ฀ (16.5)
฀ Proceeds฀from฀sale฀of฀business฀and฀interest฀in฀affiliate฀ ฀ 58.7฀ ฀ 24.0฀ ฀ 54.0
฀ Proceeds฀from฀disposal฀of฀assets฀ ฀ 106.9฀ ฀ 66.8฀ ฀ 77.7
Net฀cash฀flows฀from฀continuing฀operations฀ ฀ (196.4)฀ ฀ (361.1)฀ ฀ (280.4)
Net฀cash฀flows฀from฀discontinued฀operations฀ ฀ (0.4)฀ ฀ (1.1)฀ ฀ (2.7)
Net฀cash฀flows฀from฀investing฀activities฀ ฀ (196.8)฀ ฀ (362.2)฀ ฀ (283.1)
฀ ฀ ฀ ฀ ฀ ฀
Cash฀flows฀from฀financing฀activities:฀ ฀ ฀ ฀ ฀ ฀
฀ Net฀borrowings฀(repayments)฀of฀commercial฀paper฀and฀other฀short-term฀debt฀ ฀ 35.5฀ ฀ 11.2฀ ฀ (162.4)
฀ Repayment฀of฀indebtedness฀ ฀ (350.0)฀ ฀ (100.0)฀ ฀ –
฀ Proceeds฀from฀termination฀of฀interest฀rate฀swap฀agreements฀ ฀ –฀ ฀ 26.9฀ ฀ 15.8
฀ Proceeds฀from฀issuance฀of฀common฀stock฀ ฀ 115.9฀ ฀ 61.8฀ ฀ 38.3
฀ Repurchase฀of฀common฀stock฀ ฀ –฀ ฀ (181.4)฀ ฀ (49.1)
฀ Dividends฀ ฀ (153.6)฀ ฀ (154.3)฀ ฀ (154.9)
Net฀cash฀flows฀from฀financing฀activities฀ ฀ (352.2)฀ ฀ (335.8)฀ ฀ (312.3)
฀ ฀ ฀ ฀ ฀ ฀
Effect฀of฀foreign฀exchange฀rate฀changes฀on฀cash฀ ฀ (14.1)฀ ฀ (3.6)฀ ฀ (5.8)
Increase฀(decrease)฀in฀cash฀and฀cash฀equivalents฀ ฀ 220.6฀ ฀ (45.5)฀ ฀ 105.2
Cash฀and฀cash฀equivalents,฀beginning฀of฀year฀ ฀ 98.4฀ ฀ 143.9฀ ฀ 38.7
Cash฀and฀cash฀equivalents,฀end฀of฀year฀ $฀ 319.0฀ $฀ 98.4฀ $฀ 143.9
฀ ฀ ฀ ฀ ฀ ฀
Income฀taxes฀paid฀ $฀ 143.2฀ $฀ 188.5฀ $฀ 128.7
Interest฀paid฀ $฀ 97.5฀ $฀ 116.2฀ $฀ 111.8
See฀Notes฀to฀Consolidated฀Financial฀Statements
42฀฀฀฀฀Baker฀Hughes฀Incorporated