Washington Post 1999 Annual Report Download - page 11

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal year ended
January 2, January 3, December 28,
(in thousands) 2000 1999 1997
Cash Flows from Operating Activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $225,785 $ 417,259 $ 281,574
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . 104,235 89,248 71,478
Amortization of goodwill and other intangibles . . . . . . . . . . . . . . . . . . . . . . 58,563 49,889 33,559
Net pension benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (81,683) (61,997) (30,227)
Gain from disposition of businesses and
marketable equity securities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,799) (314,400) (44,560)
Equity in losses (earnings) of affiliates, net of distributions . . . . . . . . . 9,744 9,145 (6,996)
Provision for deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,988 26,987 3,089
Change in assets and liabilities:
(Increase) decrease in accounts receivable, net . . . . . . . . . . . . . . . . . . . (28,194) 22,041 (8,438)
Decrease (increase) in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,264 (941) 5,214
(Decrease) increase in accounts payable and accrued liabilities . . . (7,749) 13,949 19,638
Increase in income taxes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,909) (50,735) —
(Increase) decrease in other assets and other liabilities, net . . . . . . (4,274) 12,241 2,690
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,034 10,427 (8,724)
Net cash provided by operating activities ......................... 283,005 223,113 318,297
Cash Flows from Investing Activities:
Net proceeds from sale of businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 376,442 120,208
Purchases of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . (130,045) (244,219) (214,573)
Purchases of marketable equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,332) (164,955) —
Sales and maturities of marketable equity securities . . . . . . . . . . . . . . . . . . 54,805 38,246 —
Investments in certain businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (90,455) (320,597) (178,943)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,356) (5,960) (3,187)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200,383) (321,043) (276,495)
Cash Flows from Financing Activities:
Issuance of commercial paper, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,087 156,968 296,394
Issuance of notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,620 — —
Redemption of redeemable preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(74) —
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53,326) (51,383) (52,592)
Common shares repurchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (425,865) (20,512) (368,565)
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,151 7,004 1,800
Net cash (used in) provided by financing activities ................. (22,333) 92,003 (122,963)
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . . . . . . . . 60,289 (5,927) (81,161)
Cash and Cash Equivalents at Beginning of Year . . . . . . . . . . . . . . . . . . . . . . 15,190 21,117 102,278
Cash and Cash Equivalents at End of Year ................................ $75,479 $ 15,190 $ 21,117
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125,000 $ 280,000 $ 164,000
Interest, net of amounts capitalized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,000 $ 8,700 $ 350
The information on pages 44 through 55 is an integral part of the financial statements.
42 THE WASHINGTON POST COMPANY