CenturyLink 2004 Annual Report Download - page 23

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[ 21 ]
Consolidated Statements of Cash Flow
Dollars in thousands
Year ended December 31,
2004 2003 2002
Operating Activities from Continuing Operations
Net Income $ 337,244 344,707 801,624
Adjustments to reconcile net income to net cash provided by operating
activities from continuing operations
Income from discontinued operations, net of tax – – (608,091)
Depreciation and amortization 500,904 503,652 450,197
Deferred income taxes 74,374 128,706 71,112
Income from unconsolidated cellular entity (7,067) (6,160) (5,582)
Nonrecurring gains and losses, net – – (3,709)
Changes in current assets and current liabilities 58,322 160,984 69,650
Retirement benefits 26,954 (14,739) (9,416)
Increase in noncurrent assets (31,714) (23,528) (30,543)
Increase (decrease) in noncurrent liabilities (6,220) (6,151) 35,489
Other, net 3,034 (19,507) 22,703
Net cash provided by operating activities from continuing operations 955,831 1,067,964 793,434
Investing Activities from Continuing Operations
Acquisitions, net of cash acquired (2,000) (86,243) (2,245,026)
Payments for property, plant and equipment (385,316) (377,939) (386,267)
Investment in debt security (25,000) – –
Proceeds from sale of assets – – 4,144
Distributions from unconsolidated cellular entity 8,219 1,104 5,438
Other, net (9,214) (1,560) (1,378)
Net cash used in investing activities from continuing operations (413,311) (464,638) (2,623,089)
Financing Activities from Continuing Operations
Proceeds from issuance of debt – – 2,123,618
Payments of debt (179,393) (432,258) (1,592,246)
Repurchase of common stock (401,013) – –
Proceeds from settlement of interest rate hedge contract – 22,315 –
Proceeds from issuance of common stock 29,485 33,980 29,125
Payment of debt issuance costs – – (12,999)
Payment of equity unit issuance costs – – (15,867)
Cash dividends (31,861) (32,017) (30,156)
Other, net 4,296 4,174 4,866
Net cash provided by (used in) financing activities
from continuing operations (578,486) (403,806) 506,341
Net cash provided by discontinued operations – – 1,323,479
Net increase (decrease) in cash and cash equivalents (35,966) 199,520 165
Cash and cash equivalents at beginning of year 203,181 3,661 3,496
Cash and Cash Equivalents at End of Year $ 167,215 203,181 3,661
CENTURYTEL 2004 ANNUAL REPORT