|
| (in thousands) |
Years Ended December 31, |
| 2004 |
2003 |
2002 |
 |
| Operating activities: |
|
|
|
| |
Net income |
$ 443,327 |
$ 475,667 |
$ 158,061 |
|
Adjustments to reconcile net income to net
cash
provided by operating activities: |
|
|
|
|
|
Depreciation, depletion and amortization |
696,522 |
564,481 |
505,598 |
|
|
Deferred income taxes |
24,787 |
(36,183) |
(100,290) |
|
|
Foreign currency exchange gain |
(9,213) |
(96,971) |
(14,020) |
|
|
Minority interest expense |
335,299 |
173,178 |
97,442 |
|
|
Write-down of long-lived assets and goodwill |
91,015 |
35,260 |
3,652 |
|
|
Cumulative effect of change in accounting principle,
net |
47,138 |
34,533 |
(7,701) |
|
|
Gain on extinguishment of NYOL liabilities, net |
— |
(220,537) |
— |
|
|
Other |
935 |
(13,158) |
28,654 |
|
(Increase) decrease in operating assets
and liabilities |
(73,058) |
(231,883) |
13,265 |
|
| Net cash provided by operating activities |
1,556,752 |
684,387 |
684,661 |
|
|
|
|
|
|
|
| Investing activities: |
|
|
|
|
Additions to property, plant and mine development
|
(717,961) |
(504,535) |
(300,057) |
|
Investments in marketable securities |
(1,719,995) |
(189,355) |
— |
|
Proceeds from sale of marketable securities
|
899,130 |
232,190 |
404,447 |
|
Cash recorded upon consolidation of Batu
Hijau |
82,203 |
— |
— |
|
Proceeds from sale of investments and other
assets |
51,200 |
185,610 |
114,804 |
|
Cash consideration for acquisitions |
— |
(11,195) |
(461,717) |
|
Cash received from acquisitions, net of
transaction costs |
— |
— |
371,417 |
|
Other |
(26,794) |
(92,729) |
(16,784) |
|
| Net cash (used in) provided by investing
activities |
(1,432,217) |
(380,014) |
112,110 |
|
|
|
|
|
|
|
| Financing activities: |
|
|
|
|
Proceeds from debt |
55,921 |
492,841 |
493,371 |
|
Repayments of debt |
(253,711) |
(1,162,167) |
(1,040,807) |
|
Dividends paid on common and preferred stock |
(133,300) |
(70,759) |
(49,982) |
|
Dividends paid to minority interest |
(236,917) |
(145,950) |
(28,844) |
|
Proceeds from stock issuance |
77,531 |
1,286,751 |
67,346 |
|
Change in restricted cash and other |
15,260 |
— |
(3) |
|
| Net cash (used in) provided by financing
activities |
(475,216) |
400,716 |
(558,919) |
|
| Effect of exchange rate changes on cash |
2,315 |
24,300 |
14,400 |
|
| Net change in cash and cash equivalents |
(348,366) |
729,389 |
252,252 |
| Cash and cash equivalents at beginning of
year |
1,131,072 |
401,683 |
149,431 |
|
| Cash and cash equivalents at end
of year |
$ 782,706 |
$ 1,131,072 |
$ 401,683 |
|
| Supplemental information: |
|
|
|
|
Income taxes paid, net of refunds |
$ 278,400 |
$ 194,297 |
$ 86,816 |
|
Interest paid, net of amounts capitalized |
$ 92,100 |
$ 123,166 |
$ 137,706 |
|
|
