Whirlpool 2006 Annual Report Download - page 37

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34
Year Ended December 31 ($ in millions) 2006 2005 2004
OPERATING ACTIVITIES OF CONTINUING OPERATIONS
Net earnings $ 433 $ 422 $ 406
Loss from discontinued operations 53 - -
Earnings from continuing operations 486 422 406
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Equity in losses of affiliated companies, less dividends received 5 2 1
Gain on disposition of assets (4 ) (39 ) (7)
Gain on disposition of businesses (32 ) (9 ) -
Depreciation and amortization 550 442 445
Changes in assets and liabilities, net of business acquisitions:
Trade receivables 50 (173 ) (16 )
Inventories (118 ) 37 (266 )
Accounts payable 44 87 253
Restructuring charges, net of cash paid (80 ) 8 (33 )
Taxes deferred and payable, net (154 ) (105 ) (18 )
Accrued pension 53 47 6
Employee compensation 25 79 (23 )
Other - net 55 86 46
Cash Provided By Continuing Operating Activities $ 880 $ 884 $ 794
INVESTING ACTIVITIES OF CONTINUING OPERATIONS
Capital expenditures $ (576 ) $ (494 ) $ (511 )
Proceeds from sale of assets 86 93 74
Proceeds from sale of businesses 36 48 -
Purchase of minority interest shares (53 ) - -
Proceeds from sale of Maytag adjacent businesses 110 - -
Acquisition of businesses, less cash acquired (797 ) (77 ) (2 )
Cash Used For Investing Activities of Continuing Operations $ (1,194 ) $ (430 ) $ (439 )
FINANCING ACTIVITIES OF CONTINUING OPERATIONS
Net proceeds (repayments) of short-term borrowings $ 381 $ (124 ) $ (37 )
Proceeds of long-term debt 757 - -
Repayments of long-term debt (1,046 ) (7 ) (21 )
Dividends paid (130 ) (116 ) (116 )
Purchase of treasury stock - (34 ) (251 )
Common stock issued under stock plans 54 102 64
Other 13 9 3
Cash Provided By (Used For) Financing Activities of Continuing Operations $ 29 $ (170 ) $ (358 )
Cash Provided By (Used For) Discontinued Operations
Operating Activities $ 8 $ - $ -
Investing Activities (3 ) - -
Cash Provided By Discontinued Operations $ 5 $ - $ -
Effect of Exchange Rate Changes on Cash and Equivalents 18 (3 ) (3 )
Increase (Decrease) in Cash and Equivalents $ (262 ) $ 281 $ (6 )
Cash and Equivalents at Beginning of Year 524 243 249
Cash and Equivalents at End of Year $ 262 $ 524 $ 243
Consolidated Condensed Statements of Cash Flows