OfficeMax 2005 Annual Report Download - page 54

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OfficeMax Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
Year Ended December 31
2005 2004 2003
(thousands)
Cash provided by (used for) operations
Net income (loss) .................................. $ (73,762) $ 173,058 $ 8,272
Items in net income (loss) not using (providing) cash
Equity in net income of affiliates ....................... (5,460) (6,311) (8,822)
Depreciation, amortization and cost of company timber
harvested ..................................... 151,145 354,982 307,849
Deferred income tax benefit .......................... (5,007) (15,192) (5,809)
Minority interest, net of income tax ..................... 2,370 3,026 —
Pension and other postretirement benefits expense .......... 25,877 83,261 84,760
Discontinued operations ............................ 8,862 36,457 (11,154)
Gain on sales of assets ............................. (410) (387,218) —
Non-cash asset write-downs .......................... 23,062 1,582 —
Cumulative effect of accounting changes, net of income tax .... — — 8,803
Other ......................................... 38,384 22,027 23,984
Receivables ...................................... 47,517 (490,168) (22,396)
Inventories ....................................... 32,809 (39,630) 73,299
Accounts payable and accrued liabilities ................... (142,582) (15,867) (58,906)
Current and deferred income taxes ...................... (131,622) 84,623 (38,261)
Pension and other postretirement benefits payments .......... — (288,772) (94,811)
Other assets and liabilities ............................ (28,881) 32,993 57,891
Cash provided by (used for) operations .................. (57,698) (451,149) 324,699
Cash provided by (used for) investment
Expenditures for property and equipment .................. (152,450) (290,600) (212,833)
Expenditures for timber and timberlands ................... — (7,642) (10,256)
Investments in affiliates ............................... — (174,901) 127
Acquisition of businesses and facilities, net of cash acquired ..... (34,803) — (432,571)
Restricted investment ................................ 93,259 (113,000) —
Proceeds from sale of assets .......................... — 2,225,561 —
Discontinued operations .............................. — (9,388) 6,404
Other ........................................... (3,343) 15,078 (24,489)
Cash provided by (used for) investment .................. (97,337) 1,645,108 (673,618)
Cash provided by (used for) financing
Cash dividends paid
Common stock ................................... (49,817) (51,874) (35,001)
Preferred stock ................................... (4,379) (12,211) (13,864)
(54,196) (64,085) (48,865)
Short-term borrowings (repayments) ...................... 8,266 5,121 (22,812)
Timber notes securitized .............................. — 1,470,000 —
Additions to long-term debt ............................ — 246 735,712
Payments of long-term debt ........................... (206,933) (1,570,504) (246,589)
Purchase of Series D preferred ......................... (7,229) (123,233) —
Purchase of common shares ........................... (780,417) —
Proceeds from exercise of stock options ................... 24,747 37,823 8,554
Stock issued for adjustable conversion-rate equity security units . . — 172,500 —
Other ........................................... 453 (4,164) (17,354)
Cash provided by (used for) financing ................... (1,015,309) (76,296) 408,646
Increase (decrease) in cash and cash equivalents .......... (1,170,344) 1,117,663 59,727
Balance at beginning of the year ....................... 1,242,542 124,879 65,152
Balance at end of the year ........................... $ 72,198 $ 1,242,542 $ 124,879
See accompanying notes to consolidated financial statements.
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