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The following is an excerpt from a 10-K SEC Filing, filed by PATRIOT COAL CORP on 3/2/2009.
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PATRIOT COAL CORP - 10-K - 20090302 - CASH_FLOW
PATRIOT COAL CORPORATION
 
 
                         
    Year Ended December 31,  
    2008     2007     2006  
    (Dollars in thousands)  
 
Cash Flows From Operating Activities
                       
Net income (loss)
  $ 146,850     $ (106,868 )   $ (13,492 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
                       
Depreciation, depletion and amortization
    125,356       85,640       86,458  
Accretion of below market contracts
    (279,402 )            
Net gain on disposal or exchange of assets
    (7,004 )     (81,458 )     (78,631 )
Stock-based compensation expense
    8,778       1,299        
Dividends received from equity investments
                9,935  
Minority interest
          4,721       11,169  
Changes in current assets and liabilities, net of acquisitions:
                       
Accounts receivable
    60,699       (19,058 )     2,043  
Inventories
    3,693       3,655       (7,998 )
Other current assets
    (1,498 )     790       (3,769 )
Accounts payable and accrued expenses
    (5,697 )     10,828       (10,932 )
Interest on notes receivable
    (13,113 )     (10,013 )     (876 )
Asset retirement obligations
    12,719       4,473       3,006  
Workers’ compensation obligations
    (5,953 )     6,654       (3,163 )
Accrued postretirement benefit costs
    15,577       22,264       4,677  
Obligation to industry fund
    (3,412 )     7,286       (2,253 )
Other, net
    5,833       (9,912 )     (16,915 )
                         
Net cash provided by (used in) operating activities
    63,426       (79,699 )     (20,741 )
                         
Cash Flows From Investing Activities
                       
Additions to property, plant, equipment and mine development
    (121,388 )     (55,594 )     (80,224 )
Additions to advance mining royalties
    (11,981 )     (3,964 )     (6,065 )
Investment in joint ventures
    (16,365 )            
Cash acquired in business combination
    21,015              
Acquisitions
    (9,566 )     (47,733 )     (44,538 )
Proceeds from disposal or exchange of assets, net of notes receivable
    2,077       29,426       48,168  
Contractor advances, net of payments
    (2,457 )            
Net change in receivables from/payables to former affiliates
          132,586       84,652  
                         
Net cash provided by (used in) investing activities
    (138,665 )     54,721       1,993  
                         
Cash Flows From Financing Activities
                       
Convertible note proceeds
    200,000              
Termination of Magnum debt facility
    (136,816 )            
Contribution from former Parent
          43,647       44,538  
Short-term borrowing
    23,000              
Deferred financing costs
    (10,906 )     (4,726 )      
Long-term debt payments
    (2,684 )     (8,358 )     (23,792 )
Proceeds from employee stock purchases
    1,002              
Common stock issuance fees
    (1,468 )            
Distribution to minority interests
                (2,119 )
                         
Net cash provided by financing activities
    72,128       30,563       18,627  
                         
Net increase (decrease) in cash and cash equivalents
    (3,111 )     5,585       (121 )
Cash and cash equivalents at beginning of year
    5,983       398       519  
                         
Cash and cash equivalents at end of year
  $ 2,872     $ 5,983     $ 398  
                         
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