Freeport-McMoRan 2011 Annual Report Download - page 71

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CONSOLIDATED STATEMENTS OF CASH FLOWS
2011 ANNUAL REPORT | 69
Years Ended December 31, 2011 2010 2009
(In Millions)
Cash flow from operating activities:
Net income $ 5,747 $ 5,544 $ 3,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization 1,022 1,036 1,014
Stock-based compensation
117 121 102
Charges for reclamation and environmental obligations, including accretion 208 167 191
Payments of reclamation and environmental obligations (170) (196) (104)
Losses on early extinguishment of debt 68 81 48
Deferred income taxes 523 286 135
Increase in long-term mill and leach stockpiles (262) (103) (96)
Changes in other assets and liabilities (76) 79 201
Other, net
(96) 92 142
(Increases) decreases in working capital:
Accounts receivable 1,246 (680) (962)
Inventories (431) (593) (159)
Other current assets (57) (24) 87
Accounts payable and accrued liabilities (387) 331 (438)
Accrued income and other taxes (832) 132 702
Net cash provided by operating activities 6,620 6,273 4,397
Cash flow from investing activities:
Capital expenditures:
North America copper mines (495) (233) (345)
South America
(603) (470) (164)
Indonesia
(648) (436) (266)
Africa
(193) (100) (659)
Molybdenum
(461) (89) (82)
Other (134) (84) (71)
Investment in McMoRan Exploration Co. 25 (500) —
Other, net (26) 43 (14)
Net cash used in investing activities (2,535) (1,869) (1,601)
Cash flow from financing activities:
Repayments of debt (1,313) (1,724) (1,380)
Proceeds from debt 48 70 330
Cash dividends and distributions paid:
Common stock (1,423) (885) —
Preferred stock
— (95) (229)
Noncontrolling interests
(391) (816) (535)
Net proceeds from sale of common stock — — 740
Contributions from noncontrolling interests 62 28 57
Net proceeds from stock-based awards 3 81 6
Excess tax benefit from stock-based awards 23 19 3
Other, net (10) — (4)
Net cash used in financing activities (3,001) (3,322) (1,012)
Net increase in cash and cash equivalents
1,084 1,082 1,784
Cash and cash equivalents at beginning of year 3,738 2,656 872
Cash and cash equivalents at end of year $ 4,822 $ 3,738 $ 2,656
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.