Kodak 2006 Annual Report Download - page 72
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For the Year Ended December 31,
(in millions) 2006 2005 2004
Cash flows from operating activities:
Net (loss) earnings $ (601) $ (1,261) $ 544
Adjustments to reconcile to net cash provided by operating activities:
Loss (earnings) from discontinued operations, net of income taxes 1 (150) (475)
Loss from cumulative effect of accounting change, net of income taxes — 57 —
Equity in earnings from unconsolidated affiliates — (12) (20)
Depreciation and amortization 1,331 1,402 1,030
Gain on sales of businesses/assets (65) (78) (13)
Purchased research and development — 54 16
Non-cash restructuring costs, asset impairments and other charges 141 195 130
(Benefit) provision for deferred income taxes (104) 343 (44)
Decrease (increase) in receivables 157 228 (43)
Decrease in inventories 271 306 102
Increase (decrease) in liabilities excluding borrowings 61 (118) (283)
Other items, net (236) 214 202
Total adjustments 1,557 2,441 602
Net cash provided by continuing operations 956 1,180 1,146
Net cash provided by discontinued operations — 28 22
Net cash provided by operating activities 956 1,208 1,168
Cash flows from investing activities:
Additions to properties (379) (472) (460)
Net proceeds from sales of businesses/assets 178 130 24
Acquisitions, net of cash acquired (3) (984) (369)
(Investments in) distributions from unconsolidated affiliates (19) 34 (31)
Marketable securities — sales 133 182 124
Marketable securities — purchases (135) (194) (116)
Net cash used in continuing operations (225) (1,304) (828)
Net cash provided by discontinued operations — — 708
Net cash used in investing activities (225) (1,304) (120)
Cash flows from financing activities:
Net decrease in borrowings with maturities of 90 days or less (11) (126) (308)
Proceeds from other borrowings 765 2,520 147
Debt issuance costs — (57) —
Repayment of other borrowings (1,557) (1,672) (767)
Dividends to shareholders (144) (144) (143)
Exercise of employee stock options — 12 5
Net cash (used in) provided by financing activities (947) 533 (1,066)
Effect of exchange rate changes on cash 20 (27) 23
Net (decrease) increase in cash and cash equivalents (196) 410 5
Cash and cash equivalents, beginning of year 1,665 1,255 1,250
Cash and cash equivalents, end of year $ 1,469 $ 1,665 $ 1,255
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