Washington Post 2000 Annual Report Download - page 11

Consolidated Statements of Cash Flows
Fiscal year ended
December 31, January 2, January 3,
(in thousands) 2000 2000 1999
Cash Flows From Operating Activities:
Net income ....................................................................................................... $ 136,470 $ 225,785 $ 417,259
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation of property, plant, and equipment.............................................. 117,948 104,235 89,248
Amortization of goodwill and other intangibles................................................ 62,634 58,563 49,889
Net pension benefit ....................................................................................... (61,719) (81,683) (61,997)
Early retirement program expense.................................................................. 25,456 — —
Gain from disposition of businesses, marketable equity
securities, and cost method investment, net .............................................. (11,588) (38,799) (314,400)
Cost method investment write-downs............................................................. 23,097 13,555 —
Equity in losses of affiliates, net of distributions .............................................. 37,406 9,744 9,145
Provision for deferred income taxes ............................................................... (7,743) 29,988 26,987
Change in assets and liabilities:
(Increase) decrease in accounts receivable, net......................................... (44,413) (28,194) 22,041
(Increase) decrease in inventories.............................................................. (1,265) 6,264 (941)
Increase (decrease) in accounts payable and accrued liabilities ................. 22,192 (7,749) 13,949
Decrease (increase) in income taxes receivable ......................................... 36,227 (2,909) (50,735)
Increase in other assets and other liabilities, net......................................... 23,141 3,314 12,241
Other............................................................................................................. 10,701 (1,521) 10,427
Net cash provided by operating activities ................................................... 368,544 290,593 223,113
Cash Flows From Investing Activities:
Investments in certain businesses...................................................................... (212,274) (90,455) (320,597)
Net proceeds from sale of businesses................................................................ 1,650 2,000 376,442
Purchases of property, plant, and equipment ..................................................... (172,383) (130,045) (244,219)
Purchases of marketable equity securities.......................................................... — (23,332) (164,955)
Purchases of cost method investments .............................................................. (42,459) (33,549) —
Proceeds from sale of marketable equity securities ............................................ 6,332 54,805 38,246
Other................................................................................................................. (4,394) 12,605 (5,960)
Net cash used in investing activities........................................................... (423,528) (207,971) (321,043)
Cash Flows From Financing Activities:
Issuance of commercial paper, net .................................................................... 35,071 34,087 156,968
Issuance of notes .............................................................................................. — 397,620 —
Dividends paid .................................................................................................. (52,024) (53,326) (51,383)
Common shares repurchased............................................................................ (96) (425,865) (20,512)
Proceeds from exercise of stock options............................................................. 7,056 25,151 7,004
Other................................................................................................................. 9,843 — (74)
Net cash (used in) provided by financing activities..................................... (150) (22,333) 92,003
Net (Decrease) Increase in Cash and Cash Equivalents........................................ (55,134) 60,289 (5,927)
Cash and Cash Equivalents at Beginning of Year.................................................. 75,479 15,190 21,117
Cash and Cash Equivalents at End of Year ........................................................... $ 20,345 $ 75,479 $ 15,190
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes................................................................................................. $ 95,000 $ 125,000 $ 280,000
Interest, net of amounts capitalized................................................................ $ 52,700 $ 16,000 $ 8,700
The information on pages 38 through 50 is an integral part of the financial statements.
36 The Washington Post Company