American Home Shield 2005 Annual Report Download - page 35

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P. 3 3 SERVICEMASTER 2005 ANNUAL REPORT
Consolidated Statements of Cash Flows
(In thousands)
For years ended December 31, 2005 2004 2003
Cash and Cash Equivalents at January 1 $ 256,626 $ 228,161 $ 227,177
Cash Flows from Operating Activities:
Net Income (Loss) 198,925 331,227 (224,687)
Adjustments to reconcile net income (loss) to net cash provided from operating activities:
(Income) loss from businesses held pending sale and discontinued operations (18,364) (14,604) 222,232
Non-cash reduction in continuing operations tax expense —(149,722) —
Non-cash charge for impaired assets and other items, net of tax —— 156,200
Depreciation expense 44,313 42,680 41,464
Amortization expense 5,454 6,006 5,875
Change in working capital, net of acquisitions:
Change in tax accounts:
Deferred income taxes 60,941 66,639 65,256
Resolution of income tax audits (86,356) 25,000 —
Receivables (29,439) (12,765) (14,096)
Inventories and other current assets (3,743) 4,692 3,519
Accounts payable 36,741 (3,436) (6,778)
Deferred revenue 1,540 14,339 22,947
Accrued liabilities 17,848 51,285 (4,014)
Other, net 14,848 8,716 1,113
Net Cash Provided from Operating Activities 242,708 370,057 269,031
Cash Flows from Investing Activities:
Property additions (41,771) (45,346) (33,083)
Sale of equipment and other assets 2,838 6,606 10,498
Business acquisitions, net of cash acquired (33,719) (40,184) (28,875)
Proceeds from business sales —— 21,106
Notes receivable, financial investments and securities (8,371) (45,580) (23,499)
Net Cash Used for Investing Activities (81,023) (124,504) (53,853)
Cash Flows from Financing Activities:
Borrowings of debt 730,287 1,000 99,123
Payments of debt (894,102) (38,042) (130,339)
Shareholders’ dividends (128,048) (125,476) (124,841)
Purchase of ServiceMaster stock (52,324) (63,085) (85,581)
Other, net 29,518 16,631 16,330
Net Cash Used for Financing Activities (314,669) (208,972) (225,308)
Cash Flows from Businesses Held Pending Sale and Discontinued Operations:
Cash provided from (used for) operating activities of businesses
held pending sale and discontinued operations 14,181 (1,189) 16,662
Cash used for investing activities of businesses held pending sale and discontinued operations (3,315) (6,927) (5,548)
Net Cash Provided from (Used for) Businesses Held Pending
Sale and Discontinued Operations 10,866 (8,116) 11,114
Cash Increase (Decrease) During the Year (142,118) 28,465 984
Cash and Cash Equivalents at December 31 $ 114,508 $ 256,626 $ 228,161
See accompanying Notes to the Consolidated Financial Statements.