Archer Daniels Midland 2006 Annual Report Download - page 44

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42 Archer Daniels Midland Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended June 30,
2006 2005 2004
(In thousands)
Operating Activities
Net earnings ................................................... $1,312,070 $1,044,385 $494,710
Adjustments to reconcile net earnings to net cash provided
by operating activities
Depreciation ............................................. 656,714 664,652 685,613
Asset abandonments and goodwill impairments . . . . . . . . . . . . . . . . . 71,264 41,548 50,576
Deferred income taxes ...................................... (105,646) 241,671 (67,505)
(Gain) loss on marketable securities transactions . . . . . . . . . . . . . . . (39,803) (113,299) (23,968)
Equity in (earnings) loss of affiliates, net of dividends . . . . . . . . . . . . (69,334) (91,280) (84,930)
Stock contributed to employee benefit plans . . . . . . . . . . . . . . . . . . . . 25,089 23,840 23,281
Pension and postretirement payments in excess of accruals . . . . . . . . (164,141) 840 (43,888)
Other – net .............................................. 91,410 41,892 (15,250)
Changes in operating assets and liabilities
Segregated cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . (239,842) (37,319) (316,423)
Receivables ............................................ (177,430) (216,967) (378,501)
Inventories ............................................ (600,588) 825,486 (950,792)
Other assets ............................................ (28,246) (35,056) (6,724)
Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . 644,524 (264,214) 667,140
Total Operating Activities ......................... 1,376,041 2,126,179 33,339
Investing Activities
Purchases of property, plant, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . (762,009) (623,819) (509,237)
Proceeds from sales of property, plant, and equipment . . . . . . . . . . . . . . . . . 53,704 43,611 57,226
Net assets of businesses acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (182,213) (24,238) (93,022)
Investments in and advances to affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,625) (112,018) (112,984)
Distributions from affiliates, excluding dividends . . . . . . . . . . . . . . . . . . . . . 57,690 157,824 122,778
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (684,940) (1,433,412) (857,786)
Proceeds from sales of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . 581,489 1,674,180 786,492
Other – net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,637) 16,364 32,098
Total Investing Activities .......................... (1,068,541) (301,508) (574,435)
Financing Activities
Long-term debt borrowings ....................................... 643,544 18,547 4,366
Long-term debt payments ........................................ (265,988) (185,913) (32,381)
Net borrowings (payments) under line of credit agreements . . . . . . . . . . . . 104,548 (1,357,456) 483,764
Purchases of treasury stock ....................................... (1,585) (139,112) (4,113)
Cash dividends ................................................. (241,995) (209,425) (174,109)
Other ........................................................ 44,409 30,901 38,817
Total Financing Activities .......................... 282,933 (1,842,458) 316,344
Increase (Decrease) in Cash and Cash Equivalents ............. 590,433 (17,787) (224,752)
Cash and Cash Equivalents – Beginning of Year ................. 522,420 540,207 764,959
Cash and Cash Equivalents – End of Year ....................... $1,112,853 $ 522,420 $540,207
See notes to consolidated financial statements.