Sunoco 2005 Annual Report Download - page 47

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Consolidated Statements of Cash Flows Sunoco, Inc. and Subsidiaries
(Millions of Dollars)
For the Years Ended December 31 2005 2004 2003
Increases (Decreases) in Cash and Cash Equivalents
Cash Flows from Operating Activities:
Net income $ 974 $ 605 $ 312
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on phenol supply contract dispute 95 ——
Provision for asset write-downs and other matters —13 51
Loss on early extinguishment of debt —53 —
Depreciation, depletion and amortization 429 409 369
Deferred income tax expense 3123 111
Proceeds from power contract restructuring 48 ——
Payments in excess of expense for retirement plans (39) (28) (45)
Changes in working capital pertaining to operating activities, net of effect of acquisitions:
Accounts and notes receivable (466) (214) (139)
Inventories (34) (136) 51
Accounts payable and accrued liabilities 975 771 132
Taxes payable 19 138 131
Other 65 13 27
Net cash provided by operating activities 2,069 1,747 1,000
Cash Flows from Investing Activities:
Capital expenditures (970) (832) (427)
Acquisitions, net of seller financing of $4 in 2003 (Note 2) (105) (431) (356)
Proceeds from divestments 55 200 82
Other (15) 3 (20)
Net cash used in investing activities (1,035) (1,060) (721)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings (100) 100 —
Net proceeds from issuance of long-term debt 99 416 —
Repayments of long-term debt (70) (642) (12)
Premiums paid on early extinguishment of debt —(50) —
Net proceeds from issuance of Sunoco Logistics Partners L.P. limited partnership units
(Note 13) 160 129 —
Cash distributions to investors in cokemaking operations (38) (36) (48)
Cash distributions to investors in Sunoco Logistics Partners L.P. (28) (20) (11)
Cash dividend payments (103) (86) (79)
Purchases of common stock for treasury (435) (568) (136)
Proceeds from issuance of common stock under management incentive and employee
option plans 14 52 52
Other (19) (8) (4)
Net cash used in financing activities (520) (713) (238)
Net increase (decrease) in cash and cash equivalents 514 (26) 41
Cash and cash equivalents at beginning of year 405 431 390
Cash and cash equivalents at end of year $ 919 $ 405 $ 431
(See Accompanying Notes)
45