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Consolidated Changes in Financial Position
Marriott Corporation and Subsidiaries for the Fiscal Years Ended July 28,1978 and July 29,1977
1978
1977
Sources of Funds
Net income
Add expenses not requiring current outlay
of working capital—
Depreciation and amortization of
property and equipment
Deferred income taxes
Other
From operations
New financing
Net funds after tax from sale of five hotels
Common stock issued
Disposals of property and equipment
Total sources
$ 46,123,000
48,440,000
11,976,000
7,202,000
113,741,000
46,171,000
20,463,000
1,765,000
21,846,000
203,986,000
$ 35,505,000
45,679,000
8,462,000
6,019,000
95,665,000
17,341,000
2,628,000
20,298,000
135,932,000
Applications of Funds
Additions to property and equipment 103,759,000
Acquisitions of businesses 20,838,000
Maturities and prepayments of mortgages
and notes 47,293,000
Investments in and advances to affiliates 12,056,000
Net increase in notes receivable 14,057,000
Other 3,756,000
Total applications 201,759,000
74,613,000
57,169,000
4,543,000
66,000
(885,000)
135,506,000
Increase in Working Capital
$ 2,227,000
426,000
Summary of Changes in Working Capital
Increase (decrease) in current assets
Cash and marketable securities $ 34,081,000 $ 3,973,000
Accounts receivable 15,615,000 5,256,000
Inventories (3,261,000) 8,131,000
Prepaid expenses 256,000 2,979,000
(Increase) decrease in current liabilities
Short term loans 591,000 (553,000)
Accounts payable, accrued liabilities and
income taxes payable (43,606,000) (20,569,000)
Current portion of debt and capital
lease obligations (1,449,000) 1,209,000
Increase in Working Capital $ 2,227,000
426,000
The accompanying notes are an integral part of this statement.
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