Avon 2003 Annual Report Download - page 40

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In millions
Years ended December 31 2003 2002 2001
Cash Flows from Investing Activities
Capital expenditures (162.6) (126.5) (155.3)
Disposal of assets 14.1 10.3 8.2
Acquisitions of subsidiary stock and other investing activities (20.4) (10.2) (5.0)
Purchases of investments (37.7) (30.4) (50.9)
Proceeds from sale of investments 28.2 33.8 58.3
Net cash used by investing activities (178.4) (123.0) (144.7)
Cash Flows from Financing Activities*
Cash dividends (201.4) (191.2) (181.9)
Book overdrafts .7 (1.6) (0.2)
Debt, net (maturities of three months or less) (2.6) (10.5) (23.0)
Proceeds from short-term debt 54.3 52.4 99.7
Retirement of short-term debt (481.7) (67.0) (89.1)
Proceeds from long-term debt 248.9 — 76.5
Retirement of long-term debt —— (.2)
Proceeds from exercise of stock options 100.6 64.7 49.1
Repurchase of common stock (214.3) (178.6) (132.9)
Net cash used by financing activities (495.5) (331.8) (202.0)
Effect of exchange rate changes on cash and equivalents 15.8 (12.3) (15.0)
Net increase in cash and equivalents 87.2 98.3 385.8
Cash and equivalents at beginning of year 606.8 508.5 122.7
Cash and equivalents at end of year $694.0 $606.8 $508.5
Cash paid for:
Interest, net of amounts capitalized $ 25.1 $ 37.1 $ 55.3
Income taxes, net of refunds received 298.7 243.9 123.7
*Non-cash financing activities included the partial conversion of Convertible Notes of $48.3 in 2003 (Note 4), the exchange of debt
of $125.0 in 2003 (Note 4), and the change in fair market value of interest rate swap agreements of $53.1, $44.7 and $40.7 in 2003,
2002 and 2001, respectively, (Note 4).
The accompanying notes are an integral part of these statements.
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