Xerox 2011 Annual Report Download - page 60

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58
Xerox Corporation
Consolidated Statements of Cash Flows
Year Ended December 31,
(in millions) 2011 2010 2009
Cash Flows from Operating Activities:
Net income $ 1,328 $ 637 $ 516
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization 1,251 1,097 698
Provision for receivables 154 180 289
Provision for inventory 39 31 52
Deferred tax expense (benefit) 203 (2) 120
Net gain on sales of businesses and assets (9) (18) (16)
Undistributed equity in net income of unconsolidated affiliates (86) (37) (25)
Stock-based compensation 123 123 85
Restructuring and asset impairment charges 33 483 (8)
Curtailment gain (107) — —
Payments for restructurings (218) (213) (270)
Contributions to defined benefit pension plans (426) (237) (122)
(Increase) decrease in accounts receivable and billed portion of finance receivables (296) (118) 467
Collections of deferred proceeds from sales of receivables 380 218 —
(Increase) decrease in inventories (124) (151) 319
Increase in equipment on operating leases (298) (288) (267)
Decrease in finance receivables 90 129 248
(Increase) decrease in other current and long-term assets (249) (98) 129
Increase in accounts payable and accrued compensation 82 615 157
Decrease in other current and long-term liabilities (22) (9) (128)
Net change in income tax assets and liabilities 89 229 (18)
Net change in derivative assets and liabilities 39 85 (56)
Other operating, net (15) 70 38
Net cash provided by operating activities 1,961 2,726 2,208
Cash Flows from Investing Activities:
Cost of additions to land, buildings and equipment (338) (355) (95)
Proceeds from sales of land, buildings and equipment 28 52 17
Cost of additions to internal use software (163) (164) (98)
Acquisitions, net of cash acquired (212) (1,734) (163)
Net change in escrow and other restricted investments (10) 20 (6)
Other investing, net 20 3 2
Net cash used in investing activities (675) (2,178) (343)
Cash Flows from Financing Activities:
Net proceeds (payments) on debt 49 (3,056) 866
Payment of liability to subsidiary trust issuing preferred securities (670) — —
Common stock dividends (241) (215) (149)
Preferred stock dividends (24) (15) —
Proceeds from issuances of common stock 44 183 1
Excess tax benefits from stock-based compensation 6 24 —
Payments to acquire treasury stock, including fees (701) — —
Repurchases related to stock-based compensation (27) (15) (12)
Distributions to noncontrolling interests (22) (22) (14)
Net cash (used in) provided by financing activities (1,586) (3,116) 692
Effect of exchange rate changes on cash and cash equivalents (9) (20) 13
(Decrease) increase in cash and cash equivalents (309) (2,588) 2,570
Cash and cash equivalents at beginning of year 1,211 3,799 1,229
Cash and Cash Equivalents at End of Year $ 902 $ 1,211 $ 3,799
The accompanying notes are an integral part of these Consolidated Financial Statements.