Nike 2003 Annual Report Download - page 39

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NIKE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended May 31,
2003 2002 2001
(In millions)
Cash provided (used) by operations:
Netincome ........................................................ $474.0 $ 663.3 $ 589.7
Income charges not affecting cash:
Cumulative effect of accounting change ............................... 266.1 5.0 —
Depreciation ..................................................... 239.3 223.5 197.4
Deferred income taxes ............................................. 50.4 15.2 79.8
Amortization and other ............................................. 23.2 48.1 16.7
Income tax benefit from exercise of stock options .......................... 12.5 13.9 32.4
Changes in certain working capital components:
Increase in accounts receivable ...................................... (136.3) (135.2) (141.4)
(Increase) decrease in inventories .................................... (102.8) 55.4 (16.7)
Decrease in other current assets and income taxes receivable ............... 60.9 16.9 78.0
Increase (decrease) in accounts payable, accrued liabilities and income taxes
payable ....................................................... 30.1 175.4 (179.4)
Cash provided by operations ...................................... 917.4 1,081.5 656.5
Cash provided (used) by investing activities:
Additions to property, plant and equipment and other ....................... (185.9) (282.8) (317.6)
Disposals of property, plant and equipment ............................... 14.8 15.6 12.7
Increase in other assets ............................................... (46.3) (28.7) (38.5)
Increase (decrease) in other liabilities ................................... 1.8 (6.9) 1.1
Cash used by investing activities ................................... (215.6) (302.8) (342.3)
Cash provided (used) by financing activities:
Proceeds from long-term debt issuance .................................. 90.4 329.9 —
Reductions in long-term debt including current portion ..................... (55.9) (80.3) (50.3)
Decrease in notes payable ............................................. (349.8) (431.5) (68.9)
Proceeds from exercise of stock options and other stock issuances ............. 44.2 59.5 56.0
Repurchaseofstock ................................................. (196.3) (226.9) (157.0)
Dividends — common and preferred .................................... (137.8) (128.9) (129.7)
Cash used by financing activities ................................... (605.2) (478.2) (349.9)
Effect of exchange rate changes ........................................ (38.1) (29.0) 85.4
Net increase in cash and equivalents ................................ 58.5 271.5 49.7
Cash and equivalents, beginning of year ................................. 575.5 304.0 254.3
Cash and equivalents, end of year ...................................... $634.0 $ 575.5 $ 304.0
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest .................................... $ 38.9 $ 54.2 $ 68.5
Incometaxes ..................................................... 330.2 262.0 173.1
The accompanying notes to consolidated financial statements are an integral part of this statement.
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