Whirlpool 2005 Annual Report Download - page 34

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Consolidated Condensed Statements of Cash Flows
Year Ended December 31 (millions of dollars) 2005 2004 2003
Operating activities
Net earnings $ 422 $ 406 $ 414
Adjustments to reconcile net earnings to net cash
provided by (used in) operating activities:
Equity in (earnings) losses of affiliated companies,
less dividends received (1) 1 –
(Gain) loss on disposition of assets (39) (7) 6
Gain on disposition of business (9) – –
Depreciation and amortization 442 445 427
Changes in assets and liabilities, net of business acquisitions:
Trade receivables (173) (16) 4
Inventories 37 (266) (127)
Accounts payable 87 253 163
Restructuring charges, net of cash paid 8 (33) (89)
Taxes deferred and payable, net (105) (18) 55
Accrued pension 47 6 (109)
Accrued payroll and other compensation 79 (23) 24
Other - net 86 46 (24)
Cash Provided by Operating Activities $ 881 $ 794 $ 744
Investing activities
Capital expenditures $ (494) $ (511) $ (423)
Proceeds from sale of assets 93 74 75
Proceeds from sale of business 48 – –
Acquisitions of businesses, less cash acquired (77) (2) (4)
Cash Used for Investing Activities $ (430) $ (439) $ (352)
Financing activities
Net (repayments) proceeds of short-term borrowings $ (124) $ (37) $ 7
Proceeds of long-term debt – – 6
Repayments of long-term debt (7) (21) (221)
Dividends paid (116) (116) (94)
Purchase of treasury stock (34) (251) (65)
Redemption of WFC preferred stock – – (33)
Common stock issued under stock plans 102 64 65
Other 12 3 (10)
Cash Used for Financing Activities $ (167) $ (358) $ (345)
Effect of Exchange Rate Changes on Cash and Equivalents $ (3) $ (3) $ 10
Increase (Decrease) in Cash and Equivalents $ 281 $ (6) $ 57
Cash and Equivalents at Beginning of Year 243 249 192
Cash and Equivalents at End of Year $ 524 $ 243 $ 249