Sara Lee 2008 Annual Report Download - page 45

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Sara Lee Corporation and Subsidiaries 43
Consolidated Statements of Cash Flows
Dollars in millions June 28, 2008 June 30, 2007 July 1, 2006
Operating Activities
Net income (loss) $«««««(79) $««««504 $«««555
Less: Cash received from contingent sale proceeds (130) (120) (114)
Adjustments to reconcile net income (loss) to net cash from operating activities
Depreciation 403 420 541
Amortization 122 119 160
Impairment charges 851 172 587
Net loss (gain) on business dispositions 25 (29) (589)
Increase (decrease) in deferred income taxes (267) (138) 112
Other 188 91 57
Change in current assets and liabilities, net of businesses acquired and sold
Trade accounts receivable (92) 18 (14)
Inventories (117) (106) 108
Other current assets (36) (50) (65)
Accounts payable 38 93 (10)
Accrued liabilities (318) (270) (67)
Accrued taxes 18 (212) 4
Net cash from operating activities 606 492 1,265
Investment Activities
Purchases of property and equipment (454) (529) (615)
Purchase of software and other intangibles (61) (102) (10)
Acquisitions of businesses and investments – – (78)
Dispositions of businesses and investments 55 346 868
Cash received from loans receivable –688 33
Cash received from contingent sale proceeds 130 120 114
Cash received from (used in) derivative transactions 96 (25) (33)
Cash used to invest in short-term investments –(647) –
Cash received from maturing short-term investments –647 –
Sales of assets 38 70 86
Net cash received from (used in) investment activities (196) 568 365
Financing Activities
Issuances of common stock 53827
Purchases of common stock (315) (686) (561)
Borrowings of long-term debt 2,895 37
Repayments of long-term debt (1,456) (416) (467)
Borrowings (repayments) of short-term debt, net 251 (1,720) 1,528
Cash transferred to Hanesbrands Inc. in spin off –(650) –
Payments of dividends (296) (374) (605)
Net cash (used in) financing activities (1,811) (913) (41)
Effect of changes in foreign exchange rates on cash 165 128 86
Increase (decrease) in cash and equivalents (1,236) 275 1,675
Add: Cash balance of discontinued operations at beginning of year 31847
Less: Cash balance of discontinued operations at end of year –(3) (18)
Cash and equivalents at beginning of year 2,517 2,227 523
Cash and equivalents at end of year $«1,284 $«2,517 $2,227
The accompanying Notes to Financial Statements are an integral part of these statements.