Sara Lee 2011 Annual Report Download - page 85

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Dollars in millions July 2, 2011 July 3, 2010 June 27, 2009
Operating Activities
Net income $«1,296 $«527 $«««380
Less: Cash received from contingent sale proceeds – (133) (150)
Adjustments to reconcile net income to net cash from operating activities
Depreciation 302 368 383
Amortization 84 94 114
Impairment charges 21 28 314
Net (gain) loss on business dispositions (1,305) (138) 1
Increase (decrease) in deferred income taxes 187 527 (83)
Pension payments, net of expense (80) (211) (232)
Debt extinguishment costs 55––
Other (20) 22 90
Change in current assets and liabilities, net of businesses acquired and sold
Trade accounts receivable 105 55 23
Inventories (202) 52 90
Other current assets (43) (27) (47)
Accounts payable 62 43 (126)
Accrued liabilities (170) 19 110
Accrued taxes 155 (274) 33
Net cash from operating activities 447 952 900
Investment Activities
Purchases of property and equipment (337) (373) (357)
Purchase of software and other intangibles (18) (12) (22)
Acquisitions of businesses and investments (119) – (10)
Dispositions of businesses and investments 2,305 204 53
Deposit on business disposition 203––
Cash received from contingent sale proceeds – 133 150
Cash received from (used in) derivative transactions 81 (26) (138)
Sales of assets 14 22 38
Net cash from (used in) investment activities 2,129 (52) (286)
Financing Activities
Issuances of common stock 52 13 1
Purchases of common stock (1,313) (500) (103)
Borrowings of other debt 1,054 466 439
Repayments of other debt (1,431) (492) (541)
Net change in financing with less than 90–day maturities 172 20 (261)
Payments of dividends (285) (308) (302)
Net cash used in financing activities (1,751) (801) (767)
Effect of changes in foreign exchange rates on cash 286 (103) (172)
Increase (decrease) in cash and equivalents 1,111 (4) (325)
Add: Cash balance of discontinued operations at beginning of year –82
Less: Cash balance of discontinued operations at end of year ––8
Cash and equivalents at beginning of year 955 951 $1,282
Cash and equivalents at end of year $«2,066 $«955 $«««951
Supplemental Cash Flow Data
Cash paid for restructuring charges $««««177 $«135 $«««««86
Cash contributions to pension plans $««««124 $«332 $«««306
Cash paid for income taxes $««««325 $«427 $«««273
The accompanying Notes to Financial Statements are an integral part of these statements.
82/83 Sara Lee Corporation and Subsidiaries