Transcript |
CHANGES LN FINANCIAL POSITION
Marriott Corporation and Subsidiaries
Fiscal years ended December 28,1984, December 30,1983 and December 31,1982
1984
1983
(in thousands)
1982
Operations
Funds provided from continuing operations:
Income from continuing operations $ 135,255 $ 108,414 $ 83,455
Add expenses not requiring current ouday of working capital:
Depreciation and amortization of property and equipment 99,165 87,118 73,467
Deferred income taxes 79,510 65,708 39,406
Other 8,555 11,415 7,228
Funds provided from continuing operations 322,485 272,655 203,556
Funds provided from discontinued operations 8,005 21,410 26,998
Funds provided from operations 330,490 294,065 230,554
Less refurbishment of existing operations (52,224) (47,994) (38,423)
Discretionary Cash Flow 278,266 246,071 192,131
Financing Activities
New financing
Maturities and prepayments of debt
489,473
(445,797)
349,255
(166,969)
427,899
(245,750)
43,676
182,286
182,149
571,505
432,418
416,919
212,295
25,584
4,372
80,477
19,027
211,982
(67,036)
—
—
(417,917)
-
(183,826)
(11,893)
(30,752)
(43,406)
(86,130)
27,235
(5,069)
Investing Activities
Investment in property and equipment
Investments in and advances to affiliates
Acquisitions of businesses
Disposition of property and equipment of
discontinued operations, net of tax
Proceeds from hotel dispositions and syndications, net of tax
Disposals of other property and equipment
Other
281,301
473,512
400,972
Capital and Other Transactions
Issuance of stock, net
Cash dividends
Purchase of stock for treasury
(13,470)
12,067
93,380
91,977
(10,227)
10,184
967
924
(9,477)
8,333
796
(348)
Increase in Negative Working Capital
$ 51,336
Summary of Increase (Decrease) in Negative Working Capital:
Cash and temporary cash investments
Receivables, including due from affiliates
Inventories
Prepaid expenses
Short-term loans
Accounts payable and accrued liabilities
Current portion of debt and capital lease obligations
Increase in Negative Working Capital
69,623
(72,711)
(15,966)
(9,675)
(1,409)
79,685
1,789
51,336
$ 46,079 $ 26,344
(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
*l
The accompiinying notes are an integral part of this and related statements.
28
|