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Annual Report 1996


Consolidated Statement of Cash Flows
Polaroid Corporation and Subsidiary Companies
 

Years ended December 31,

(In millions)

1996

1995

1994


Cash flows from operating activities      
Net earnings/(loss)

$(41.1)

$(140.2)

$117.2

Extraordinary item

56.1

-

-

Depreciation of property, plant and equipment

118.3

132.7

118.2

(Increase)/decrease in receivables

4.1

(.1)

30.5

(Increase)/decrease in inventories

82.2

(68.1)

.8

Increase in prepaids and other assets

(26.7)

(66.6)

(1.7)

Increase/(decrease) in payables and accruals

42.1

(6.3)

22.4

Increase/(decrease)in compensation and benefits

(25.4)

44.2

(8.2)

Increase/(decrease)in federal, state and foreign income taxes payable

7.9

(1.6)

(28.2)

Gain on sale of real estate

(23.2)

-

-

Other non-cash items

118.1

168.8

71.4

Net cash provided by operating activities

312.4

62.8

322.4

       
Cash flows from investing activities      
(Increase)/decrease in short-term investments

4.3

75.7

(60.5)

(Increase)/decrease in other assets

(42.0)

(1.1)

.2

Additions to property, plant and equipment

(121.8)

(167.9)

(146.7)

Proceeds from sale of fixed assets

35.4

4.8

.2

Net cash used by investing activities

(124.1)

(88.5)

(206.8)

       
Cash flows from financing activities      
Net increase/(decrease) in short-term debt (maturities 90 days or less)

(28.5)

42.5

1.4

Short-term debt (maturities over 90 days):      
Proceeds

-

-

8.9

Payments

-

-

(8.9)

Repayments of long-term debt

(39.5)

(34.3)

(31.2)

Cash dividends paid

(27.3)

(27.3)

(27.9)

Purchases of treasury stock

(43.6)

(40.2)

(30.6)

Extinguishment of debt

(56.1)

-

-

Proceeds from issuance of shares in connection with stock incentive plan

9.6

19.5

3.2

Net cash used by financing activities

(185.4)

(39.8)

(85.1)

       
Effect of exchange rate changes on cash

(3.4)

(4.5)

(1.6)

Net increase/(decrease) in cash and cash equivalents

(.5)

(70.0)

28.9

Cash and cash equivalents at beginning of year

73.3

143.3

114.4

 Cash and cash equivalents at end of year

$72.8 

$73.3

$143.3 

See accompanying notes to consolidated financial statements.




Polaroid Corporation Annual Report 1996
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