CHS 2011 Annual Report Download - page 31

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30 2011 CHS
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED AUGUST 31 (DOLLARS IN THOUSANDS) 2011 2010 2009
Cash flows from operating activities:
Net income including noncontrolling interests $ 1,061,028 $ 535,397 $ 440,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 220,694 202,922 196,350
Amortization of deferred major repair costs 30,474 18,532 24,999
Income from equity investments (131,414) (108,787) (105,754)
Distributions from equity investments 137,766 89,689 80,403
Noncash patronage dividends received (9,697) (9,918) (9,717)
Gain on sale of property, plant and equipment (5,200) (5,094) (3,176)
(Gain) loss on investments (126,729) (29,433) 56,305
Deferred taxes 67,089 39,507 43,976
Other, net 868 1,597 2,466
Changes in operating assets and liabilities, net of acquisitions:
Receivables (714,589) (123,630) 692,540
Inventories (796,596) (426,328) 895,882
Derivative assets (389,025) (73,597) 198,163
Margin deposits (462,857) (397,993) 74,594
Other current assets and other assets (137,749) 42,145 111,623
Customer margin deposits and credit balances 327,813 149,228 47,946
Customer advance payments 163,640 114,032 (328,854)
Accounts payable and accrued expenses 870,314 221,776 (664,160)
Derivative liabilities 179,876 (25,740) 32,525
Other liabilities 15,617 (64,344) (51,708)
Net cash provided by operating activities 301,323 149,961 1,734,777
Cash flows from investing activities:
Acquisition of property, plant and equipment (310,670) (324,262) (315,505)
Proceeds from disposition of property, plant and equipment 9,496 10,139 10,769
Expenditures for major repairs (92,129) (7,554) (1,771)
Investments in joint ventures and other (6,090) (38,062) (120,181)
Investments redeemed 39,681 119,331 39,787
Proceeds from sale of investments 225,000 41,822
Changes in notes receivable (347,509) (41,925) 123,307
Business acquisitions, net of cash acquired (67,489) (6,307) (76,364)
Other investing activities, net (1,259) (949) 7,692
Net cash used in investing activities (550,969) (289,589) (290,444)
Cash flows from financing activities:
Changes in notes payable 457,731 15,217 (251,225)
Long-term debt borrowings 631,882
Principal payments (114,929) (84,792) (118,864)
Payments for bank fees (5,348) (10,296) (1,584)
Changes in checks and drafts outstanding 63,033 47,280 (119,301)
Distributions to noncontrolling interests (18,184) (4,870) (21,139)
Preferred stock dividends paid (24,544) (23,248) (20,024)
Retirements of equities (61,193) (23,135) (49,652)
Cash patronage dividends paid (141,513) (153,894) (227,610)
Other financing activities, net (20) 952 370
Net cash provided by (used in) financing activities 786,915 (236,786) (809,029)
Effect of exchange rate changes on cash and cash equivalents 5,753 (1,522) 755
Net increase (decrease) in cash and cash equivalents 543,022 (377,936) 636,059
Cash and cash equivalents at beginning of period 394,663 772,599 136,540
Cash and cash equivalents at end of period $ 937,685 $ 394,663 $ 772,599
The accompanying notes are an integral part of the consolidated financial statements.
CHS Inc. and Subsidiaries
CONSOLIDATED FINANCIAL STATEMENTS