Estee Lauder 2002 Annual Report Download - page 57

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THEEST{E LAUDER COMPANIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED JUNE 30 2002 2001 2000
(In millions)
Cash Flows from Operating Activities
Net earnings $191.9 $ 305.2 $ 314.1
Adjustments to reconcile net earnings to net cash flows provided
by operating activities:
Depreciation and amortization 162.0 156.3 129.1
Amortization of purchased royalty rights —6.6 17.7
Deferred income taxes (22.6) 4.7 (5.5)
Minority interest 4.7 1.9 —
Non-cash stock compensation (0.1) 0.7 1.7
Cumulative effect of a change in accounting principle 20.6 2.2 —
Non-cash portion of restructuring and other non-recurring expenses 58.0 27.1 —
Other non-cash items 0.9 ——
Changes in operating assets and liabilities:
Increase in accounts receivable, net (15.4) (57.3) (24.4)
Decrease (increase) in inventory and promotional merchandise, net 102.2 (102.1) (31.3)
Increase in other assets (11.7) (53.6) (39.8)
Increase (decrease) in accounts payable (32.6) 14.2 12.2
Increase in accrued income taxes 28.8 5.9 10.9
Increase (decrease) in other accrued liabilities 59.6 (23.4) 35.1
Increase (decrease) in other noncurrent liabilities (28.3) 17.0 22.7
Net cash flows provided by operating activities 518.0 305.4 442.5
Cash Flows from Investing Activities
Capital expenditures (203.2) (192.2) (180.9)
Acquisition of businesses, net of acquired cash (18.5) (16.0) (180.5)
Purchases of long-term investments ——(15.9)
Proceeds from disposition of long-term investments 4.7 1.9 3.0
Net cash flows used for investing activities (217.0) (206.3) (374.3)
Cash Flows from Financing Activities
Increase (decrease) in short-term debt, net 0.6 (0.1) (0.6)
Proceeds from issuance of long-term debt, net 247.2 24.5 —
Repayments of long-term debt (256.6) (30.1) (6.8)
Net proceeds from employee stock transactions 7.7 13.3 14.0
Payments to acquire treasury stock (49.7) (0.1) (23.6)
Dividends paid (71.0) (71.0) (70.9)
Net cash flows used for financing activities (121.8) (63.5) (87.9)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 21.0 (9.2) (7.5)
Net Increase (Decrease) in Cash and Cash Equivalents 200.2 26.4 (27.2)
Cash and Cash Equivalents at Beginning of Year 346.7 320.3 347.5
Cash and Cash Equivalents at End of Year $ 546.9 $ 346.7 $ 320.3
Supplemental disclosures of cash flow information (see also Note 17)
Cash paid during the year for:
Interest $17.6 $ 26.7 $ 29.2
Income Taxes $ 120.5 $ 176.6 $ 163.8
See notes to consolidated financial statements.
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