AMD 2002 Annual Report Download - page 53

Table of Contents
Consolidated Statements of Cash Flows
Three Years Ended December 29,
2002 2001 2000
(Thousands)
Cash flows from operating activities:
Net income (loss) $ (1,303,012) $ (60,581) $ 983,026
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Gain on sale of Legerity — — (336,899)
Depreciation 739,608 601,673 558,378
Amortization 16,561 21,194 20,692
Provision for doubtful accounts 1,456 9,791 8,154
Impairment of equity investments 4,654 27,164 —
Provision (benefit) for deferred income taxes 35,427 (36,052) (19,076)
Restructuring and other special charges 311,250 81,768 —
Foreign grant and subsidy income (59,324) (61,843) (54,059)
Net loss on disposal of property, plant and equipment 11,930 22,371 10,380
Net loss (gain) realized on sale of available-for-sale securities (5,334) 1,565 —
Compensation recognized under employee stock plans 2,891 4,592 867
Undistributed income of joint venture (6,177) (18,879) (11,039)
Recognition of deferred gain on sale of building (1,681) (1,681) (1,681)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 259,505 (122,174) (140,479)
Increase in inventories (51,975) (36,975) (156,284)
(Increase) decrease in prepaid expenses (795) 28,560 79,293
Increase in other assets (100,221) (88,775) (267,163)
Income tax benefits from employee stock option exercises — — 158,253
Decrease (increase) in tax refund receivable 63,384 (33,716) (2,229)
Increase (decrease) in tax payable (34,988) (18,572) 57,479
(Refund) receipt of customer deposits under LT purchase agreements (39,000) (39,000) 142,500
Net increase (decrease) in payables and accrued liabilities 66,931 (112,785) 175,439
Net cash (used in) provided by operating activities (88,910) 167,645 1,205,552
Cash flows from investing activities:
Purchases of property, plant and equipment (705,147) (678,865) (805,474)
Proceeds from sale of Legerity — — 375,000
Proceeds from sale of property, plant and equipment 8,618 1,737 12,899
Acquisition of Alchemy Semiconductor, net of cash acquired (26,509) — —
Purchases of available-for-sale securities (4,465,252) (4,130,769) (4,179,993)
Proceeds from sale and maturity of available-for-sale securities 4,333,901 4,376,732 3,781,766
Investment in joint venture — (122,356) —
Net cash used in investing activities (854,389) (553,521) (815,802)
Cash flows from financing activities:
Proceeds from notes payable to banks 121,251 63,363 —
Proceeds from borrowings, net of issuance costs 1,006,027 308,457 135,789
Payments on debt and capital lease obligations (324,744) (137,104) (375,016)
Proceeds from foreign grants and subsidies 75,727 37,510 15,382
Proceeds from issuance of stock 29,179 36,706 122,994
Repurchase of common stock — (77,220) —
Net cash provided by (used in) financing activities 907,440 231,712 (100,851)
Effect of exchange rate changes on cash and cash equivalents 37,319 (10,005) 8,433
Net increase (decrease) in cash and cash equivalents 1,460 (164,169) 297,332
Cash and cash equivalents at beginning of year 427,288 591,457 294,125
Cash and cash equivalents at end of year $ 428,748 $ 427,288 $ 591,457
Supplemental disclosures of cash flow information:
Cash paid (refunded) during the year for:
Interest, net of amounts capitalized $ 45,246 $ 52,749 $ 115,791
Income taxes $ (14,853) $ 68,220 $ 46,009
Non-cash financing activities:
Debt converted to common stock $ — $ 509,590 $ —
Equipment capital leases $ — $ 24,255 $ —
See accompanying notes
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Source: ADVANCED MICRO DEVIC, 10-K, March 14, 2003