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| Annual Report 1996 | ||
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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.
