Tyson Foods 2008 Annual Report Download - page 35

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33 2008 Annual Report
Consolidated Statements of Cash Flows
Three years ended September 27, 2008
in millions 2008 2007 2006
Cash Flows From Operating Activities:
Net income (loss) $ 86 $ 268 $ (196)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation 468 482 481
Amortization 25 32 36
Deferred taxes 35 5 (130)
Cumulative effect of change in accounting principle, before tax – – 9
Impairment and write-down of assets 57 14 18
Other, net 26 (15) 30
(Increase) decrease in accounts receivable (59) (66) 43
(Increase) decrease in inventories (376) (166) 8
Increase in trade accounts payable 98 91 38
Increase (decrease) in income taxes payable/receivable (22) 24 (132)
Increase (decrease) in interest payable – (35) 104
Net change in other current assets and liabilities (50) 44 63
Cash Provided by Operating Activities 288 678 372
Cash Flows From Investing Activities:
Additions to property, plant and equipment (425) (285) (531)
Proceeds from sale of property, plant and equipment 26 76 21
Purchases of marketable securities (115) (131) (191)
Proceeds from sale of marketable securities 112 147 214
Proceeds from sale of investments 22 – –
Proceeds from sale (purchase) of short-term investment – 770 (750)
Other, net (19) 2 13
Cash Provided by (Used for) Investing Activities (399) 579 (1,224)
Cash Flows From Financing Activities:
Net borrowings (payments) on revolving credit facilities (213) 53 158
Payments of debt (147) (1,263) (166)
Net proceeds from borrowings 449 – 992
Net proceeds from Class A stock offering 274 – –
Convertible note hedge transactions (94) – –
Warrant transactions 44 – –
Purchase of treasury shares (30) (61) (42)
Dividends (56) (56) (55)
Stock options exercised 9 74 32
Increase (decrease) in negative book cash balances 67 9 (85)
Other, net 18 (8) 10
Cash Provided by (Used for) Financing Activities 321 (1,252) 844
Effect of Exchange Rate Change on Cash (2) 9 (4)
Increase (Decrease) in Cash and Cash Equivalents 208 14 (12)
Cash and Cash Equivalents at Beginning of Year 42 28 40
Cash and Cash Equivalents at End of Year $ 250 $ 42 $ 28
See accompanying notes.