Sunoco 2003 Annual Report Download - page 44

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Consolidated Statements of Cash Flows Sunoco, Inc. and Subsidiaries
(Millions of Dollars)
For the Years Ended December 31 2003 2002 2001
Increases (Decreases) in Cash and Cash Equivalents
Cash Flows from Operating Activities:
Net income (loss) $ 312 $ (47) $ 398
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Asset write-downs and other matters 37 34 6
Noncash reduction in minority interest in cokemaking operations (Note 13) (3) (35) (37)
Depreciation, depletion and amortization 363 329 321
Deferred income tax expense 111 19 203
Payments in excess of expense for retirement plans (45) (42) (12)
Changes in working capital pertaining to operating activities, net of effect of acquisitions:
Accounts and notes receivable (145) (230) 357
Inventories 49 161 (59)
Accounts payable and accrued liabilities 137 319 (276)
Taxes payable 131 10 (110)
Other 46 29 (12)
Net cash provided by operating activities 993 547 779
Cash Flows from Investing Activities:
Capital expenditures (425) (385) (331)
Acquisitions, net of seller financing of $4 in 2003 and debt assumed of $163 in 2001 (Note 3) (356) (54) (545)
Proceeds from divestments 82 22 47
Other (21) (15) (4)
Net cash used in investing activities (720) (432) (833)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings —(299) 299
Proceeds from issuance of long-term debt —311 200
Repayments of long-term debt (6) (3) (152)
Net proceeds from issuance of Sunoco Logistics Partners L.P. limited partnership units
(Note 13) —96 —
Proceeds from transferred interests in cokemaking operations —215 —
Cash distributions to investors in cokemaking operations (48) (24) (56)
Cash dividend payments (79) (76) (82)
Purchases of common stock for treasury (136) — (393)
Proceeds from issuance of common stock under management incentive and employee
option plans 52 23 41
Other (15) (10) —
Net cash provided by (used in) financing activities (232) 233 (143)
Net increase (decrease) in cash and cash equivalents 41 348 (197)
Cash and cash equivalents at beginning of year 390 42 239
Cash and cash equivalents at end of year $ 431 $ 390 $ 42
(See Accompanying Notes)
42