Sunoco 2004 Annual Report Download - page 50

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Consolidated Statements of Cash Flows Sunoco, Inc. and Subsidiaries
(Millions of Dollars)
For the Years Ended December 31 2004 2003* 2002
Increases (Decreases) in Cash and Cash Equivalents
Cash Flows from Operating Activities:
Net income (loss) $ 605 $ 312 $ (47)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gains on Midwest Marketing program asset divestments —(14) —
Provision for asset write-downs and other matters 13 51 34
Loss on early extinguishment of debt 53 ——
Noncash reduction in minority interest in cokemaking operations (Note 13) (5) (3) (35)
Depreciation, depletion and amortization 409 369 329
Deferred income tax expense 123 111 19
Payments in excess of expense for retirement plans (28) (45) (42)
Changes in working capital pertaining to operating activities, net of effect of acquisitions:
Accounts and notes receivable (214) (139) (230)
Inventories (136) 51 161
Accounts payable and accrued liabilities 771 132 319
Taxes payable 138 131 10
Other 18 44 29
Net cash provided by operating activities 1,747 1,000 547
Cash Flows from Investing Activities:
Capital expenditures (832) (427) (385)
Acquisitions, net of seller financing of $4 in 2003 (Note 2) (431) (356) (54)
Proceeds from divestments 200 82 22
Other 3(20) (15)
Net cash used in investing activities (1,060) (721) (432)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings 100 — (299)
Net proceeds from issuance of long-term debt 416 — 311
Repayments of long-term debt (642) (12) (3)
Premiums paid on early extinguishment of debt (50) ——
Net proceeds from issuance of Sunoco Logistics Partners L.P. limited partnership units
(Note 13) 129 —96
Proceeds from transferred interests in cokemaking operations —— 215
Cash distributions to investors in cokemaking operations (36) (48) (24)
Cash distributions to investors in Sunoco Logistics Partners L.P. (20) (11) (7)
Cash dividend payments (86) (79) (76)
Purchases of common stock for treasury (568) (136) —
Proceeds from issuance of common stock under management incentive and employee
option plans 52 52 23
Other (8) (4) (3)
Net cash provided by (used in) financing activities (713) (238) 233
Net increase (decrease) in cash and cash equivalents (26) 41 348
Cash and cash equivalents at beginning of year 431 390 42
Cash and cash equivalents at end of year $ 405 $ 431 $ 390
*Restated to reflect the consolidation of the Epsilon joint venture, effective January 1, 2003, in connection with the adoption of FASB Interpretation No. 46, “Consolidation of
Variable Interest Entities,” in the first quarter of 2004 (Note 1).
(See Accompanying Notes)
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