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Cash flows used in financing activities were $359 and were primarily due to $270 used to reduce our long-term debt, a reduction of our notes
payable by a net amount of $45 and $35 used in connection with the payment of dividends to NNL’s preferred shareholders.
In 2003, our cash increased $176 due to favorable effects of changes in foreign exchange rates. Approximately $150 of the favorable impact
was the result of favorable changes in the euro and the British pound.
Also in 2003, our discontinued operations generated net cash of $390 related to certain investing and operating activities. We generated $241
of cash from investing activities primarily related to proceeds from the sale of the common shares of Arris and the settlement of certain
customer financing receivables. The remaining cash of $149 was generated from operating activities related to the continued wind down of our
discontinued operations.
Uses of liquidity
Our cash requirements for the next 12 months are primarily to fund:
In particular, we are subject to significant pending civil litigation actions and regulatory and criminal investigations which could materially
adversely affect our financial condition and liquidity by requiring us to pay substantial judgments, settlements, fines or other penalties. See
“Risk factors/forward looking statements”. Considerable effort and resources have been expended on our restatement activities in 2004,
including the dedicated effort of hundreds of employees and numerous external consultants and advisors. The estimated costs of our
restatement activities in 2004 are approximately $115, which amount will be included in SG&A expense in our consolidated statements of
operations in the periods in which the costs are incurred.
Also, from time to time, we may purchase our outstanding debt securities and/or convertible notes in privately negotiated or open market
transactions, by tender offer or otherwise, in compliance with applicable laws. As well, we expect to be required to fund some portion of our
aggregate undrawn customer financing commitments.
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• operations;
• research and development;
• costs relating to workforce reduction and other restructuring activities;
• capital expenditures;
• debt service;
• pension and post-retirement benefits; and
• costs in relation to the restatement activities, matters related to the Independent Review and other related matters, including
regulatory and other legal proceedings.