National Oilwell Varco 2002 Annual Report Download - page 28

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26
NATIONAL-OILWELL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2002 2001 2000
Cash flow from operating activities:
Net income 73,069$ 104,063$ 13,136$
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation and amortization 25,048 38,873 35,034
Provision for losses on receivables 3,606 3,897 1,589
Provision for deferred income taxes 11,446 7,847 (5,881)
Gain on sale of assets (4,551) (2,878) (3,522)
Foreign currency transaction (gain) loss 307 573 (1,397)
Special charge - - 14,082
Merger related inventory write-offs - - 15,684
Changes in assets and liabilities, net of acquisitions:
Marketable securities - - 14,686
Receivables 58,953 (74,700) (65,619)
Inventories 25,189 (71,906) (27,219)
Income taxes receivable - - 12,888
Prepaid and other current assets (2,960) 2,411 (4,802)
Accounts payable (32,031) (23,357) 47,345
Other assets/liabilities, net (54,035) (20,199) (19,391)
Net cash provided (used) by operating activities 104,041 (35,376) 26,613
Cash flow from investing activities:
Purchases of property, plant and equipment (24,805) (27,358) (24,561)
Proceeds from sale of assets 12,534 7,927 8,227
Businesses acquired and investments in joint ventures, net of cash (213,052) (38,517) (48,208)
Net cash used by investing activities (225,323) (57,948) (64,542)
Cash flow from financing activities:
Borrowings (payments) on line of credit (7,798) (60,226) 19,174
Net proceeds from issuance of long-term debt 199,070 146,631 -
Proceeds from stock options exercised 2,343 9,286 14,247
Other 1,363 - (662)
Net cash provided by financing activities 194,978 95,691 32,759
Effect of exchange rate losses on cash 1,422 (1,606) (462)
Increase (decrease) in cash and equivalents 75,118 761 (5,632)
Cash and cash equivalents, beginning of year 43,220 42,459 48,091
Cash and cash equivalents, end of yea
r
118,338$ 43,220$ 42,459$
Supplemental disclosures of cash flow information:
Cash payments during the period for:
Interest 21,579$ 20,772$ 16,807$
Income taxes 45,615 26,775 7,333
The accompanying notes are an integral part of these statements.