| |
|
Years Ended December 31, |
(In millions) |
|
2003 |
2002 |
2001 |
Cash flows from operating activities: |
|
|
|
|
Net income |
$ |
29.4 |
26.1 |
16.6 |
Adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
|
(Income) loss from discontinued operations,
net of tax |
|
(11.2) |
43.3 |
21.7 |
Depreciation and amortization |
|
168.0 |
149.9 |
156.2 |
Impairment charges from subscriber disconnects |
|
34.3 |
32.3 |
33.8 |
Amortization of deferred revenue |
|
(25.0) |
(23.9) |
(23.9) |
Impairment of other long-lived assets |
|
1.3 |
15.8 |
1.4 |
Aircraft heavy maintenance expense |
|
21.3 |
30.6 |
32.4 |
Deferred income taxes |
|
30.2 |
(0.5) |
(5.8) |
Provision (credit) for uncollectible accounts
receivable |
|
(1.1) |
3.2 |
11.9 |
Other operating, net |
|
3.5 |
22.9 |
13.1 |
Postretirement benefit funding (more) less
than expense: |
|
|
|
|
Pension |
|
4.6 |
(23.8) |
8.5 |
Other than pension |
|
9.5 |
0.7 |
0.9 |
Change in operating assets and liabilities,
net of effects of acquisitions: |
|
|
|
|
Accounts receivable |
|
12.5 |
(14.6) |
41.9 |
Accounts payable and accrued
liabilities |
|
(6.8) |
19.1 |
(23.4) |
Deferred subscriber acquisition
cost |
|
(18.4) |
(17.7) |
(14.9) |
Deferred revenue from new subscribers |
|
28.2 |
27.1 |
27.0 |
Other, net |
|
1.3 |
7.2 |
3.6 |
Discontinued operations, net |
|
19.2 |
(56.4) |
19.1 |
Net cash provided by operating
activities |
|
300.8 |
241.3 |
320.1 |
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
|
(202.7) |
(193.4) |
(185.8) |
Aircraft heavy maintenance expenditures |
|
(23.9) |
(31.0) |
(15.5) |
Cash proceeds from: |
|
|
|
|
Disposal of former natural resource interests |
|
119.4 |
42.3 |
- |
Monetization of notes receivable and royalty
agreement related to sale of former coal operations |
|
26.0 |
- |
- |
Disposal of other property and equipment |
|
18.7 |
5.3 |
1.9 |
Disposal of other assets and investments |
|
- |
- |
7.3 |
Acquisitions |
|
(8.1) |
(0.1) |
(8.4) |
Contributions to Voluntary Employees' Beneficiary Association
trust |
|
(82.0) |
- |
- |
Other, net |
|
(0.8) |
(0.9) |
(6.3) |
Discontinued operations, net |
|
(8.8) |
(30.6) |
(18.3) |
Net cash used by investing activities |
|
(162.2) |
(208.4) |
(225.1) |
Cash flows from financing activities: |
|
|
|
|
Long-term debt: |
|
|
|
|
Additions |
|
81.7 |
294.7 |
107.7 |
Repayments |
|
(185.4) |
(304.1) |
(185.8) |
Short-term borrowings (repayments), net |
|
(15.1) |
9.1 |
(23.0) |
Repurchase of stock |
|
- |
(11.1) |
- |
Dividends |
|
(5.3) |
(5.7) |
(5.8) |
Other, net |
|
1.1 |
0.4 |
5.2 |
Net cash used by financing activities |
|
(123.0) |
(16.7) |
(101.7) |
Effect of exchange rate changes on cash |
|
10.8 |
(0.6) |
(4.4) |
Net increase (decrease) in cash and cash equivalents |
|
26.4 |
15.6 |
(11.1) |
Cash and cash equivalents at beginning of year |
|
102.3 |
86.7 |
97.8 |
Cash and cash equivalents at end of year |
$ |
128.7 |
102.3 |
86.7 |
