Kodak 2009 Annual Report Download - page 62

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60
Eastman Kodak Company
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended December 31,
(in millions) 2009 2008 2007
Cash flows from operating activities:
Net (loss) earnings $ (209) $ (442) $ 678
Adjustments to reconcile to net cash provided by operating activities:
Earnings from discontinued operations, net of income taxes (17) (285) (884)
Earnings from extraordinary items, net of income taxes (6) - -
Depreciation and amortization 427 500 785
Gain on sales of businesses/assets (100) (14) (157)
Non-cash restructuring and rationalization costs, asset impairments and
other charges 28 801 336
(Benefit) provision for deferred income taxes (99) 16 54
Decrease in receivables 363 148 161
Decrease (increase) in inventories 276 (20) 108
Decrease in liabilities excluding borrowings (821) (720) (624)
Other items, net 22 (112) (92)
Total adjustments 73 314 (313)
Net cash (used in) provided by continuing operations (136) (128) 365
Net cash provided by (used in) discontinued operations - 296 (37)
Net cash (used in) provided by operating activities (136) 168 328
Cash flows from investing activities:
Additions to properties (152) (254) (259)
Proceeds from sales of businesses/assets 156 92 227
Acquisitions, net of cash acquired (17) (38) (2)
Funding of restricted cash account (12) - -
Marketable securities - sales 39 162 166
Marketable securities - purchases (36) (150) (173)
Net cash used in continuing operations (22) (188) (41)
Net cash provided by discontinued operations - - 2,449
Net cash (used in) provided by investing activities (22) (188) 2,408
Cash flows from financing activities:
Stock repurchases - (301) -
Proceeds from borrowings 712 140 163
Debt issuance costs (30) - -
Repayment of borrowings (649) (446) (1,363)
Dividends to shareholders - (139) (144)
Exercise of employee stock options - - 6
Net cash provided by (used in) continuing operations 33 (746) (1,338)
Net cash provided by discontinued operations - - 44
Net cash provided by (used in) financing activities 33 (746) (1,294)
Effect of exchange rate changes on cash 4 (36) 36
Net (decrease) increase in cash and cash equivalents (121) (802) 1,478
Cash and cash equivalents, beginning of year 2,145 2,947 1,469
Cash and cash equivalents, end of year $ 2,024 $ 2,145 $ 2,947