Bausch & Lomb 1999 Annual Report

Statements Of Cash Flows
For The Years Ended December 25, 1999, December 26, 1998 and December 27, 1997
Dollar Amounts In Millions
See the future 21 Bausch & Lomb
1999 1998 1997
Cash Flows From Operating Activities
Net Income
Adjustments to reconcile net income to net cash
provided by operating activities:
$ 444.8 $ 25.2 $ 49.4
Depreciation 112.8 117.3 90.8
Amortization 43.4 46.5 21.2
Gain on divestitures (475.0) (56.0) .–
Deferred income taxes 195.9 (2.5) (14.4)
Restructuring charges and asset write-offs 53.5 11.3 71.7
Stock compensation expense 8.0 10.6 3.3
Loss on retirement of fixed assets 31.4 14.6 8.3
Goodwill impairment charge .– 85.0 .–
Purchased in-process research and development .– 41.0 .–
Provision for litigation expense
Changes In Assets And Liabilities:
.– .– 21.0
Trade receivables (93.0) (64.0) (32.9)
Inventories (11.6) (19.7) (1.0)
Other current assets (47.1) 17.0 (31.3)
Accounts payable and accrued liabilities (45.5) (98.3) (11.7)
Income taxes 3.9 21.5 51.0
Other long-term liabilities 1.9 (3.3) (9.9)
Net Cash Provided By Operating Activities 223.4 146.2 215.5
Cash Flows From Investing Activities
Capital expenditures (155.9) (201.5) (126.1)
Net cash paid for acquisition of businesses (43.1) (718.9) (48.6)
Net cash received from divestitures 1,048.4 135.0 9.3
Proceeds from liquidation of other investment 300.0 .– .–
Other 13.9 (12.0) (9.2)
Net Cash Provided By (Used In) Investing Activities 1,163.3 (797.4) (174.6)
Cash Flows From Financing Activities
Proceeds from sale of partnership interest 200.5 .– .–
Redemption of investor’s interest in partnership (400.0) .– .–
Repurchases of Common and Class B shares (43.9) (1.8) (21.8)
Exercise of stock options 62.3 47.7 14.8
Net repayments of notes payable (414.7) (183.5) (72.7)
Proceeds from issuance of long-term debt .– 801.4 213.5
Repayment of long-term debt (31.6) (12.7) (89.3)
Payment of dividends (59.5) (58.1) (57.1)
Net Cash (Used In) Provided By Financing Activities (686.9) 593.0 (12.6)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents (1.9) 3.7 (12.4)
Net Change In Cash And Cash Equivalents 697.8 (54.5) 15.9
Cash And Cash Equivalents, Beginning Of Year 129.2 183.7 167.8
Cash And Cash Equivalents, End Of Year $ 827.1 $ 129.2 $ 183.7
Supplemental Cash Flow Disclosures
Cash paid for interest $ 89.8 $ 85.6 $ 56.2
Net cash payments for (refunds of) income taxes 52.4 55.8 (6.4)
See Notes To Financial Statements