Kodak 2001 Annual Report Download - page 55

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Eastman Kodak Company and Subsidiary Companies
Consolidated Statement of Cash Flows
For the Year Ended December 31
(in millions) 2001 2000 1999
Cash flows from operating activities:
Net earnings $76 $1,407 $ 1,392
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 919 889 918
Gain on sales of businesses/assets –(117) (162)
Restructuring costs, asset impairments and other charges 830 –453
(Benefit) provision for deferred income taxes (44) 235 247
Decrease (increase) in receivables 252 (247) (121)
Decrease (increase) in inventories 461 (282) (201)
Decrease in liabilities excluding borrowings (529) (755) (478)
Other items, net 100 (148) (115)
Total adjustments 1,989 (425) 541
Net cash provided by operating activities 2,065 982 1,933
Cash flows from investing activities:
Additions to properties (743) (945) (1,127)
Net proceeds from sales of businesses/assets –277 422
Acquisitions, net of cash acquired (306) (130) (3)
Marketable securities - sales 54 84 127
Marketable securities - purchases (52) (69) (104)
Net cash used in investing activities (1,047) (783) (685)
Cash flows from financing activities:
Net (decrease) increase in borrowings with original maturities of 90 days or less (695) 939 (136)
Proceeds from other borrowings 1,907 1,310 1,343
Repayment of other borrowings (1,355) (936) (1,118)
Dividends to shareholders (643) (545) (563)
Exercise of employee stock options 22 43 44
Stock repurchase programs (44) (1,125) (897)
Net cash used in financing activities (808) (314) (1,327)
Effect of exchange rate changes on cash (8) (12) (5)
Net increase (decrease) in cash and cash equivalents 202 (127) (84)
Cash and cash equivalents, beginning of year 246 373 457
Cash and cash equivalents, end of year $448 $246 $ 373
Supplemental Cash Flow Information
Cash paid for interest and income taxes was:
Interest, net of portion capitalized of $12, $40 and $36 $214 $166 $ 120
Income taxes 120 486 445
The following transactions are not reflected in the Consolidated Statement of Cash Flows:
Contribution of assets to Kodak Polychrome Graphics joint venture $– $– $13
Minimum pension liability adjustment 37 (1) (14)
Liabilities assumed in acquisitions 142 31 –
The accompanying notes are an integral part of these consolidated financial statements.
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