|
|
Years Ended December 31,
|
|
|
1998
|
1997
|
|
| Cash Flows from Operating Activities |
|
|
| Net income |
$250.7
|
$449.7
|
| Adjustments to reconcile net income to net
cash provided by |
|
|
| continuing operations |
|
|
| Income from discontinued operations |
-
|
(1.2)
|
| Gain on sale of discontinued operations |
-
|
(62.8)
|
| Extraordinary item, net of taxes |
-
|
20.6
|
| Cumulative effect of accounting change,
net of taxes |
9.2
|
-
|
| Depreciation and amortization |
433.8
|
296.4
|
| Amortization of GM purchase accounting
adjustments |
|
|
| related to Hughes |
21.0
|
21.0
|
| Net gain on sale of investments and
businesses sold |
(13.7)
|
(489.7)
|
| Gross profit on sales-type leases |
-
|
(33.6)
|
| Deferred income taxes and other |
153.2
|
285.5
|
| Change in other operating assets
and liabilities |
|
|
| Accounts and notes receivable |
(97.5)
|
(195.2)
|
| Contracts in process |
(230.9)
|
(174.2)
|
| Inventories |
20.2
|
(60.7)
|
| Collections of principal on net investment
in sales-type leases |
40.6
|
22.0
|
| Accounts payable |
277.3
|
(184.1)
|
| Advances on contracts |
82.0
|
(95.6)
|
| Deferred revenues |
(34.0)
|
(65.0)
|
| Accrued liabilities |
66.8
|
217.8
|
| Deferred gains on sales and leasebacks |
(36.2)
|
(42.9)
|
| Other |
(67.3)
|
102.5
|
|
| Net Cash Provided by Continuing Operations |
875.2
|
10.5
|
| Net
Cash Used by Discontinued Operations |
-
|
(15.9)
|
|
| Net Cash Provided by (Used in) Operating
Activities |
875.2
|
(5.4)
|
|
| Cash Flows from Investing Activities |
|
|
| Investment in companies, net of cash acquired |
(1,240.3)
|
(1,798.8)
|
| Expenditures for property |
(343.6)
|
(251.3)
|
| Increase in satellites |
(945.2)
|
(633.5)
|
| Proceeds from sale of long-term investments |
-
|
242.0
|
| Early buy-out of satellite under sale and leaseback |
(155.5)
|
-
|
| Proceeds from sale of discontinued operations |
-
|
155.0
|
| Proceeds from disposal of property |
20.0
|
55.1
|
| Proceeds from disposal of investments |
12.4
|
-
|
| Proceeds from insurance claims |
398.9
|
-
|
|
| Net Cash Used in Investing Activities |
(2,253.3)
|
(2,231.5)
|
|
| Cash Flows from Financing Activities |
|
|
| Long-term debt borrowings |
1,165.2
|
2,383.3
|
| Repayment of long-term debt |
(1,024.1)
|
(2,851.9)
|
| Premium paid to retire debt |
-
|
(34.4)
|
| Contributions from Parent Company |
-
|
1,124.2
|
| Payment to General Motors for Delco post-closing
price adjustment |
(204.7)
|
-
|
| Capital proceeds resulting from Hughes transactions |
-
|
4,392.8
|
|
| Net Cash (Used in) Provided by Financing
Activities |
(63.6)
|
5,014.0
|
|
| Net (decrease) increase in cash and cash equivalents |
(1,441.7)
|
2,777.1
|
| Cash and cash equivalents at beginning of the
year |
2,783.8
|
6.7
|
|
|
|
|
| Cash and cash equivalents at end of the year |
$1,342.1
|
$2,783.8
|
|
| Certain 1997 amounts have been reclassified
to conform with the 1998 presentation. |
|
|
