Whirlpool 2010 Annual Report Download - page 45

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40
W H I R LP O O L C O R P O R AT I O N
Consolidated Statements of Cash Flows
(Millions of dollars)
Year Ended December 31, 2010 2009 2008
Operating activities
Net earnings $ 650 $ 354 $ 447
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization 555 525 597
Curtailment gain (62) (92) —
Loss (gain) on disposition of assets 2(4) (60)
Increase (decrease) in LIFO inventory reserve 4(41) 42
Gain on sale of brand (10) — —
Equity in losses of affiliated companies, less dividends received —1 —
Changes in assets and liabilities:
Accounts receivable 187 (286) 300
Inventories (595) 578 (174)
Accounts payable 341 326 (250)
Taxes deferred and payable, net (94) (112) (256)
Accrued pension (16) (84) (123)
Employee compensation (6) 213 (84)
Other 122 172 (112)
Cash provided by operating activities 1,078 1,550 327
Investing activities
Capital expenditures (593) (541) (547)
Investment in related businesses (18) (35) (5)
Proceeds from sale of assets 17 77 119
Proceeds from sale of brand 15 — —
Acquisition of brand (27) — —
Cash used in investing activities (606) (499) (433)
Financing activities
Repayments of long-term debt (379) (210) (131)
Dividends paid (132) (128) (128)
Common stock issued 72 21 21
Net (repayments) proceeds from short-term borrowings (20) (362) 101
Purchase of noncontrolling interest shares (12) — —
Proceeds from borrowings of long-term debt 2872 545
Purchase of treasury stock —— (247)
Other (26) (49) (20)
Cash (used in) provided by financing activities (495) 144 141
Effect of exchange rate changes on cash and equivalents 11 39 (90)
(Decrease) increase in cash and equivalents (12) 1,234 (55)
Cash and equivalents at beginning of year 1,380 146 201
Cash and equivalents at end of year $ 1,368 $ 1,380 $ 146
Supplemental disclosure of cash flow information
Cash paid for interest $ 218 $ 209 $ 200
Cash paid for income taxes 31 51 76