Alcoa 2009 Annual Report Download - page 84

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Alcoa and subsidiaries
Statement of Consolidated Cash Flows
(in millions)
For the year ended December 31, 2009 2008 2007
Cash from Operations
Net (loss) income $(1,090) $ 147 $ 2,929
Adjustments to reconcile net (loss) income to cash from operations:
Depreciation, depletion, and amortization 1,311 1,234 1,245
Deferred income taxes (T) (596) (261) 311
Equity loss (income), net of dividends 39 (48) (116)
Restructuring and other charges (D) 237 939 268
Net gain from investing activities—asset sales (O) (106) (50) (1,806)
Provision for doubtful accounts 16 31 14
Loss from discontinued operations (B) 166 303 250
Stock-based compensation (R) 87 94 97
Excess tax benefits from stock-based payment arrangements - (15) (79)
Other 203 (237) (81)
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign
currency translation adjustments:
Decrease in receivables 676 233 375
Decrease (increase) in inventories 1,258 (353) 169
Decrease (increase) in prepaid expenses and other current assets 126 (97) (134)
(Decrease) increase in accounts payable, trade (632) 21 177
(Decrease) in accrued expenses (101) (288) (79)
(Decrease) increase in taxes, including income taxes (144) 28 (185)
Cash received on long-term aluminum supply contract (F) - - 93
Pension contributions (W) (128) (523) (322)
(Increase) in noncurrent assets (203) (242) (282)
Increase in noncurrent liabilities 233 169 207
Decrease in net assets held for sale 27 16 24
Cash provided from continuing operations 1,379 1,101 3,075
Cash (used for) provided from discontinued operations (14) 133 36
Cash provided from operations 1,365 1,234 3,111
Financing Activities
Net change in short-term borrowings (K) (292) (96) 94
Net change in commercial paper (K) (1,535) 679 (617)
Additions to long-term debt (K) 1,049 2,253 2,050
Debt issuance costs (K) (17) (56) (126)
Payments on long-term debt (K) (156) (204) (873)
Proceeds from exercise of employee stock options (R) - 177 835
Excess tax benefits from stock-based payment arrangements - 15 79
Issuance of common stock (R) 876 - -
Repurchase of common stock - (1,082) (2,496)
Dividends paid to shareholders (228) (556) (590)
Dividends paid to noncontrolling interests (140) (295) (368)
Contributions from noncontrolling interests (I & M) 480 643 474
Cash provided from (used for) financing activities 37 1,478 (1,538)
Investing Activities
Capital expenditures (1,617) (3,413) (3,614)
Capital expenditures of discontinued operations (5) (25) (22)
Acquisitions, net of cash acquired (F and P) 112 (276) (15)
Acquisitions of noncontrolling interests (F and P) - (141) (3)
Proceeds from the sale of assets and businesses (F) (65) 2,710 183
Additions to investments (181) (1,303) (131)
Sales of investments (I) 1,031 72 2,011
Other 4 (34) (34)
Cash used for investing activities (721) (2,410) (1,625)
Effect of exchange rate changes on cash and cash equivalents 38 (23) 29
Net change in cash and cash equivalents 719 279 (23)
Cash and cash equivalents at beginning of year 762 483 506
Cash and cash equivalents at end of year $ 1,481 $ 762 $ 483
The accompanying notes are an integral part of the consolidated financial statements.
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