DIRECTV 2002 Annual Report Download - page 79

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HUGHES ELECTRONICS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2002 2001 2000
(Dollars in Millions)
Cash Flows from Operating Activities
Loss from continuing operations before cumulative effect of
accounting changes ................................... $ (212.5) $ (614.2) $ (355.4)
Adjustments to reconcile loss from continuing operations before
cumulative effect of accounting changes to net cash provided
by operating activities ..................................
Depreciationandamortization ......................... 1,067.1 1,147.7 948.1
Equity losses from unconsolidated affiliates .............. 70.1 61.3 164.2
Net gain from sale of investments ...................... (84.1) (130.6) —
Net loss on write-down of investments ................... 180.6 239.0 —
Net (gain) loss on discontinuation of businesses .......... 51.7 (32.0) 128.4
Loss on disposal of assets ............................ 53.8 15.3 14.6
Net gain from insurance claim ......................... (40.1) — —
Gross (profit) loss on sales-type leases .................. 18.7 (32.7) (136.4)
Deferred income taxes and other ....................... 125.0 93.3 377.1
Change in other operating assets and liabilities
Accounts and notes receivable ....................... (65.6) 49.9 (164.4)
Inventories ....................................... 129.8 (19.8) (101.9)
Prepaid expenses and other ......................... 233.1 (23.3) 5.3
Accounts payable .................................. (187.5) (320.8) 162.0
Accrued liabilities .................................. 66.2 (100.7) (132.1)
Other............................................ (280.2) (142.1) 181.2
NetCashProvidedbyOperatingActivities.......... 1,126.1 190.3 1,090.7
Cash Flows from Investing Activities
Investment in companies, net of cash acquired ............... (27.0) (287.8) (181.2)
Purchase of short-term investments ........................ (99.8) — —
Expenditures for property ................................. (566.4) (799.4) (939.0)
Expenditures for satellites ................................ (731.7) (944.1) (777.1)
Proceeds from sale of investments ......................... 322.4 204.9 4,040.3
Proceeds from insurance claims ........................... 215.0 132.4 36.2
Other,net.............................................. 0.3 (47.2) 31.6
Net Cash Provided by (Used in) Investing Activities . . (887.2) (1,741.2) 2,210.8
Cash Flows from Financing Activities
Net increase (decrease) in notes and loans payable ........... (1,147.3) 1,187.4 (496.6)
Long-term debt borrowings ................................ 1,801.1 1,642.6 5,262.2
Repayment of long-term debt .............................. (183.3) (1,515.2) (5,591.5)
Debt issuance costs ..................................... (85.4) — —
Stock options exercised .................................. 7.4 21.8 70.1
Preferred stock dividends paid to General Motors ............. (68.7) (93.7) (93.8)
Payment of Raytheon settlement ........................... (134.2) (500.0) —
Net Cash Provided by (Used in) Financing Activities . 189.6 742.9 (849.6)
Net cash provided by (used in) continuing operations ............ 428.5 (808.0) 2,451.9
Net cash used in discontinued operations ..................... — — (1,182.0)
Net increase (decrease) in cash and cash equivalents ........... 428.5 (808.0) 1,269.9
Cash and cash equivalents at beginning of the year ............. 700.1 1,508.1 238.2
Cash and cash equivalents at end of the year .................. $1,128.6 $ 700.1 $ 1,508.1
Reference should be made to the Notes to the Consolidated Financial Statements.
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