Valero 2003 Annual Report Download - page 28

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(millions of dollars)
YEAR ENDED DECEMBER 31, 2003 2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 622 $ 92 $ 564
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
Depreciation and Amortization Expense 511 449 238
Deferred Income Tax Expense 287 2 270
Changes in Current Assets,
Current Liabilities & Other, Net 333 ( 271 ) (167 )
Net Cash Provided by Operating Activities 1,753 272 905
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures and Deferred Turnaround
and Catalyst Costs (1,112 ) ( 780 ) ( 536 )
Exercise of Purchase Options Under Leases ( 275 ) ——
Proceeds from Sale of Assets to Valero L.P. 380 ——
Proceeds from Disposition of Assets Held for Sale —1,226 —
Payments Related to the Golden Eagle Business —(183 ) —
UDS Acquisition, Including Related Advance ——( 2,533)
Other Acquisitions and Investments ( 451 ) — (184)
Earn-out Payments in Connection with Acquisitions (51) (24 ) (55 )
Proceeds from Sale of Tesoro Notes 90 — —
Other, Net 88 10 6
Net Cash Provided by (Used in) Investing Activities (1,331 ) 249 ( 3,302)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash Payment to UDS Shareholders —(2,055 ) —
Financing Required to Fund UDS Acquisition, Net ——2,053
Debt and Capital Lease Borrowings (Repayments), Net ( 357 ) 1,642 697
Redemption of Preferred Securities of Subsidiary Trust ( 200 ) ——
Proceeds from Common Stock Offering, Net 250 ——
Proceeds from Common Unit Issuance by Valero L.P., Net 200 — —
Cash Distributions to Minority Interest in Valero L.P. (4) (14) —
Preferred and Common Stock Dividends (51) (42) (21)
Issuance (Repurchase) of Stock, Net 26 57 (78)
Net Cash Provided by (Used in) Financing Activities (136 ) (412 ) 2,651
VALERO L.P.’S CASH BALANCE AS OF THE
DATE THAT VALERO CEASED CONSOLIDATION ( 336 ) ——
EFFECT OF FOREIGN EXCHANGE RATE CHANGES
ON CASH 40 1—
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS (10 ) 110 254
CASH AND TEMPORARY CASH INVESTMENTS
AT BEGINNING OF YEAR 379 269 15
CASH AND TEMPORARY CASH INVESTMENTS
AT END OF YEAR $ 369 $ 379 $ 269
condensed consolidated statements of cash flows
25