National Oilwell Varco 2003 Annual Report Download - page 31

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30
NATIONAL-OILWELL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2003 2002 2001
Cash flow from operating activities:
Net income 76,821$ 73,069$ 104,063$
Adjustments to reconcile net income to net cash
provided (used) by operating activities:
Depreciation and amortization 39,182 25,048 38,873
Provision for losses on receivables 5,709 3,606 3,897
Provision for deferred income taxes 6,840 11,446 7,847
Gain on sale of assets (5,833) (4,551) (2,878)
Foreign currency transaction losses, net 7,214 307 573
Tax benefit from exercise of nonqualified stock options 3,888 328 2,348
Changes in assets and liabilities, net of acquisitions:
Receivables (6,176) 58,953 (74,700)
Inventories (51,302) 25,189 (71,906)
Costs in excess of billings (53,820) - -
Prepaid and other current assets (13,930) (2,960) 2,411
Accounts payable 61,415 (32,031) (23,357)
Billings in excess of cost (12,479) - -
Other assets/liabilities, net (26,441) (54,035) (20,199)
Net cash provided (used) by operating activities 31,010 104,369 (33,028)
Cash flow from investing activities:
Purchases of property, plant and equipment (32,378) (24,805) (27,358)
Proceeds from sale of assets 7,887 12,534 7,927
Businesses acquired and investments in joint ventures, net of cash (78,004) (213,052) (38,517)
Net cash used by investing activities (102,495) (225,323) (57,948)
Cash flow from financing activities:
Borrowings against lines of credit 454,574 303,220 294,084
Payments against lines of credit (439,073) (311,018) (354,310)
Net proceeds from issuance of long-term debt - 199,070 146,631
Proceeds from stock options exercised 9,709 2,015 6,938
Other - 1,363 -
Net cash provided by financing activities 25,210 194,650 93,343
Effect of exchange rates on cash 2,154 1,422 (1,606)
Increase (decrease) in cash and equivalents (44,121) 75,118 761
Cash and cash equivalents, beginning of year 118,338 43,220 42,459
Cash and cash equivalents, end of yea
r
74,217$ 118,338$ 43,220$
Supplemental disclosures of cash flow information:
Cash payments during the period for:
Interest 35,095$ 21,579$ 20,772$
Income taxes 30,650 45,615 26,775
The accompanying notes are an integral part of these statements.