Sunoco 2006 Annual Report Download - page 48

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Consolidated Statements of Cash Flows Sunoco, Inc. and Subsidiaries
(Millions of Dollars)
For the Years Ended December 31 2006 2005 2004
Increases (Decreases) in Cash and Cash Equivalents
Cash Flows from Operating Activities:
Net income $ 979 $ 974 $ 605
Adjustments to reconcile net income to net cash provided by operating activities:
Phenol supply contract dispute loss (payment) (95) 95 —
Loss on early extinguishment of debt ——53
Proceeds from power contract restructuring —48 —
Depreciation, depletion and amortization 459 429 409
Deferred income tax expense 117 3 123
Payments in excess of expense for retirement plans (32) (39) (28)
Changes in working capital pertaining to operating activities, net of effect of acquisitions:
Accounts and notes receivable (537) (466) (214)
Inventories (418) (34) (136)
Accounts payable and accrued liabilities 524 975 771
Taxes payable (39) 19 138
Other 26 65 26
Net cash provided by operating activities 984 2,069 1,747
Cash Flows from Investing Activities:
Capital expenditures (1,019) (970) (832)
Acquisitions (Note 2) (123) (105) (431)
Proceeds from divestments 50 55 200
Other 3(15) 3
Net cash used in investing activities (1,089) (1,035) (1,060)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings 275 (100) 100
Net proceeds from issuance of long-term debt 778 99 416
Repayments of long-term debt (481) (70) (642)
Premiums paid on early extinguishment of debt —— (50)
Net proceeds from issuance of Sunoco Logistics Partners L.P. limited partnership units
(Note 15) 110 160 129
Purchase of minority interest in Jewell cokemaking operations (Notes 2 and 15) (155) ——
Cash distributions to investors in cokemaking operations (43) (38) (36)
Cash distributions to investors in Sunoco Logistics Partners L.P. (48) (28) (20)
Cash dividend payments (123) (103) (86)
Purchases of common stock for treasury (871) (435) (568)
Proceeds from issuance of common stock under management incentive and employee
option plans 714 52
Other —(19) (8)
Net cash used in financing activities (551) (520) (713)
Net increase (decrease) in cash and cash equivalents (656) 514 (26)
Cash and cash equivalents at beginning of year 919 405 431
Cash and cash equivalents at end of year $ 263 $ 919 $ 405
(See Accompanying Notes)
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