Washington Post 2002 Annual Report Download - page 44

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal year ended
December 29, December 30, December 31,
(in thousands) 2002 2001 2000
Cash Flows from Operating Activities:
Net income****************************************************** $ 204,268 $ 229,639 $ 136,470
Adjustments to reconcile net income to net
cash provided by operating activities:
Cumulative effect of change in accounting principle************** 12,100 ——
Depreciation of property, plant and equipment ****************** 171,908 138,300 117,948
Amortization of goodwill and other intangibles ****************** 655 78,933 62,634
Net pension benefit ******************************************** (64,447) (76,945) (65,312)
Early retirement program expense ******************************* 19,001 3,344 29,049
Gain from sale or exchange of businesses *********************** (27,844) (321,091) —
(Gain) loss on disposition of marketable equity
securities and cost method investments, net ******************** (13,209) 511 (11,588)
Cost method investment and other write-downs******************* 21,194 36,672 23,097
Equity in losses of affiliates, net of distributions ****************** 20,018 69,359 37,406
Provision for deferred income taxes ***************************** 50,115 97,302 (7,743)
Change in assets and liabilities:
(Increase) decrease in accounts receivable, net **************** (1,116) 28,803 (44,413)
Increase in inventories**************************************** (11,142) (3,390) (1,265)
Increase in accounts payable and accrued liabilities *********** 73,653 24,756 22,192
Decrease in income taxes receivable************************** 15,106 1,591 36,227
Decrease in other assets and other liabilities, net ************** 21,360 38,294 23,141
Other ********************************************************* 5,846 2,752 10,701
Net cash provided by operating activities ********************* 497,466 348,830 368,544
Cash Flows from Investing Activities:
Investments in certain businesses ********************************** (36,016) (104,356) (212,274)
Net proceeds from sale of businesses ***************************** — 61,921 1,650
Purchases of property, plant and equipment *********************** (152,992) (224,227) (172,383)
Purchases of cost method investments****************************** (250) (11,675) (42,459)
Investments in affiliates ******************************************* (7,610) (21,112) (12,430)
Proceeds from sale of marketable equity securities ***************** 19,701 145 6,332
Other *********************************************************** 1,484 1,477 8,036
Net cash used in investing activities***************************** (175,683) (297,827) (423,528)
Cash Flows from Financing Activities:
(Repayment) issuance of commercial paper, net******************** (276,189) 10,072 35,071
Dividends paid ************************************************** (54,256) (54,166) (52,024)
Common shares repurchased ************************************* (786) (445) (96)
Proceeds from exercise of stock options *************************** 6,739 4,671 7,056
Other *********************************************************** —— 9,843
Net cash used in financing activities **************************** (324,492) (39,868) (150)
Net (Decrease) Increase in Cash and Cash Equivalents ********** (2,709) 11,135 (55,134)
Cash and Cash Equivalents at Beginning of Year **************** 31,480 20,345 75,479
Cash and Cash Equivalents at End of Year ********************** $ 28,771 $ 31,480 $ 20,345
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes ************************************************** $ 68,900 $ 52,600 $ 95,000
Interest, net of amounts capitalized ***************************** $ 30,600 $ 48,000 $ 52,700
The information on pages 44 through 56 is an integral part of the financial statements.
42 THE WASHINGTON POST COMPANY