Mattel 2003 Annual Report Download - page 62

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MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year
2003 2002 2001
(In thousands)
Cash Flows From Operating Activities:
Net income ................................................. $ 537,632 $ 230,101 $ 298,919
Add: cumulative effect of change in accounting principles, net of tax . . . — 252,194 12,001
Add: gain from discontinued operations, net of tax .................. — (27,253) —
Income from continuing operations .............................. 537,632 455,042 310,920
Adjustments to reconcile income from continuing operations to net cash
flows from operating activities:
Gains on sale of investments ............................... (15,549) — (4,799)
Net loss on sale of other property, plant and equipment .......... 1,250 — —
Noncash derivative loss ................................... — — 5,532
Noncash restructuring and other charges ...................... 792 2,405 4,594
Depreciation ............................................ 178,256 180,346 201,012
Amortization ............................................ 5,563 11,582 61,496
Increase (decrease) from changes in assets and liabilities:
Accounts receivable ...................................... (9,470) 184,154 111,224
Inventories .............................................. (27,556) 154,293 (14,144)
Prepaid expenses and other current assets ..................... (23,218) 15,589 (76,145)
Accounts payable, accrued liabilities and income taxes payable .... (87,380) 74,445 152,160
Deferred income taxes .................................... 13,589 80,608 9,856
Deferred compensation and other retirement plans .............. 14,799 (12,968) (14,025)
Other, net ............................................... 16,094 10,588 9,112
Net cash flows from operating activities of continuing operations ...... 604,802 1,156,084 756,793
Cash Flows From Investing Activities:
Purchases of tools, dies and molds ............................... (99,267) (81,037) (93,914)
Purchases of other property, plant and equipment ................... (101,133) (86,357) (100,737)
Proceeds from sale of investments ............................... 23,615 — 13,757
Payment for businesses acquired ................................ (5,015) (2,910) (20,547)
Proceeds from sale of other property, plant and equipment ............ 1,457 12,336 6,462
Other, net ................................................... (420) (450) 1,791
Net cash flows used for investing activities of continuing operations .... (180,763) (158,418) (193,188)
Cash Flows From Financing Activities:
Short-term borrowings, net ..................................... (7,087) (5,929) (175,717)
Payments of long-term debt .................................... (181,097) (421,597) (31,261)
Purchase of treasury stock ..................................... (244,446) — —
Payment of dividends on common stock .......................... (171,336) (21,868) (21,602)
Exercise of stock options ...................................... 49,502 55,017 53,516
Net cash flows used for financing activities of continuing operations .... (554,464) (394,377) (175,064)
Net Cash From (Used for) Discontinued Operations (See Note 14) ... — 43,259 (542)
Effect of Currency Exchange Rate Changes on Cash .............. 16,068 3,886 (3,784)
Increase (Decrease) in Cash and Short-term Investments .......... (114,357) 650,434 384,215
Cash and Short-term Investments at Beginning of Year ........... 1,267,038 616,604 232,389
Cash and Short-term Investments at End of Year ................ $1,152,681 $1,267,038 $ 616,604
The accompanying notes are an integral part of these statements.
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