Sunoco 2011 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,
2011 2010 2009
Cash Flows from Operating Activities:
Net income (loss) ......................................................... $(1,509) $ 428 $ (200)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) loss on divestment of discontinued chemicals operations ................... (13) 169 —
Gain on remeasurement of pipeline equity interests ............................. (9) (128) —
Gain on divestment of discontinued Tulsa operations ........................... — — (70)
Gain on divestment of retail heating oil and propane distribution business ........... — — (44)
Provision for asset write-downs and other matters .............................. 2,898 109 699
Depreciation, depletion and amortization ..................................... 410 497 521
Deferred income tax expense (benefit) ....................................... (1,165) 110 54
Payments less than (in excess of) expense for retirement plans .................... (8) (130) 32
Changes in working capital pertaining to operating activities:
Accounts and notes receivable ........................................... (392) (390) (705)
Inventories ........................................................... (212) 82 113
Accounts payable and accrued liabilities ................................... 178 641 676
Income tax refund receivable and taxes payable ............................. (35) 294 (525)
Other ................................................................. (6) 12 (3)
Net cash provided by operating activities ......................................... 137 1,694 548
Cash Flows from Investing Activities:
Capital expenditures ....................................................... (723) (772) (899)
Acquisitions (Note 2) ...................................................... (419) (268) (50)
Proceeds from divestments:
Discontinued chemicals operations .......................................... 181 348 —
Toledo refinery and related inventory ........................................ 855 — —
Tulsa refinery and related inventory ......................................... — — 157
Retail heating oil and propane distribution business ............................ — — 83
Other divestments ....................................................... 21 50 126
Other ................................................................... (13) (5) (2)
Net cash used in investing activities ............................................. (98) (647) (585)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings ......................... (12) (282) 74
Net borrowings from money market notes (Note 16) .............................. 213 — —
Expenses related to SunCoke Energy, Inc. initial public offering (Note 16) ............ (21) — —
Net proceeds from issuance of long-term debt ................................... 1,834 1,144 1,059
Repayments of long-term debt ............................................... (741) (894) (835)
Net proceeds from sale/issuance of Sunoco Logistics Partners L.P. limited partnership
units (Note 16) ......................................................... — 289 110
Purchase of noncontrolling interest in Indiana Harbor cokemaking operations .......... (34) — —
Cash distributions to noncontrolling interests .................................... (122) (123) (94)
Cash dividend payments .................................................... (71) (73) (140)
Purchase of common stock for treasury ........................................ (500) — —
Other ................................................................... (6) — —
Net cash provided by financing activities ......................................... 540 61 174
Net increase in cash and cash equivalents ........................................ 579 1,108 137
Cash and cash equivalents at beginning of period .................................. 1,485 377 240
Cash and cash equivalents at end of period ....................................... $2,064 $1,485 $ 377
(See Accompanying Notes)
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