Kodak 2003 Annual Report Download - page 44

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Financials
44
Eastman Kodak Company
Consolidated Statement of Cash Flows
For the Year Ended December 31,
(in millions) 2003 2002 2001
Cash flows from operating activities:
Net earnings $ 265 $ 770 $ 76
Adjustments to reconcile to net cash provided by operating activities:
(Earnings) loss from discontinued operations (27) 23 5
Equity in losses from unconsolidated affiliates 52 105 84
Depreciation and goodwill amortization 830 818 917
Gain on sales of businesses/assets (11) (24) —
Purchased research and development 32 ——
Restructuring costs, asset impairments and other charges 156 85 415
Benefit for deferred income taxes (14) (224) (41)
(Increase) decrease in receivables (9) 263 254
Decrease in inventories 128 88 465
Increase (decrease) in liabilities excluding borrowings 94 29 (111)
Other items, net 130 285 149
Total adjustments 1,361 1,448 2,137
Net cash provided by continuing operations 1,626 2,218 2,213
Net cash provided by (used in) discontinued operations 19 (14) (7)
Net cash provided by operating activities 1,645 2,204 2,206
Cash flows from investing activities:
Additions to properties (506) (577) (743)
Net proceeds from sales of businesses/assets 26 27 —
Acquisitions, net of cash acquired (697) (72) (306)
Investments in unconsolidated affiliates (89) (123) (141)
Marketable securities—sales 86 88 54
Marketable securities—purchases (87) (101) (52)
Net cash used in investing activities (1,267) (758) (1,188)
Cash flows from financing activities:
Net decrease in borrowings with maturities of 90 days or less (574) (210) (695)
Proceeds from other borrowings 1,693 759 1,907
Repayment of other borrowings (531) (1,146) (1,355)
Dividends to shareholders (330) (525) (643)
Exercise of employee stock options 12 51 22
Stock repurchase programs —(260) (44)
Net cash provided by (used in) financing activities 270 (1,331) (808)
Effect of exchange rate changes on cash 33 6 (8)
Net increase in cash and cash equivalents 681 121 202
Cash and cash equivalents, beginning of year 569 448 246
Cash and cash equivalents, end of year $ 1,250 $ 569 $ 448
Supplemental Cash Flow Information
Cash paid for interest and income taxes was:
Interest, net of portion capitalized of $2, $3 and $12 $ 137 $ 173 $ 214
Income taxes 66 201 120
The following non-cash transactions are not reflected in the Consolidated Statement of Cash Flows:
Minimum pension liability adjustment $ 122 $ 394 $ 37
Liabilities assumed in acquisitions 109 30 142
Issuance of restricted stock, net of forfeitures 13 15
Issuance of stock related to an acquisition —25 —
The accompanying notes are an integral part of these consolidated financial statements.