Kodak 2011 Annual Report Download - page 53

2010
Cash Flow Activity
Operating Activities
Net cash used in operating activities increased $83 million for the year ended December 31, 2010 as compared with the prior year due to the combination of
working capital changes and use of cash for settlement of other liabilities in the current year using more cash than those factors in the prior year.
Cash received in 2010 related to non-recurring licensing agreements, net of applicable withholding taxes, of $597 million, was $25 million lower than cash
received in 2009 related to non-recurring licensing agreements of $622 million.
Investing Activities
Net cash used in investing activities increased $90 million for the year ended December 31, 2010 as compared with 2009 due primarily to a decline of
$124 million in proceeds received from sales of assets and businesses. Approximately $100 million of this decline is due to proceeds received from
the sale of assets of the Company’s OLED group in the prior year. Partially offsetting this decline were a decrease in cash used for acquisitions of $17
million and a reduction in funding of restricted cash of $13 million.
Financing Activities
Net cash used in financing activities increased $107 million for the year ended December 31, 2010 as compared with 2009 due to lower proceeds received
from borrowings in the current year, primarily due to the Company’s debt refinancing in 2009 for which it received approximately $100 million of net
proceeds. Partially offsetting this decrease was a reduction of debt issuance costs of $18 million, also primarily related to the 2009 debt refinancing.
OTHER
Refer to Note 11, "Commitments and Contingencies," in the Notes to Financial Statements for discussion regarding the Company's undiscounted
liabilities for environmental remediation costs, and other commitments and contingencies, including legal matters.
CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995
This report on Form 10–K, includes “forward–looking statements” as that term is defined under the Private Securities Litigation Reform Act of
1995. Forward–looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenue or
performance, capital expenditures, liquidity, financing needs, plans or business trends, and other information that is not historical information. When used
in this report on Form 10–K, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional
verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward–looking
statements. All forward–looking statements, including, without limitation,
For the Year Ended
(in millions) December 31,
2010
2009
Change
Cash flows from operating activities:
Net cash used in operating activities
$
(219
)
$
(136
)
$
(83
)
Cash flows from investing activities:
Net cash used in investing activities
(112
)
(22
)
(90
)
Cash flows from financing activities:
Net cash (used in) provided by financing activities
(74
)
33
(107
)
Effect of exchange rate changes on cash
5
4
1
Net decrease in cash and cash equivalents
$
(400
)
$
(121
)
$
(279
)
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