Alcoa 1999 Annual Report Download - page 44

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Statement of Consolidated Cash Flows Alcoa and subsidiaries
(in millions)
For the year ended December 31 1999 1998 1997
Cash from Operations
Net income $ 1,054 $ 853 $ 805
Adjustments to reconcile net income to cash from operations:
Depreciation, depletion and amortization 901 856 754
Change in deferred income taxes 54 110 83
Equity earnings before additional taxes, net of dividends (10) (3) (31)
Noncash special items ——(96)
Gains from investing activities—sale of assets (12) (32) —
Minority interests 242 238 268
Other 31 (23) (5)
Changes in assets and liabilities, excluding effects of acquisitions and divestitures:
(Increase) reduction in receivables (56) 145 12
Reduction in inventories 253 100 53
(Increase) reduction in prepaid expenses and other current assets (36) 23 (26)
Increase (reduction) in accounts payable and accrued expenses (79) (68) 82
Increase (reduction) in taxes, including taxes on income 26 69 (27)
Cash received on long-term alumina supply contract ——240
Change in deferred hedging gains/losses (63) (51) (113)
Net change in noncurrent assets and liabilities (69) (20) (111)
Cash from operations 2,236 2,197 1,888
Financing Activities
Net additions (reduction) to short-term borrowings (89) (76) 143
Common stock issued and treasury stock sold 609 87 203
Repurchase of common stock (838) (365) (604)
Dividends paid to shareholders (298) (265) (171)
Dividends paid and return of capital to minority interests (122) (222) (342)
Net change in commercial paper —776 (79)
Additions to long-term debt 572 881 188
Payments on long-term debt (1,000) (1,096) (327)
Cash used for financing activities (1,166) (280) (989)
Investing Activities
Capital expenditures (920) (932) (913)
Acquisitions, net of cash acquired (K) (122) (1,463) —
Proceeds from the sale of assets 45 55 265
Sale of (additions to) investments (96) (126) 52
Changes in minority interests —33 14
Changes in short-term investments (37) 66 (87)
Other (37) (10) (10)
Cash used for investing activities (1,167) (2,377) (679)
Effect of exchange rate changes on cash (8) 1(17)
Net change in cash and cash equivalents (105) (459) 203
Cash and cash equivalents at beginning of year 342 801 598
Cash and cash equivalents at end of year $ 237 $ 342 $ 801
The accompanying notes are an integral part of the financial statements.