Radio Shack 2003 Annual Report Download - page 38

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RADIOSHACK 2003 Annual Report
36
Consolidated Statements of Cash Flows
RADIOSHACK CORPORATION AND SUBSIDIARIES
Year Ended December 31,
(In millions) 2003
2002 2001
Cash flows from operating activities:
Net income $ 298.5 $ 263.4 $ 166.7
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loss on Internet-related investment —— 30.0
Impairment of long-lived assets —8.1 39.8
Loss on sale of assets —— 57.2
Depreciation and amortization 92.0 94.7 108.3
Deferred income taxes and other items 51.7 30.6 (9.4)
Provision for credit losses and bad debt 0.4 4.7 14.5
Changes in operating assets and liabilities:
Accounts and notes receivable 17.2 68.2 165.8
Inventories 202.3 (21.4) 213.9
Other current assets (5.2) 1.9 1.7
Accounts payable, accrued expenses and income taxes payable (5.0) 71.4 (12.7)
Net cash provided by operating activities 651.9 521.6 775.8
Cash flows from investing activities:
Additions to property, plant and equipment (189.6) (106.8) (139.2)
Proceeds from sale of property, plant and equipment 2.0 8.6 17.4
Proceeds from sale of installation subsidiary 4.7 ——
Proceeds from early retirement of CompUSA note —— 123.6
Other investing activities (6.0) (0.8) (4.1)
Net cash used in investing activities (188.9) (99.0) (2.3)
Cash flows from financing activities:
Purchases of treasury stock (286.2) (329.9) (308.3)
Exercise of common stock put options —— (2.1)
Proceeds from sale of common stock put options —— 0.3
Sale of treasury stock to employee benefit plans 35.8 40.6 46.3
Proceeds from exercise of stock options 15.7 9.0 7.4
Purchase of minority interest in consolidated subsidiary —— (88.0)
Proceeds from financing obligation —32.3 —
Payments of dividends (40.8) (39.8) (43.7)
Changes in short-term borrowings, net 20.7 (2.0) (443.6)
Additions to long-term borrowings —— 346.1
Repayments of long-term borrowings (20.0) (87.7) (17.2)
Net cash used in financing activities (274.8) (377.5) (502.8)
Net increase in cash and cash equivalents 188.2 45.1 270.7
Cash and cash equivalents, beginning of period 446.5 401.4 130.7
Cash and cash equivalents, end of period $ 634.7 $ 446.5 $ 401.4
The accompanying notes are an integral part of these consolidated financial statements.