Whirlpool 2003 Annual Report Download - page 32

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30
Consolidated Condensed Statements of Cash Flows
Year ended December 31 (Millions of dollars) 2003 2002 2001
Operating activities
Net earnings (loss) $ 414 $(394) $ 21
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Cumulative effect of a change in accounting principle – 613 (8)
Equity in losses of affiliated companies, less dividends received – 27 4
Loss on disposition of assets 652
Loss on discontinued operations – 43 21
Depreciation and amortization 427 405 396
Changes in assets and liabilities, net of business acquisitions:
Trade receivables 4 (67) 116
Inventories (127) 101 (26)
Accounts payable 163 63 230
Product recalls 6 (239) 239
Restructuring charges, net of cash paid (89) 33 74
Taxes deferred and payable, net 55 157 (129)
Tax paid on cross-currency interest rate swap gain – (86) –
Accrued pension (109) (37) (84)
Other – net (6) 161 137
Cash Provided By Operating Activities $ 744 $ 785 $ 993
Investing activities
Capital expenditures $(423) $(430) $(378)
Proceeds from sale of assets 75 27 31
Proceeds of cross-currency interest rate swaps – – 209
Acquisitions of businesses, less cash acquired (4) (179) –
Cash Used for Investing Activities $(352) $(582) $(138)
Financing activities
Net proceeds of short-term borrowings $ 7 $(165) $(790)
Proceeds of long-term debt 6 6 301
Repayments of long-term debt (221) (77) (90)
Dividends paid (94) (91) (113)
Purchase of treasury stock (65) (46) (43)
Redemption of WFC preferred stock (33) (25) –
Common stock issued under stock plans 65 80 81
Other (10) (5) 1
Cash Used for Financing Activities $(345) $(323) $(653)
Effect of Exchange Rate Changes on Cash and Equivalents $ 10 $ (4) $ –
Increase (Decrease) in Cash and Equivalents $ 57 $(124) $ 202
Cash and Equivalents at Beginning of Year 192 316 114
Cash and Equivalents at End of Year $ 249 $ 192 $ 316