Valero 2002 Annual Report Download - page 25

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CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions of dollars, except per share amounts)
2002 2001 2000
CASH FLOWS FROM OPERATING ACTIVITIES:
net income $92 $564 $ 339
adjustments to reconcile net income
to net cash provided by operating activities:
depreciation and amortization expense 449 238 174
deferred income tax expense 2270 103
changes in current assets, current liabilities and other, net (271 )(167 )(15 )
net cash provided by operating activities 272 905 601
CASH FLOWS FROM INVESTING ACTIVITIES:
capital expenditures and deferred turnaround and catalyst costs (780 )(536 ) (302 )
proceeds from disposition of assets held for sale 1,226 — —
payments related to the Golden Eagle Business (183 )— —
UDS acquisition, including related advance —(2,533) —
other acquisitions —(184) (890 )
earn-out payments in connection with acquisitions (24 )(55 ) __
other, net 10 6(1 )
net cash provided by (used in) investing activities 249 (3,302 )(1,193 )
CASH FLOWS FROM FINANCING ACTIVITIES:
cash payment to UDS shareholders (2,055 )— —
financing required to fund UDS acquisition, net —2,053 —
debt borrowings, net 1,642 697 279
proceeds from offering of preferred securities
of subsidiary trust, net ——167
proceeds from common stock offering, net ——167
cash distributions to minority interest in
consolidated partnership (14 )— —
common stock dividends (42 )(21 ) (19 )
issuance (repurchase) of stock, net 57 (78 )(47 )
net cash provided by (used in) financing activities (412 )2,651 547
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 1— —
NET INCREASE (DECREASE) IN CASH AND TEMPORARY
CASH INVESTMENTS 110 254 (45 )
CASH AND TEMPORARY CASH INVESTMENTS
AT BEGINNING OF YEAR 269 15 60
CASH AND TEMPORARY CASH INVESTMENTS
AT END OF YEAR $379 $269 $ 15
year ended December 31,
23
FINANCIAL INFORMATION