| |
Consolidated Statements of Cash Flows
 |
| Land O'Lakes, Inc. |
|
($ in thousands)
|
|
| Years Ended December 31 |
|
2003 |
|
2002 |
|
2001 |
|
|
|
|
| Cash flows from
operating activities: |
|
|
|
|
Net earnings |
$ |
83,538
|
$ |
98,887 |
$ |
71,488 |
|
|
| |
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
113,032
|
|
103,699 |
|
96,327 |
|
|
| |
|
Amortization of deferred financing costs |
7,736 |
3,063 |
961 |
|
|
|
|
|
Bad debt expense |
5,222
|
5,094 |
1,871 |
|
|
|
|
|
Proceeds from patronage revolvement received |
5,000
|
2,061 |
2,895 |
|
|
|
|
|
Non-cash patronage income |
(3,578
|
) |
(1,921 |
) |
(4,999 |
) |
|
|
|
|
Receivable from legal settlement |
96,707
|
|
(96,707 |
) |
– |
|
|
|
|
|
Deferred income tax expense (benefit) |
12,511 |
|
(5,050 |
) |
20,096 |
|
|
|
|
|
Decrease (Increase) in other assets |
5,865
|
|
(85,843 |
) |
(12,543 |
) |
|
|
|
|
Decrease in other liabilities |
(2,216 |
) |
(2,301 |
) |
(4,527 |
) |
|
|
|
|
Restructuring and impairment charges |
7,486
|
31,412 |
3,733 |
|
|
|
|
|
Gain on divestiture of businesses |
(684
|
) |
(4,992 |
) |
– |
|
|
|
|
|
Equity in earnings of affiliated companies |
(57,145
|
) |
(22,675 |
) |
(48,583 |
) |
|
|
|
|
Minority interests |
6,366
|
5,487 |
6,882 |
|
|
|
|
|
Other |
(12,124
|
) |
(74 |
) |
(6,153 |
) |
|
|
Changes in current assets and liabilities,
net of acquisitions and divestitures: |
|
|
|
|
Receivables |
(45,433
|
) |
(26,087 |
) |
37,298 |
|
|
|
|
|
Inventories |
(13,941
|
) |
(4,167 |
) |
21,139 |
|
|
|
|
|
Other current assets |
(58,252
|
) |
(22,216 |
) |
(200 |
) |
|
|
|
|
Accounts payable |
41,549
|
62,654 |
|
124,402 |
|
|
|
|
|
Accrued expenses |
35,864
|
|
(18,316 |
) |
(35,783 |
) |
|
|
|
|
|
Net cash provided by operating activities
|
227,503 |
22,008 |
274,304 |
|
|
| |
|
| Cash flows from
investing activities: |
|
|
|
|
Additions to property, plant and equipment
|
(74,052
|
) |
(87,437 |
) |
(83,936 |
) |
|
|
|
Acquisitions, net of cash acquired |
|
–
|
|
– |
|
(371,858 |
) |
|
|
|
Payments for investments |
(10,297
|
) |
(16,226 |
) |
(46,189 |
) |
|
|
|
Net proceeds from divestiture of businesses
|
1,815
|
16,070 |
– |
|
|
|
|
Proceeds from sale of investments |
3,000
|
27,371 |
5,264 |
|
|
|
|
Proceeds from sale of property, plant
and equipment |
22,969
|
24,313 |
30,224 |
|
|
|
|
Dividends from investment in affiliated
companies |
37,356
|
26,558 |
3,548 |
|
|
| |
Increase in restricted cash |
(20,118 |
) |
– |
|
– |
|
|
|
|
Other |
4,105
|
5,116 |
|
1,745 |
|
|
|
|
|
|
Net cash used by investing activities
|
(35,222
|
) |
(4,235 |
) |
(461,202 |
) |
|
| |
|
| Cash flows from
financing activities: |
|
|
|
|
Increase (decrease) in short-term debt
|
11,683
|
|
10,118 |
|
(53,812 |
) |
|
|
|
Proceeds from issuance of long-term debt
|
|
185,037
|
6,057 |
1,369,528 |
|
|
|
|
Principal payments on long-term debt
|
(304,910
|
) |
(62,040 |
) |
(935,104 |
) |
|
| |
Principal payments on obligations under
capital lease |
(9,590
|
)
|
– |
|
– |
|
|
|
|
Payments for debt issuance costs |
(3,486 |
)
|
– |
|
(20,265 |
) |
|
|
|
Payments for redemption of member equities
|
(24,380
|
) |
(37,878 |
) |
(46,896 |
) |
|
|
|
Other |
(688
|
) |
128 |
|
(378 |
) |
|
|
|
|
|
Net cash (used) provided by financing
activities |
(146,334
|
) |
(83,615 |
) |
313,073 |
) |
|
|
|
|
|
Net increase (decrease) in cash |
45,947
|
|
(65,842 |
) |
126,175 |
|
|
| |
|
| Cash and short-term investments at beginning
of year |
64,327
|
130,169 |
3,994 |
|
|
|
|
| Cash and short-term investments at end of year
|
$ |
110,274
|
$ |
64,327 |
$ |
130,169 |
|
|
|
|
| See accompanying notes
to consolidated financial statements. |
|
|
|
|
