Office Depot 2001 Annual Report Download - page 40

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38
Office Depot, Inc.
Consolidated Statements of Cash Flows
(In thousands)
2001 2000 1999
Cash flows from operating activities:
Net earnings $ 201,043 $ 49,332 $ 257,638
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 199,434 205,710 171,083
Provision for losses on inventories and receivables 109,560 121,226 145,996
Net (earnings) on equity method investments (10,892) (9,436) (2,041)
Accreted interest on zero coupon, convertible subordinated notes 11,308 19,203 19,534
Employee stock benefit plans 5,001 6,469 5,905
Deferred income tax expense (benefit) 196 (81,814) (430)
Net loss (gain) on investment securities 14,100 (12,414) —
(Gain) loss on disposal of property and equipment (5,275) 10,585 9,882
Write-down of impaired assets 43,623 114,343 13,965
Changes in assets and liabilities:
Decrease (increase) in receivables 93,849 (85,327) (152,523)
Decrease (increase) in merchandise inventories 81,651 (66,348) (284,489)
Net decrease (increase) in prepaid expenses and other assets 13,156 (21,561) (24,862)
Net (decrease) increase in accounts payable, accrued expenses and deferred credits (9,588) 66,514 209,791
Total adjustments 546,123 267,150 111,811
Net cash provided by operating activities 747,166 316,482 369,449
Cash flows from investing activities:
Acquisitions (45,604) ——
Purchases of investment securities —(30,112) (154,364)
Proceeds from maturities or sales of investment securities —54,006 114,141
Investments in unconsolidated joint ventures —— (1,606)
Purchase of remaining ownership interest in joint ventures —— (21,629)
Capital expenditures (207,287) (267,728) (392,305)
Proceeds from sale of property and equipment 20,947 4,469 7,922
Net cash used in investing activities (231,944) (239,365) (447,841)
Cash flows from financing activities:
Proceeds from exercise of stock options and sale of stock under employee stock purchase plans 52,962 12,388 59,082
Repurchase of common stock for treasury (4,193) (300,797) (501,006)
Proceeds from issuance of long-term debt 266,286 430,522 42,841
Payments on long- and short-term borrowings (400,458) (27,015) (6,766)
Repurchase of zero coupon, convertible subordinated notes —(249,191) —
Net cash used in financing activities (85,403) (134,093) (405,849)
Effect of exchange rate changes on cash and cash equivalents (17,891) (10,326) (1,516)
Net (decrease) increase in cash and cash equivalents 411,928 (67,302) (485,757)
Cash and cash equivalents at beginning of period 151,482 218,784 704,541
Cash and cash equivalents at end of period $ 563,410 $ 151,482 $ 218,784
The accompanying notes are an integral part of these statements.