Kimberly-Clark 2008 Annual Report Download - page 62

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PART II
(Continued)
KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES
CONSOLIDATED CASH FLOW STATEMENT
Year Ended December 31
2008 2007 2006
(Millions of dollars)
Operating Activities
Net Income ..................................................... $ 1,690 $ 1,823 $ 1,500
Extraordinary loss, net of income taxes ............................... 8——
Depreciation and amortization ...................................... 775 807 933
Stock-based compensation ......................................... 47 63 67
Deferred income taxes ............................................ 151 (103) (208)
Net losses on asset dispositions ..................................... 51 30 116
Equity companies’ earnings (in excess of) less than dividends paid ......... (34) (40) 27
Minority owners’ share of subsidiaries’ net income ..................... 139 128 95
(Increase) decrease in operating working capital ........................ (335) (330) 5
Postretirement benefits ............................................ (38) 14 34
Other .......................................................... 62 37 11
Cash Provided by Operations ................................. 2,516 2,429 2,580
Investing Activities
Capital spending ................................................. (906) (989) (972)
Acquisitions of businesses, net of cash acquired ........................ (98) (16) (100)
Investments in marketable securities ................................. (9) (13) (21)
Proceeds from sales of investments .................................. 48 59 46
Net decrease (increase) in time deposits .............................. 76 (10) (35)
Proceeds from dispositions of property ............................... 28 97 44
Other .......................................................... 14 (26) 2
Cash Used for Investing ...................................... (847) (898) (1,036)
Financing Activities
Cash dividends paid .............................................. (950) (933) (884)
Net (decrease) increase in short-term debt ............................. (436) 43 (391)
Proceeds from issuance of long-term debt ............................. 551 2,128 262
Repayments of long-term debt ...................................... (274) (339) (104)
Cash paid on redeemable preferred securities of subsidiary ............... (47) ——
Proceeds from preferred securities of subsidiary ........................ —172 —
Proceeds from exercise of stock options .............................. 113 349 331
Acquisitions of common stock for the treasury ......................... (653) (2,813) (762)
Other .......................................................... (51) (34) (3)
Cash Used for Financing ..................................... (1,747) (1,427) (1,551)
Effect of Exchange Rate Changes on Cash and Cash Equivalents ........... (31) 84
(Decrease) Increase in Cash and Cash Equivalents ....................... (109) 112 (3)
Cash and Cash Equivalents, beginning of year ........................... 473 361 364
Cash and Cash Equivalents, end of year ................................ $ 364 $ 473 $ 361
See Notes to Consolidated Financial Statements.
42