Equifax 2003 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2003 Equifax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 73

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73

CONSOLIDATED STATEM ENTS OF CASH FLOWS
(In millions)
Year Ended December 31 2003 2002 2001
Cash flows from operating activities:
Net income $164.9 $178.0 $122.5
Adjustments to reconcile net income to net cash provided by operating activities
of continuing operations:
Loss (income) from discontinued operations 13.6 13.3 (33.6)
Costs associated with effecting the spin-off ––28.4
Depreciation and amortization 95.3 80.5 106.2
Restructuring and impairment charges 30.6 –60.4
Income tax benefit from stock plans 4.3 6.6 4.5
Deferred income taxes 15.8 17.9 8.2
Loss from sale of businesses ––5.8
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net 17.8 27.5 16.1
Current liabilities, excluding debt (15.4) (31.7) (31.3)
Other current assets (3.9) 12.0 (0.6)
Other long-term liabilities, excluding debt (3.4) (10.8) (17.4)
Other assets (30.5) (44.5) (14.1)
Other 0.8 ––
Cash provided by operating activities 289.9 248.8 255.1
Investing activities:
Additions to property and equipment (14.6) (12.8) (13.0)
Additions to other assets, net (39.0) (43.0) (34.1)
Acquisitions, net of cash acquired (40.7) (321.2) (43.5)
Investments in unconsolidated companies –(0.1) (25.2)
Proceeds from sale of businesses –41.0 5.4
Proceeds from sale of assets ––7.0
Deferred payments on prior year acquisitions (5.4) (4.9) (3.1)
Cash used by investing activities (99.7) (341.0) (106.5)
Financing activities:
Net short-term (payments) borrowings (16.0) (25.8) 9.3
Additions to long-term debt 113.4 249.5 –
Payments on long-term debt (202.6) (75.0) (298.9)
Treasury stock purchases (94.9) (79.8) (42.3)
Dividends paid (11.3) (11.4) (32.3)
Proceeds from exercise of stock options 19.5 34.2 36.4
Other (1.7) 0.9 2.3
Cash (used) provided by financing activities (193.6) 92.6 (325.5)
Effect of foreign currency exchange rates on cash 8.3 (2.8) (5.6)
Cash provided (used) by discontinued operations 3.9 (0.3) 156.1
Increase (decrease) in cash and cash equivalents 8.8 (2.7) (26.4)
Cash and cash equivalents, beginning of year 30.5 33.2 59.6
Cash and cash equivalents, end of year $39.3 $30.5 $ 33.2
See “ Notes to Consolidated Financial Statements.”
EQUIFAX. INFORMATION THAT EMPOWERS. 35