Sunoco 2009 Annual Report Download - page 74

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Sunoco, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Millions of Dollars)
For the Years Ended December 31
2009 2008* 2007*
Cash Flows from Operating Activities:
Net income (loss) ............................................ $ (200) $ 889 $ 961
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Gain on divestment of discontinued Tulsa operations ............ (70) — —
Gain on divestment of retail heating oil and propane
distribution business ..................................... (44) — —
Gain related to issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 15) .......................... — (23) (151)
Provision for asset write-downs and other matters ............... 699 228 53
Depreciation, depletion and amortization ....................... 521 515 480
Deferred income tax expense ................................ 54 15 186
Payments less than (in excess of) expense for retirement plans .... 32 (31) (32)
Changes in working capital pertaining to operating activities:
Accounts and notes receivable ............................. (705) 1,148 (343)
Inventories ............................................. 113 318 76
Accounts payable and accrued liabilities ..................... 676 (2,368) 1,194
Income tax refund receivable and taxes payable .............. (525) 146 (53)
Other .................................................... (3) (1) (4)
Net cash provided by operating activities .......................... 548 836 2,367
Cash Flows from Investing Activities:
Capital expenditures ......................................... (899) (1,286) (1,179)
Acquisitions (Note 2) ......................................... (50) (185) —
Investment in Brazilian cokemaking operations ................... — — (39)
Proceeds from divestment of Tulsa refinery and related
inventory (Note 2) ......................................... 157 — —
Proceeds from other divestments ............................... 209 21 69
Other ...................................................... (2) 49 (44)
Net cash used in investing activities .............................. (585) (1,401) (1,193)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings .......... 74 207 (275)
Net proceeds from issuance of long-term debt .................... 1,059 343 280
Repayments of long-term debt ................................. (835) (115) (264)
Net proceeds from issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 15) ............................ 110 — —
Purchase of noncontrolling interests (Note 15) .................... — — (18)
Cash distributions to investors in cokemaking operations ........... (19) (31) (36)
Cash distributions to investors in Sunoco Logistics Partners L.P. ..... (75) (61) (55)
Cash dividend payments ...................................... (140) (138) (129)
Purchases of common stock for treasury ......................... — (49) (300)
Other ...................................................... — 1 8
Net cash provided by (used in) financing activities ................... 174 157 (789)
Net increase (decrease) in cash and cash equivalents ............... 137 (408) 385
Cash and cash equivalents at beginning of year .................... 240 648 263
Cash and cash equivalents at end of year ......................... $ 377 $ 240 $ 648
*Reclassified to conform to 2009 presentation (Note 1).
(See Accompanying Notes)
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