Chairman's - FMC Corporation

FMC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2009 2008 2007
(in Millions)
Cash provided (required) by operating activities of continuing operations:
Net income .................................................................. $238.8 $ 321.6 $ 142.0
Discontinued operations ........................................................ 18.2 24.9 24.3
Income from continuing operations ............................................... $257.0
Adjustments to reconcile income from continuing operations to cash provided (required) by
operating activities of continuing operations:
$ 346.5 $ 166.3
Depreciation and amortization ............................................... 127.2 124.2 133.7
Restructuring and other charges (income) ...................................... 132.8 49.6 164.9
Equity in (earnings) loss of affiliates .......................................... (2.3) (3.1) (2.5)
Deferred income taxes ...................................................... 49.9 96.9 6.5
Loss on extinguishment of debt .............................................. — — 0.3
Other ...................................................................
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:
47.1 25.8 6.8
Trade receivables, net ...................................................... (59.3) (99.0) (48.6)
Guarantees of vendor financing .............................................. 29.2 (9.4) 4.1
Inventories ............................................................... 20.2 (91.6) (39.6)
Other current assets and other assets ........................................... (24.9) (43.0) (16.0)
Accounts payable ......................................................... (71.5) 52.0 10.5
Accrued payroll, other current liabilities and other liabilities ........................ (2.7) (10.4) (0.6)
Income taxes ............................................................. (21.0) 0.6 9.1
Accrued pension and other postretirement benefits, net ............................ (93.4) (46.8) (42.1)
Environmental spending, continuing, net of recoveries ............................ (7.4) (13.6) (8.3)
Restructuring and other spending ............................................. (37.4) (21.3) (29.8)
Cash provided (required) by operating activities .....................................
Cash provided (required) by operating activities of discontinued operations:
343.5 357.4 314.7
Environmental spending, discontinued, net of recoveries ........................... (22.1) (32.2) (22.4)
Payments of other discontinued reserves ....................................... (19.9) (17.6) (22.7)
Cash provided (required) by operating activities of discontinued operations ................
Cash provided (required) by investing activities:
(42.0) (49.8) (45.1)
Capital expenditures ....................................................... (161.2) (174.8) (115.4)
Proceeds from disposal of property, plant and equipment .......................... 3.9 5.7 5.6
Proceeds from sale of Princeton property ....................................... — 59.4 —
Proceeds from sale of sodium sulfate assets ..................................... 3.9 16.7 —
Acquisitions, net of cash acquired ............................................. (34.3) (90.6) —
Distributions from Astaris ................................................... — — 4.4
Other investing activities .................................................... (13.0) (8.1) (15.2)
Cash provided (required) by investing activities ......................................
Cash provided (required) by financing activities:
(200.7) (191.7) (120.6)
Net borrowings (repayments) under committed credit facilities ...................... (369.2) 191.8 (42.0)
Increase (decrease) in other short-term debt ..................................... (5.1) (17.7) (5.1)
Proceeds from borrowings of long-term debt .................................... 379.1 — —
Financing fees ............................................................ (2.6) — (0.7)
Repayments of long-term debt ............................................... (3.5) (90.9) (53.9)
Distributions to noncontrolling interests ........................................ (13.4) (12.5) (10.2)
Dividends paid ............................................................ (36.3) (34.4) (29.7)
Issuances of common stock, net .............................................. 10.2 13.1 14.6
Repurchases of common stock ............................................... (36.6) (186.9) (116.4)
Other financing activities ................................................... (0.4) — —
Cash provided (required) by financing activities ..................................... (77.8) (137.5) (243.4)
Effect of exchange rate changes on cash and cash equivalents ........................... 1.2 (1.5) 4.4
Increase (decrease) in cash and cash equivalents ..................................... 24.2 (23.1) (90.0)
Cash and cash equivalents, beginning of period ...................................... 52.4 75.5 165.5
Cash and cash equivalents, end of period ........................................... $ 76.6 $ 52.4 $ 75.5
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