Motorola 1999 Annual Report Download - page 26

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1999 1998 1997
Operating
Net earnings (loss) $÷««817 $«÷(962) $«1,180
Adjustments to reconcile net earnings (loss) to
net cash provided by operating activities:
Restructuring and other charges (226) 1,980 327
Iridium charges 2,119 360 178
Depreciation 2,182 2,197 2,329
Deferred income taxes (415) (933) (98)
Amortization of debt discount and issue costs 11 11 10
Gain on disposition of investments and businesses,
net of acquisition charges (1,034) (146) (116)
Change in assets and liabilities, net of effects of
acquisitions and dispositions:
Accounts receivable 15 (238) (812)
Inventories (661) 254 (880)
Other current assets (30) 31 (114)
Accounts payable and accrued liabilities 270 (753) 698
Other assets and liabilities (1,120) (780) (106)
Net cash provided by operating activities 1,928 1,021 2,596
Investing
Acquisitions and advances to affiliates (552) (786) (286)
Proceeds from dispositions of investments and businesses 2,536 371 248
Capital expenditures (2,684) (3,221) (2,874)
Proceeds from dispositions of property, plant and equipment 468 507 443
(Purchases) sales of short-term investments (496) 164 (37)
Net cash used for investing activities (728) (2,965) (2,506)
Financing
(Repayment of) proceeds from commercial paper
and short-term borrowings (403) 1,627 (100)
Proceeds from issuance of debt 501 773 312
Repayment of debt (47) (293) (102)
Issuance of common stock 481 99 137
Issuance of preferred securities of subsidiary trust 484 – –
Payment of dividends (291) (288) (286)
Net cash provided by (used for) financing activities 725 1,918 (39)
Effect of exchange rate changes on cash and cash equivalents (33) 34 (119)
Net increase (decrease) in cash and cash equivalents $«1,892 $÷«÷÷«8 $÷«««(68)
Cash and cash equivalents, beginning of year $«1,453 $«1,445 $«1,513
Cash and cash equivalents, end of year $«3,345 $«1,453 $«1,445
Supplemental Cash Flow Information
Cash paid during the year for:
Interest $÷««265 $÷««286 $÷««211
Income taxes $÷««279 $÷««388 $÷««611
See accompanying condensed notes to consolidated financial statements.
CONSOLIDATED STATEMENTS
OF CASH FLOWS (In millions)
Years Ended December 31
25 MOTOROLA, INC. AND SUBSIDIARIES