Archer Daniels Midland 2007 Annual Report Download - page 49

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41
Archer Daniels Midland Company
Consolidated Statements of Cash Flows
Year Ended June 30
2007 2006 2005
(In millions)
Operating Activities
Net earnings $2,162 $1,312 $1,044
Adjustments to reconcile net earnings to net cash provided by
operating activities
Depreciation 701 657 665
Asset abandonments 21 71 41
Deferred income taxes 109 (106) 242
Gain on marketable securities transactions (393) (40) (113)
Gain on exchange of unconsolidated affiliates (440) – –
Gain on sale of businesses (209) – –
Equity in earnings of affiliates, net of dividends (193) (69) (91)
Stock contributed to employee benefit plans 27 25 24
Pension and postretirement accruals (contributions), net 61 (164) 1
Other – net 99 91 42
Changes in operating assets and liabilities
Segregated cash and investments (191) (240) (38)
Receivables (953) (177) (217)
Inventories (1,215) (601) 825
Other assets (66) (28) (35)
Accounts payable and accrued expenses 783 645 (264)
Total Operating Activities 303 1,376 2,126
Investing Activities
Purchases of property, plant, and equipment (1,198) (762) (624)
Proceeds from sales of property, plant, and equipment 45 54 44
Proceeds from sale of businesses 385 – –
Net assets of businesses acquired (103) (182) (24)
Investments in and advances to affiliates (53) (126) (112)
Distributions from affiliates, excluding dividends 97 58 158
Purchases of marketable securities (892) (685) (1,433)
Proceeds from sales of marketable securities 1,367 581 1,674
Other – net (3) (7) 16
Total Investing Activities (355) (1,069) (301)
Financing Activities
Long-term debt borrowings 1,166 644 19
Long-term debt payments (549) (266) (186)
Net borrowings (payments) under line of credit agreements (110) 105 (1,358)
Purchases of treasury stock (533) (2) (139)
Sale of stock warrants related to convertible note issuance 170 – –
Purchase of call options related to convertible note issuance (299) – –
Cash dividends (281) (242) (209)
Other – net 38 45 30
Total Financing Activities (398) 284 (1,843)
Increase (decrease) in cash and cash equivalents (450) 591 (18)
Cash and cash equivalents – beginning of year 1,113 522 540
Cash and cash equivalents – end of year $ 663 $1,113 $ 522
See notes to consolidated financial statements.