Whirlpool 2012 Annual Report Download - page 37

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35
WHIRLPOOL CORPORATION
Consolidated Statements of Cash Flows
(Millions of dollars)
Year Ended December 31, 2012 2011 2010
Operating activities
Net earnings $ 425 $ 408 $ 650
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization 551 558 555
Curtailment gain (52) (35) (62)
Increase (decrease) in LIFO inventory reserve (13) 54 4
Brazilian collection dispute (275) 144 63
Changes in assets and liabilities:
Accounts receivable 47 (15) 187
Inventories (7) 283 (595)
Accounts payable 240 25 341
Accrued advertising and promotions (13) 14 (47)
Product recall —(15) 13
Taxes deferred and payable, net (68) (573) (94)
Accrued pension and postretirement benefits (227) (349) (111)
Employee compensation 249 (59) (6)
Other (161) 90 180
Cash provided by operating activities 696 530 1,078
Investing activities
Capital expenditures (476) (608) (593)
Proceeds from sale of assets 10 23 17
Investment in related businesses (28) (7) (18)
Proceeds from sale of brand —— 15
Acquisition of brand —— (27)
Other —(4) —
Cash used in investing activities (494) (596) (606)
Financing activities
Repayments of long-term debt (361) (313) (379)
Proceeds from borrowings of long-term debt 322 300 2
Net proceeds (repayments) from short-term borrowings 6(2) (20)
Dividends paid (155) (148) (132)
Common stock issued 43 14 72
Purchase of noncontrolling interest shares —— (12)
Other (3) (17) (26)
Cash used in financing activities (148) (166) (495)
Effect of exchange rate changes on cash and equivalents 5(27) 11
Increase (decrease) in cash and equivalents 59 (259) (12)
Cash and equivalents at beginning of year 1,109 1,368 1,380
Cash and equivalents at end of year $ 1,168 $ 1,109 $ 1,368
Supplemental disclosure of cash flow information
Cash paid for interest $ 197 $ 208 $ 218
Cash paid for income taxes $ 177 $ 136 $ 31