Sunoco 2008 Annual Report Download - page 71

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Sunoco, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Millions of Dollars)
For the Years Ended December 31
2008 2007 2006
Cash Flows from Operating Activities:
Net income ................................................. $ 776 $ 891 $ 979
Adjustments to reconcile net income to net cash provided
by operating activities:
Gain related to issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 15) ........................... (23) (151) —
Provision for asset write-downs and other matters ............... 228 53 —
Phenol supply contract dispute payment ....................... — — (95)
Depreciation, depletion and amortization ....................... 515 480 459
Deferred income tax expense ................................ 15 186 117
Minority interest share of Sunoco Logistics Partners L.P. income . . . 94 56 42
Payments in excess of expense for retirement plans .............. (31) (32) (32)
Changes in working capital pertaining to operating activities:
Accounts and notes receivable ............................. 1,148 (343) (537)
Inventories .............................................. 318 76 (418)
Accounts payable and accrued liabilities ...................... (2,368) 1,194 524
Taxes payable ........................................... 146 (53) (39)
Other .................................................... 18 10 (16)
Net cash provided by operating activities ........................... 836 2,367 984
Cash Flows from Investing Activities:
Capital expenditures .......................................... (1,286) (1,179) (1,019)
Acquisitions (Note 2) ......................................... (185) — (123)
Investment in Brazilian cokemaking operations .................... — (39) (1)
Proceeds from divestments .................................... 21 69 50
Other ...................................................... 49 (44) 4
Net cash used in investing activities ............................... (1,401) (1,193) (1,089)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings ........... 207 (275) 275
Net proceeds from issuance of long-term debt ..................... 343 280 778
Repayments of long-term debt ................................. (115) (264) (481)
Net proceeds from issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 15) ............................. — — 110
Purchase of minority interests (Note 15) .......................... — (18) (155)
Cash distributions to investors in cokemaking operations ............ (31) (36) (43)
Cash distributions to investors in Sunoco Logistics Partners L.P. ..... (61) (55) (48)
Cash dividend payments ...................................... (138) (129) (123)
Purchases of common stock for treasury ......................... (49) (300) (871)
Other ...................................................... 1 8 7
Net cash provided by (used in) financing activities ................... 157 (789) (551)
Net increase (decrease) in cash and cash equivalents ................ (408) 385 (656)
Cash and cash equivalents at beginning of year ..................... 648 263 919
Cash and cash equivalents at end of year .......................... $ 240 $ 648 $ 263
(See Accompanying Notes)
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