Radio Shack 2004 Annual Report Download - page 38

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Consolidated Statements of Cash Flows
RadioShack Corporation and Subsidiaries
36 AR2004
Year Ended December 31,
(In millions) 2004 2003 2002
Cash flows from operating activities:
Net income $ 337.2 $ 298.5 $ 263.4
Adjustments to reconcile net income to net cash provided by operating activities:
Impairment of long-lived assets –– 8.1
Depreciation and amortization 101.4 92.0 94.7
Deferred income taxes and other items 50.2 51.7 30.6
Provision for credit losses and bad debts (0.3) 0.4 4.7
Changes in operating assets and liabilities, excluding acquisitions:
Accounts and notes receivable (53.0) 17.2 68.2
Inventories (234.2) 202.3 (21.4)
Other current assets (7.5) (5.2) 1.9
Accounts payable, accrued expenses and income taxes payable 158.7 (5.0) 71.4
Net cash provided by operating activities 352.5 651.9 521.6
Cash flows from investing activities:
Additions to property, plant and equipment (229.4) (189.6) (106.8)
Proceeds from sale of property, plant and equipment 2.5 2.0 8.6
Proceeds from sale of installation subsidiary –4.7 –
Purchase of retail service business (59.1) ––
Other investing activities (4.2) (6.0) (0.8)
Net cash used in investing activities (290.2) (188.9) (99.0)
Cash flows from financing activities:
Purchases of treasury stock (251.1) (286.2) (329.9)
Sale of treasury stock to employee benefit plans 35.4 35.8 40.6
Proceeds from exercise of stock options 50.4 15.7 9.0
Proceeds from financing obligation –– 32.3
Payments of dividends (39.7) (40.8) (39.8)
Changes in short-term borrowings, net (14.0) 20.7 (2.0)
Repayments of long-term borrowings (40.1) (20.0) (87.7)
Net cash used in financing activities (259.1) (274.8) (377.5)
Net (decrease)/increase in cash and cash equivalents (196.8) 188.2 45.1
Cash and cash equivalents, beginning of period 634.7 446.5 401.4
Cash and cash equivalents, end of period $ 437.9 $ 634.7 $ 446.5
Supplemental cash flow information:
Interest paid $29.3 $ 35.0 $ 43.9
Income taxes paid 182.7 153.5 160.2
The accompanying notes are an integral part of these consolidated financial statements.