Xerox 2009 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2009 Xerox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

44 Xerox 2009 Annual Report
Xerox Corporation
Consolidated Statements of Cash Flows
Year Ended December 31,
(in millions) 2009 2008 2007
Cash Flows from Operating Activities:
Net income $ 516 $ 265 $ 1,165
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization 698 669 656
Provision for receivables 289 199 131
Provision for inventory 52 115 66
Deferred tax expense (benefit) 120 (324) 224
Net gain on sales of businesses and assets (16) (21) (7)
Undistributed equity in net income of unconsolidated affiliates (25) (53) (60)
Stock-based compensation 85 85 89
Provision for litigation, net — 781 —
Payments for securities litigation, net (28) (615) —
Restructuring and asset impairment charges (8) 429 (6)
Payments for restructurings (270) (131) (235)
Contributions to pension benefit plans (122) (299) (298)
Decrease (increase) in accounts receivable and billed portion of finance receivables 467 57 (79)
Decrease (increase) in inventories 319 (114) (43)
Increase in equipment on operating leases (267) (331) (331)
Decrease in finance receivables 248 164 119
Decrease (increase) in other current and long-term assets 129 (8) 130
Increase in accounts payable and accrued compensation 157 211 285
(Decrease) increase in other current and long-term liabilities (100) (174) 38
Net change in income tax assets and liabilities (18) (92) 73
Net change in derivative assets and liabilities (56) 230 (10)
Other operating, net 38 (104) (36)
Net cash provided by operating activities 2,208 939 1,871
Cash Flows from Investing Activities:
Cost of additions to land, buildings and equipment (95) (206) (236)
Proceeds from sales of land, buildings and equipment 17 38 25
Cost of additions to internal use software (98) (129) (123)
Acquisitions, net of cash acquired (163) (155) (1,615)
Net change in escrow and other restricted investments (6) 8 200
Other investing, net 2 3 137
Net cash used in investing activities (343) (441) (1,612)
Cash Flows from Financing Activities:
Net payments on secured financings (57) (227) (1,869)
Net proceeds on other debt 923 926 1,814
Common stock dividends (149) (154) —
Proceeds from issuances of common stock 1 6 65
Excess tax benefits from stock-based compensation — 2 22
Payments to acquire treasury stock, including fees — (812) (632)
Repurchases related to stock-based compensation (12) (33) —
Other financing (14) (19) (19)
Net cash provided by (used in) financing activities 692 (311) (619)
Effect of exchange rate changes on cash and cash equivalents 13 (57) 60
Increase (decrease) in cash and cash equivalents 2,570 130 (300)
Cash and cash equivalents at beginning of year 1,229 1,099 1,399
Cash and Cash Equivalents at End of Year $ 3,799 $ 1,229 $ 1,099
The accompanying notes are an integral part of these Consolidated Financial Statements.