Sunoco 2010 Annual Report Download - page 77

Sunoco, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Millions of Dollars)
For the Years Ended December 31
2010 2009 2008
Cash Flows from Operating Activities:
Net income (loss) ............................................ $ 428 $ (200) $ 889
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Loss on divestment of discontinued polypropylene operations ...... 169 — —
Gain on remeasurement of pipeline equity interests .............. (128) — —
Gain on divestment of discontinued Tulsa operations ............. — (70) —
Gain on divestment of retail heating oil and propane
distribution business ...................................... — (44) —
Provision for asset write-downs and other matters ............... 109 699 228
Depreciation, depletion and amortization ....................... 497 521 515
Deferred income tax expense ................................ 110 54 15
Payments less than (in excess of) expense for retirement plans .... (130) 32 (31)
Changes in working capital pertaining to operating activities:
Accounts and notes receivable ............................. (390) (705) 1,148
Inventories ............................................. 82 113 318
Accounts payable and accrued liabilities ..................... 641 676 (2,368)
Income tax refund receivable and taxes payable ............... 294 (525) 146
Other .................................................... 12 (3) (24)
Net cash provided by operating activities ........................... 1,694 548 836
Cash Flows from Investing Activities:
Capital expenditures ......................................... (772) (899) (1,286)
Acquisitions (Note 2) ......................................... (268) (50) (185)
Proceeds from divestments:
Polypropylene operations ................................... 348 — —
Tulsa refinery and related inventory ........................... — 157 —
Retail heating oil and propane distribution business .............. — 83 —
Other .................................................... 50 126 21
Other ...................................................... (5) (2) 49
Net cash used in investing activities ............................... (647) (585) (1,401)
Cash Flows from Financing Activities:
Net proceeds from (repayments of) short-term borrowings .......... (282) 74 207
Net proceeds from issuance of long-term debt .................... 1,144 1,059 343
Repayments of long-term debt ................................. (894) (835) (115)
Net proceeds from sale/issuance of Sunoco Logistics Partners L.P.
limited partnership units (Note 17) ............................ 289 110 —
Cash distributions to noncontrolling interests ..................... (123) (94) (92)
Cash dividend payments ...................................... (73) (140) (138)
Purchases of common stock for treasury ......................... — — (49)
Other ...................................................... — — 1
Net cash provided by financing activities ........................... 61 174 157
Net increase (decrease) in cash and cash equivalents ................ 1,108 137 (408)
Cash and cash equivalents at beginning of year ..................... 377 240 648
Cash and cash equivalents at end of year .......................... $1,485 $ 377 $ 240
(See Accompanying Notes)
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