Whirlpool 2004 Annual Report Download - page 32

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28
Consolidated Condensed Statements of Cash Flows
Year Ended December 31 (millions of dollars) 2004 2003 2002
Operating activities
Net earnings (loss) $ 406 $ 414 $(394)
Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities:
Cumulative effect of a change in accounting principle - - 613
Equity in losses of affiliated companies, less dividends received 1 - 27
(Gain) loss on disposition of assets (7) 6 5
Loss on discontinued operations - - 43
Depreciation and amortization 445 427 405
Changes in assets and liabilities, net of business acquisitions:
Trade receivables (16) 4 (67)
Inventories (266) (127) 101
Accounts payable 253 163 63
Product recalls 12 6 (239)
Restructuring charges, net of cash paid (33) (89) 33
Taxes deferred and payable, net (18) 55 157
Tax paid on cross currency interest rate swap gain - - (86)
Accrued pension 6 (109) (37)
Other - net 11 (6) 161
Cash Provided by Operating Activities $ 794 $ 744 $ 785
Investing activities
Capital expenditures $(511) $(423) $(430)
Proceeds from sale of assets 74 75 27
Acquisitions of businesses, less cash acquired (2) (4) (179)
Cash Used for Investing Activities $(439) $(352) $(582)
Financing activities
Net (repayments) proceeds of short-term borrowings $ (37) $ 7 $(165)
Proceeds of long-term debt - 6 6
Repayments of long-term debt (21) (221) (77)
Dividends paid (116) (94) (91)
Purchase of treasury stock (251) (65) (46)
Redemption of WFC preferred stock - (33) (25)
Common stock issued under stock plans 64 65 80
Other 3 (10) (5)
Cash Used for Financing Activities $(358) $(345) $(323)
Effect of Exchange Rate Changes on Cash and Equivalents $ (3) $ 10 $ (4)
(Decrease) Increase in Cash and Equivalents $ (6) $ 57 $(124)
Cash and Equivalents at Beginning of Year 249 192 316
Cash and Equivalents at End of Year $ 243 $ 249 $ 192