Quest Diagnostics 2003 Annual Report Download - page 104

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QUEST DIAGNOSTICS INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—CONTINUED
(dollars in thousands unless otherwise indicated)
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2002 Non-
Subsidiary Guarantor
Parent Guarantors Subsidiaries Eliminations Consolidated
Cash flows from operating activities:
Net income ........................................ $ 322,154 $ 121,784 $ 37,552 $(159,336) $ 322,154
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization ..................... 45,718 78,160 7,513 - 131,391
Provision for doubtful accounts ................... 7,966 29,513 179,881 - 217,360
Other, net ....................................... (52,282) 15,317 35,626 159,336 157,997
Changes in operating assets and liabilities ......... 168,559 (250,548) (150,542) - (232,531)
Net cash provided (used in) by operating activities . . . 492,115 (5,774) 110,030 - 596,371
Net cash used in investing activities ................. (439,848) (2,480) (6,075) (28,809) (477,212)
Net cash provided by (used in) financing activities . . . 26,748 (94,940) (105,331) 28,809 (144,714)
Net change in cash and cash equivalents............. 79,015 (103,194) (1,376) - (25,555)
Cash and cash equivalents, beginning of year ........ - 110,571 11,761 - 122,332
Cash and cash equivalents, end of year .............. $ 79,015 $ 7,377 $ 10,385 $ - $ 96,777
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2001 Non-
Subsidiary Guarantor
Parent Guarantors Subsidiaries Eliminations Consolidated
Cash flows from operating activities:
Net income ........................................ $ 162,303 $ 33,054 $ 39,451 $ (72,505) $ 162,303
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization ..................... 40,726 102,020 4,981 - 147,727
Provision for doubtful accounts ................... 627 21,198 196,446 - 218,271
Loss on debt extinguishment ...................... 12,464 25,945 3,603 - 42,012
Other, net ....................................... 34,863 35,735 (40,087) 72,505 103,016
Changes in operating assets and liabilities ......... (84,349) (40,535) (82,642) - (207,526)
Net cash provided by operating activities ............ 166,634 177,417 121,752 - 465,803
Net cash used in investing activities ................. (395,196) (45,293) (4,087) 147,960 (296,616)
Net cash provided by (used in) financing activities . . . 228,562 (185,416) (113,518) (147,960) (218,332)
Net change in cash and cash equivalents............. - (53,292) 4,147 - (49,145)
Cash and cash equivalents, beginning of year ........ - 163,863 7,614 - 171,477
Cash and cash equivalents, end of year .............. $ - $ 110,571 $ 11,761 $ - $ 122,332
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