Tyson Foods 2003 Annual Report Download - page 36

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34 Tyson Foods, Inc.
consolidated statements of cash flows
TYSON FOODS, INC. 2003 ANNUAL REPORT
in millions
Three years ended September 27, 2003 2003 2002 2001
Cash Flows From Operating Activities:
Net income $ 337 $ 383 $ 88
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation 427 431 294
Amortization 31 36 41
Plant closing related charges 22 – –
Write-down of intangible asset – 27 –
Gain on sale of subsidiary – (22) –
Deferred taxes 113 22 (47)
Other 36 20 21
(Increase) decrease in accounts receivable (179) 44 (45)
Increase in inventories (78) (4) (15)
Increase (decrease) in trade accounts payable 60 (30) 89
Net change in other current assets and liabilities 51 267 85
Cash Provided by Operating Activities 820 1,174 511
Cash Flows From Investing Activities:
Additions to property, plant and equipment (402) (433) (261)
Proceeds from sale of assets 30 14 33
Proceeds from sale of subsidiary – 131 –
Net cash paid for IBP acquisition – – (1,670)
Acquisitions of property, plant and equipment – (73) (33)
Purchase of Tyson de Mexico minority interest – – (19)
Net change in investment in commercial paper 4 94 (23)
Net change in other assets and liabilities 7 (61) (45)
Cash Used for Investing Activities (361) (328) (2,018)
Cash Flows From Financing Activities:
Net change in debt (387) (789) 1,584
Purchase of treasury shares (41) (19) (48)
Proceeds from exercise of IBP stock options – – 34
Dividends and other (54) (58) (35)
Cash Provided by (Used for) Financing Activities (482) (866) 1,535
Effect of Exchange Rate Change on Cash (3) 1 (1)
Increase (Decrease) in Cash and Cash Equivalents (26) (19) 27
Cash and Cash Equivalents at Beginning of Year 51 70 43
Cash and Cash Equivalents at End of Year $ 25 $ 51 $ 70
See accompanying notes.