Mattel 1998 Annual Report Download - page 37

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Mattel, Inc. and Subsidiaries 35
Consolidated Statements of Cash Flows
For the Year
(In thousands) 1998 1997 1996
Cash Flows From Operating Activities:
Net income $ 332,264 $ 285,184 $ 372,224
Adjustments to reconcile net income to net cash flows from operating activities:
Noncash restructuring and integration charges - 90,382 -
Loss on early retirement of debt, net of tax - 4,610 -
Depreciation 169,116 154,994 144,672
Amortization 45,789 34,917 36,671
Increase (decrease) from changes in assets and liabilities:
Accounts receivable 140,248 (201,909) (71,348)
Inventories (47,715) (33,012) (38,304)
Prepaid expenses and other current assets (16,295) (75,810) 15,310
Accounts payable, accrued liabilities and income taxes payable (83,865) 161,640 58,072
Deferred compensation and other retirement plans 2,690 369 9,110
Deferred income taxes (999) 64,015 (2,147)
Other, net 6,268 (3,526) 551
Net cash flows from operating activities 547,501 481,854 524,811
Cash Flows From Investing Activities:
Purchases of tools, dies and molds (114,387) (96,006) (108,641)
Purchases of other property, plant and equipment (161,860) (125,567) (122,498)
Payment for acquisitions, net of cash acquired (782,588) (8,625) (8,625)
Investment in other long-term assets (10,783) (7,816) (25,114)
Proceeds from sale of business and other property, plant and equipment 18,667 31,484 6,250
Net proceeds from sales of marketable securities - - 17,315
Other, net (1,484) 566 317
Net cash flows used for investing activities (1,052,435) (205,964) (240,996)
Cash Flows From Financing Activities:
Short-term borrowings, net 109,110 (6,957) (45,652)
Proceeds from issuance of notes 350,000 310,000 -
Payments of long-term debt (99,310) (234,823) (33,717)
Exercise of stock options and warrants including related tax benefit 114,656 59,677 99,614
Purchase of treasury stock (351,093) (227,932) (269,771)
Sale of treasury stock - 71,248 -
Issuance of preferred stock - - 92,702
Payment of dividends on common and preferred stock (97,970) (84,537) (66,473)
Other, net (1,050) (2,904) (3,127)
Net cash flows from (used) for financing activities 24,343 (116,228) (226,424)
Effect of Exchange Rate Changes on Cash (1,902) (14,986) (806)
(Decrease) Increase in Cash (482,493) 144,676 56,585
Cash at Beginning of Year 694,947 550,271 493,686
Cash at End of Year $ 212,454 $ 694,947 $ 550,271
The accompanying notes are an integral part of these statements.
Consolidated results for 1997 and 1996 have been restated retroactively for the effects of the March 1997 merger with Tyco, accounted for as a pooling of interests. See Note 7.