Mattel 2004 Annual Report Download - page 65

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MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Year
2004 2003 2002
(In thousands)
Cash Flows From Operating Activities:
Net income ................................................ $ 572,723 $ 537,632 $ 230,101
Add: cumulative effect of change in accounting principle, net of tax . . . — — 252,194
Deduct: gain from discontinued operations, net of tax ............... — — (27,253)
Income from continuing operations ............................. 572,723 537,632 455,042
Adjustments to reconcile income from continuing operations to net cash
flows from operating activities of continuing operations:
Gains on sale of investments ............................... (22,135) (15,549) —
Net (gain) loss on sale of other property, plant and equipment .... (2,717) 1,250 —
Non-cash restructuring and other charges ..................... — 792 2,405
Depreciation ........................................... 176,729 178,256 180,346
Amortization ........................................... 5,749 5,563 11,582
Deferred income taxes .................................... (18,560) 13,589 80,608
Increase (decrease) from changes in assets and liabilities:
Accounts receivable ..................................... (170,203) (9,470) 184,154
Inventories ............................................. (18,578) (27,556) 154,293
Prepaid expenses and other current assets .................... (17,452) (23,218) 15,589
Accounts payable, accrued liabilities and income taxes payable . . . 58,364 (87,380) 74,445
Deferred compensation and other retirement plans ............. 5,866 14,799 (12,968)
Other, net .............................................. 586 16,094 10,588
Net cash flows from operating activities of continuing operations ..... 570,372 604,802 1,156,084
Cash Flows From Investing Activities:
Purchases of tools, dies and molds .............................. (89,858) (99,267) (81,037)
Purchases of other property, plant and equipment .................. (53,732) (101,133) (86,357)
Proceeds from sale of investments .............................. 32,900 23,615 —
Payments for businesses acquired ............................... (12,955) (5,015) (2,910)
Proceeds from sale of other property, plant and equipment ........... 15,588 1,457 12,336
Other, net .................................................. — (420) (450)
Net cash flows used for investing activities of continuing operations . . . (108,057) (180,763) (158,418)
Cash Flows From Financing Activities:
Short-term borrowings, net .................................... 6,270 (7,087) (5,929)
Payments of long-term debt ................................... (52,308) (181,097) (421,597)
Purchase of treasury stock ..................................... (255,130) (244,446) —
Payment of dividends on common stock ......................... (186,864) (171,336) (21,868)
Proceeds from exercise of stock options .......................... 21,683 49,502 55,017
Net cash flows used for financing activities of continuing operations . . . (466,349) (554,464) (394,377)
Net Cash From Discontinued Operations (See Note 14) ........... — — 43,259
Effect of Currency Exchange Rate Changes on Cash ............. 8,188 16,068 3,886
Increase (Decrease) in Cash and Cash Equivalents ............... 4,154 (114,357) 650,434
Cash and Cash Equivalents at Beginning of Year ................ 1,152,681 1,267,038 616,604
Cash and Cash Equivalents at End of Year ..................... $1,156,835 $1,152,681 $1,267,038
The accompanying notes are an integral part of these statements.
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