Archer Daniels Midland 2009 Annual Report Download - page 44

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38
Archer Daniels Midland Company
Consolidated Statements of Cash Flows
Year Ended June 30
2009
2008
2007
(In millions)
Operating Activities
Net earnings
$ 1,707
$ 1,802
$ 2,162
Adjustments to reconcile net earnings to net cash provided by
(used in) operating activities
Depreciation
730
721
701
Asset abandonments and impairments
13
32
21
Deferred income taxes
34
(128)
109
(Gain) loss on sales of marketable securities
4
(38)
(393)
(Gain) loss on exchange of unconsolidated affiliates
11
(8)
(440)
Gain on sale of businesses
(24)
(8)
(209)
Equity in (earnings) losses of affiliates, net of dividends
54
(283)
(193)
Stock compensation expense
34
27
18
Stock contributed to employee benefit plans
18
29
27
Pension and postretirement accruals (contributions), net
(161)
36
61
Other – net
(161)
384
61
Changes in operating assets and liabilities
Segregated cash and investments
(426)
(614)
(191)
Receivables
3,680
(4,781)
(1,671)
Inventories
1,899
(3,736)
(1,213)
Other assets
152
(174)
(66)
Accounts payable and accrued expenses
(2,223)
3,535
1,519
Total Operating Activities
5,341
(3,204)
303
Investing Activities
Purchases of property, plant, and equipment
(1,898)
(1,779)
(1,198)
Proceeds from sales of property, plant, and equipment
65
52
45
Proceeds from sale of businesses
258
11
385
Net assets of businesses acquired
(198)
(13)
(103)
Investments in and advances to affiliates
(15)
(32)
(53)
Distributions from affiliates, excluding dividends
11
54
97
Purchases of marketable securities
(2,402)
(1,405)
(892)
Proceeds from sales of marketable securities
2,312
1,222
1,367
Other – net
(4)
(5)
(3)
Total Investing Activities
(1,871)
(1,895)
(355)
Financing Activities
Long-term debt borrowings
125
3,095
1,166
Long-term debt payments
(24)
(69)
(549)
Net borrowings (payments) under line of credit agreements
(2,890)
2,574
(110)
Purchases of treasury stock
(100)
(61)
(533)
Sale of stock warrants related to convertible note issuance
–
–
170
Purchase of call options related to convertible note issuance
–
–
(299)
Cash dividends
(347)
(316)
(281)
Other – net
11
23
38
Total Financing Activities
(3,225)
5,246
(398)
Increase (decrease) in cash and cash equivalents
245
147
(450)
Cash and cash equivalents – beginning of year
810
663
1,113
Cash and cash equivalents – end of year
$ 1,055
$ 810
$ 663
See notes to consolidated financial statements.