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CHANGES IN FINANCIAL POSITION
Marriott Corporation and Subsidiaries
Fiscal years ended December 30,1983, December 31,1982 and January 1,1982
1983
1982
(in thousands)
1981
Operations
Net income
Add expenses not requiring current outlay of working capital:
Depreciation and amortization of property and equipment
Deferred income taxes
Other
Funds provided from operations
Less refurbishment of existing operations
Discretionary Cash Flow
$ 115,245
96,296
71,109
11,415
294,065
(47,994)
246,071
$ 94,342
85,786
43,198
7,228
230,554
(38,423)
192,131
$ 86,136
66,437
26,626
7,442
186,641
(29,950)
156,691
Financing Activities
New financing
Maturities and prepayments of debt
349,255
(166,969)
182,286
427,899
(245,750)
182,149
176,783
(95,256)
81,527
Investing Activities
Investment in property and equipment
Investment in and advances to affiliated companies
Acquisitions of businesses
Proceeds from hotel dispositions (after tax) and syndication
Disposals of other property and equipment
Other
432,418
25,584
19,027
(30,752)
27,235
473,512
416,919
4,372
211,982
(183,826)
(43,406)
(5,069)
400,972
247,931
124
80,020
(109,902)
(3,552)
25,128
239,749
Capital and Other Transactions
Cash dividends
Issuance of stock, net
Conversion of debt
10,184
(9,215)
(45)
924
8,333
(8,681)
6,571
(30,807)
24,415
179
(348)
Increase in Negative Working Capital
$ 46,079
$ 26,344
$ 1,710
Summary of Decrease (Increase) in Working Capital:
Cash and temporary cash investments
Accounts receivable
Inventories
Prepaid expenses
Short-term loans
Accounts payable and accrued liabilities
Current portion of debt and capital lease obligations
Increase in Negative Working Capital
$ (2,468)
(2,457)
(6,735)
(8,038)
(260)
64,136
1,901
$ 46,079
$ (48,645)
(26,483)
(23,847)
(15,407)
5,782
124,255
10,689
$ 26,344
$ (13,730)
(16,236)
(12,517)
(6,651)
120
44,111
6,613
$ 1,710
The accompanying notes are an integral part of this and related statements.
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