| |
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 |
| Aquisitions, 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 financial statements. |
