Equifax 2000 Annual Report Download - page 26

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25
FINANCIAL REVIEW
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31 2000 1999 1998
Cash flows from operating activities:
Net income $228,022 $215,877 $193,433
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 148,783 125,263 103,825
Income tax benefit from stock plans 5,638 2,046 8,085
Loss (gain) from sale of businesses 2,044 (7,095) –
Changes in assets and liabilities,
excluding effects of acquisitions:
Accounts receivable, net (27,562) (22,754) (19,012)
Current liabilities, excluding debt (17,934) 4,499 39,078
Settlement receivables and payables, net (21,353) 25,020 (18,583)
Other current assets (13,364) 5,369 (3,049)
Deferred income taxes 16,691 20,885 34,595
Other long-term liabilities, excluding debt (12,062) (3,609) (16,831)
Other assets (24,738) (38,743) (24,328)
Net cash provided by operating activities 284,165 326,758 297,213
Cash flows from investing activities:
Additions to property and equipment (37,132) (39,033) (44,921)
Additions to other assets, net (73,530) (81,838) (74,411)
Acquisitions, net of cash acquired (382,831) (22,162) (478,463)
Investments in unconsolidated affiliates (10,248) (700) (22,752)
Proceeds from sale of businesses 156,001 25,957 12,874
Proceeds from sale of assets 8,299 ––
Net cash used by investing activites (339,441) (117,776) (607,673)
Cash flows from financing activities:
Net short-term borrowings (21,026) 33,114 28,988
Additions to long-term debt 92,170 70,244 524,068
Payments on long-term debt (22,983) (6,256) (3,692)
Treasury stock purchases (6,517) (210,175) (161,797)
Dividends paid (52,374) (51,961) (52,063)
Proceeds from exercise of stock options 23,165 6,996 12,245
Other 3,538 2,965 3,619
Net cash provided (used) by financing activities 15,973 (155,073) 351,368
Effect of foreign currency exchange rates on cash (7,880) (7,930) (2,542)
Net cash (used) provided (47,183) 45,979 38,366
Cash and cash equivalents, beginning of year 136,596 90,617 52,251
Cash and cash equivalents, end of year $ 89,413 $136,596 $ 90,617
The accompanying notes are an integral part of these consolidated statements.