Dow Chemical 2011 Annual Report Download - page 172

78
The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
(In millions) For the years ended December 31
Operating Activities
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
Purchased in-process research and development charge
Provision (Credit) for deferred income tax
Earnings of nonconsolidated affiliates less than (in excess of) dividends received
Pension contributions
Net gain on sales of investments
Net gain on sales of property, businesses and consolidated companies
Other net (gain) loss
Net gain on sales of ownership interest in nonconsolidated affiliates
Goodwill impairment loss
Restructuring charges
Loss on early extinguishment of debt
Asbestos-related credit
Excess tax benefits from share-based payment arrangements
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable
Proceeds from interests in trade accounts receivable conduits
Inventories
Accounts payable
Other assets and liabilities
Cash provided by operating activities
Investing Activities
Capital expenditures
Construction of assets pending sale / leaseback
Proceeds from sale / leaseback of assets
Proceeds from sales of property and businesses
Acquisitions of businesses
Purchases of previously leased assets
Investments in consolidated companies, net of cash acquired
Proceeds from sales of consolidated companies
Investments in and loans to nonconsolidated affiliates
Distributions and loan repayments from nonconsolidated affiliates
Proceeds from sales of ownership interests in nonconsolidated affiliates
Purchase of unallocated Rohm and Haas ESOP shares
Change in restricted cash
Purchases of investments
Proceeds from sales and maturities of investments
Cash provided by (used in) investing activities
Financing Activities
Changes in short-term notes payable
Proceeds from notes payable
Payments on notes payable
Proceeds from revolving credit facility
Payments on revolving credit facility
Proceeds from Term Loan
Payments on Term Loan
Proceeds from issuance of long-term debt
Payments on long-term debt
Redemption of preferred securities of subsidiaries and payment of accrued dividends
Purchases of treasury stock
Proceeds from issuance of common stock
Proceeds from issuance of preferred stock
Proceeds from sales of common stock
Issuance costs for debt and equity securities
Excess tax benefits from share-based payment arrangements
Distributions to noncontrolling interests
Contribution from noncontrolling interests
Dividends paid to stockholders
Cash provided by (used in) financing activities
Effect of Exchange Rate Changes on Cash
Cash Assumed in Initial Consolidation of Variable Interest Entities
Summary
Increase (Decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2011
$ 2,784
2,883
—
1
(207)
(806)
(39)
(25)
10
(61)
—
—
482
—
(23)
(2,184)
1,737
(702)
376
(347)
3,879
(2,687)
(113)
119
670
(8)
(30)
(218)
56
(248)
295
93
—
—
(797)
874
(1,994)
(844)
—
—
—
—
—
—
3,624
(5,337)
—
(19)
236
—
98
(27)
23
(42)
184
(1,258)
(3,362)
(121)
3
(1,595)
7,039
$ 5,444
2010
$ 2,321
2,962
—
328
(444)
(708)
—
(95)
(12)
(25)
—
26
46
(54)
(20)
(1,209)
1,038
(750)
495
203
4,102
(2,130)
—
—
1,877
(8)
(45)
(215)
74
(107)
29
113
—
436
(946)
1,057
135
(700)
84
(668)
—
—
—
—
3,131
(1,387)
—
(14)
181
—
109
(12)
20
(8)
100
(1,014)
(178)
88
46
4,193
2,846
$ 7,039
2009
$ 676
2,827
7
(652)
60
(355)
—
(256)
(31)
(795)
7
684
56
—
(10)
(990)
—
63
304
480
2,075
(1,683)
—
—
294
(35)
(713)
(15,045)
1,563
(122)
9
1,413
(552)
—
(580)
684
(14,767)
(418)
—
—
3,000
(3,000)
9,226
(9,226)
8,283
(1,790)
(520)
(5)
966
7,000
555
(368)
10
(24)
—
(1,030)
12,659
79
—
46
2,800
$ 2,846
See Notes to the Consolidated Financial Statements.