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Financials
52
E A S T M A N฀ K OD A K ฀ C O M PA N Y
n฀Consolidated฀Statement฀of฀Cash฀Flows
Eastman฀Kodak฀Company
฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ For฀the฀Year฀Ended฀December฀31,
฀2004฀2003฀ 2002
(in฀millions)฀ ฀ (Restated)฀
Cash฀flows฀from฀operating฀activities:฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Net฀earnings฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $฀฀ 556฀ $฀฀฀253฀ $฀ 770฀
Adjustments฀to฀reconcile฀to฀net฀cash฀provided฀by฀operating฀activities:
฀฀ Earnings฀from฀discontinued฀operations,฀net฀of฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (475)฀ ฀ (64)฀ ฀ (9)฀ ฀฀
฀฀฀ Equity฀in฀(earnings)฀losses฀from฀unconsolidated฀affiliates฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (20)฀ ฀ 52฀ ฀ 105฀ ฀฀฀
฀฀฀ Depreciation฀and฀amortization฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 1,030฀ ฀ 864฀ ฀ 834฀
฀฀฀ Gain฀on฀sales฀of฀businesses/assets฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (13)฀ ฀ (11)฀ ฀ (24)฀ ฀฀฀฀฀฀฀฀฀฀
฀฀฀ Purchased฀research฀and฀development฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 16฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀32฀ ฀ —฀ ฀฀฀฀฀฀฀฀฀฀฀
฀฀฀ Restructuring฀costs,฀asset฀impairments฀and฀other฀charges฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 130฀ ฀ 156฀ ฀ 85฀ ฀฀฀฀฀฀฀฀฀
฀฀฀ Benefit฀for฀deferred฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (37)฀ ฀ (49)฀ ฀ (224)฀ ฀฀฀฀฀฀฀฀
฀฀฀ (Increase)฀decrease฀in฀receivables฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (43)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 15฀ ฀ 276฀฀฀฀฀฀฀฀฀
฀฀฀ Decrease฀in฀inventories฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 83฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀118฀ ฀ 93฀ ฀฀฀฀฀฀฀฀฀
฀฀฀ (Decrease)฀increase฀in฀liabilities฀excluding฀borrowings฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (283)฀฀ ฀ 103฀฀฀฀ ฀ (1)฀ ฀฀฀฀฀฀฀
฀฀฀ Other฀items,฀net฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 202฀ ฀ 98฀ ฀ 264฀ ฀฀฀฀฀฀฀฀฀
฀฀฀฀฀Total฀adjustments฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 590฀฀ ฀ 1,314฀ ฀฀1,399฀ ฀฀฀฀฀฀฀
฀฀฀฀฀Net฀cash฀provided฀by฀continuing฀operations฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 1,146฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀1,567฀฀฀฀ ฀ 2,169฀ ฀฀฀฀฀฀฀
฀฀฀฀฀Net฀cash฀provided฀by฀discontinued฀operations฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 22฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀78฀฀ ฀฀ 35฀฀฀฀฀฀฀฀฀
฀฀฀฀฀Net฀cash฀provided฀by฀operating฀activities฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 1,168฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀1,645฀฀฀฀฀ ฀2,204฀ ฀฀฀฀฀฀฀
Cash฀flows฀from฀investing฀activities:
฀฀฀ Additions฀to฀properties฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (460)฀ ฀ (497)฀ ฀ (571)฀
฀ Net฀proceeds฀from฀sales฀of฀businesses/assets฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 24฀ ฀ 24฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 27฀฀฀฀฀฀฀฀฀฀฀
฀฀฀ Acquisitions,฀net฀of฀cash฀acquired฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (369)฀฀฀฀ ฀ (697)฀ ฀ (72)฀ ฀฀฀฀฀฀฀
฀฀฀ Investments฀in฀unconsolidated฀affiliates฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (31)฀฀ ฀ (89)฀฀ ฀ (123)฀ ฀฀฀฀฀
฀฀฀ Marketable฀securities฀-฀sales฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 124฀฀฀฀฀ ฀ 86฀ ฀ 88฀ ฀฀฀฀฀฀฀฀฀
฀฀฀ Marketable฀securities฀-฀purchases฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (116)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀(87)฀ ฀ (101)฀ ฀฀฀฀฀฀฀
฀฀฀฀฀Net฀cash฀used฀in฀continuing฀operations฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (828)฀ ฀(1,260)฀ ฀ (752)฀
฀ Net฀cash฀provided฀by฀(used฀in)฀discontinued฀operations฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 708฀ ฀ (7)฀ ฀ (6)฀ ฀฀฀฀฀฀฀฀฀
฀฀฀฀฀Net฀cash฀used฀in฀investing฀activities฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (120)฀ ฀(1,267)฀ ฀ (758)฀ ฀฀฀฀฀
Cash฀flows฀from฀financing฀activities:
฀฀฀ Net฀decrease฀in฀borrowings฀with฀maturities฀of฀90฀days฀or฀less฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (308)฀ ฀ (574)฀ ฀ (210)฀ ฀฀฀฀฀฀฀
฀฀฀ Proceeds฀from฀other฀borrowings฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 147฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀1,693฀ ฀ 759฀ ฀฀฀฀
฀฀฀ Repayment฀of฀other฀borrowings฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (767)฀ ฀ (531)฀ ฀(1,146)฀ ฀฀฀฀
฀฀฀ Dividends฀to฀shareholders฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ (143)฀ ฀ (330)฀ ฀ (525)฀ ฀฀฀฀
฀฀฀ Exercise฀of฀employee฀stock฀options฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 5฀ ฀ 12฀ ฀ 51฀ ฀฀฀฀฀฀฀฀฀
฀฀฀ Stock฀repurchase฀programs฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ —฀฀ ฀ —฀ ฀ (260)฀฀
฀฀฀฀Net฀cash฀(used฀in)฀provided฀by฀financing฀activities฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀(1,066)฀ ฀ 270฀ ฀(1,331)฀ ฀฀฀฀฀฀
Effect฀of฀exchange฀rate฀changes฀on฀cash฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 23฀ ฀ 33฀ ฀ 6฀ ฀฀฀฀฀฀฀฀฀
Net฀increase฀in฀cash฀and฀cash฀equivalents฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 5฀ ฀ 681฀ ฀ 121฀ ฀฀฀฀฀฀฀฀
Cash฀and฀cash฀equivalents,฀beginning฀of฀year฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ ฀ 1,250฀ ฀ 569฀ ฀ 448฀ ฀฀฀฀฀฀฀฀
Cash฀and฀cash฀equivalents,฀end฀of฀year฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $฀1,255฀ $฀1,250฀ $฀ 569฀฀฀฀฀฀