Alcoa 2010 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, 2010 2009 2008
Cash from Operations
Net income (loss) $ 392 $(1,090) $ 147
Adjustments to reconcile net income (loss) to cash from operations:
Depreciation, depletion, and amortization 1,451 1,311 1,234
Deferred income taxes (T) (287) (596) (261)
Equity (income) loss, net of dividends (22) 39 (48)
Restructuring and other charges (D) 207 237 939
Net gain from investing activities—asset sales (O) (9) (106) (50)
Loss from discontinued operations (B) 8 166 303
Stock-based compensation (R) 84 87 94
Excess tax benefits from stock-based payment arrangements (1) - (15)
Other 151 219 (206)
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign
currency translation adjustments:
(Increase) decrease in receivables (94) 676 233
(Increase) decrease in inventories (215) 1,258 (353)
Decrease (increase) in prepaid expenses and other current assets 26 126 (97)
Increase (decrease) in accounts payable, trade 328 (632) 21
(Decrease) in accrued expenses (237) (101) (288)
Increase (decrease) in taxes, including income taxes 505 (144) 28
Pension contributions (W) (113) (128) (523)
(Increase) in noncurrent assets (85) (203) (242)
Increase in noncurrent liabilities 183 233 169
(Increase) decrease in net assets held for sale (18) 27 16
Cash provided from continuing operations 2,254 1,379 1,101
Cash provided from (used for) discontinued operations 7 (14) 133
Cash provided from operations 2,261 1,365 1,234
Financing Activities
Net change in short-term borrowings (K) (44) (292) (96)
Net change in commercial paper (K) - (1,535) 679
Additions to long-term debt (K) 1,126 1,049 2,253
Debt issuance costs (K) (6) (17) (56)
Payments on long-term debt (K) (1,757) (156) (204)
Proceeds from exercise of employee stock options (R) 13 - 177
Excess tax benefits from stock-based payment arrangements 1 - 15
Issuance of common stock (R) - 876 -
Repurchase of common stock - - (1,082)
Dividends paid to shareholders (125) (228) (556)
Distributions to noncontrolling interests (256) (140) (295)
Contributions from noncontrolling interests (I & M) 162 480 643
Acquisitions of noncontrolling interests (I) (66) - -
Cash (used for) provided from financing activities (952) 37 1,478
Investing Activities
Capital expenditures (1,015) (1,617) (3,413)
Capital expenditures of discontinued operations - (5) (25)
Acquisitions, net of cash acquired (F & P) (72) 112 (276)
Acquisitions of noncontrolling interests (F & P) - - (141)
Proceeds from the sale of assets and businesses (F) 4 (65) 2,710
Additions to investments (352) (181) (1,303)
Sales of investments (I) 141 1,031 72
Other 22 4 (34)
Cash used for investing activities (1,272) (721) (2,410)
Effect of exchange rate changes on cash and cash equivalents 25 38 (23)
Net change in cash and cash equivalents 62 719 279
Cash and cash equivalents at beginning of year 1,481 762 483
Cash and cash equivalents at end of year $ 1,543 $ 1,481 $ 762
The accompanying notes are an integral part of the consolidated financial statements.
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