 |
statements of consolidated cash flows
Year Ended December 31,
| (In millions) |
|
2000 |
|
1999 |
|
1998 |
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ |
2,934 |
$ |
883 |
$ |
1,741 |
|
|
Adjustments to reconcile net income to |
|
|
|
|
|
|
|
|
|
net cash from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
1,173 |
|
1,139 |
|
1,112 |
|
|
|
Postretirement benefits |
|
57 |
|
21 |
|
58 |
|
|
|
Deferred taxes, credits and other |
|
(81) |
|
562 |
|
23 |
|
|
|
Stock award plans |
|
539 |
|
443 |
|
347 |
|
|
|
Gain on investments and sale of business |
|
(263) |
|
– |
|
– |
|
|
|
Changes in assets and liabilities, net |
|
|
|
|
|
|
|
|
|
|
of effect of acquisitions: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(913) |
|
(454) |
|
(308) |
|
|
|
|
Prepaid health and welfare benefit costs |
|
(27) |
|
(31) |
|
(25) |
|
|
|
|
Other current assets |
|
(252) |
|
(3) |
|
37 |
|
|
|
|
Prepaid pension costs |
|
(662) |
|
(593) |
|
(9) |
|
|
|
|
Accounts payable |
|
317 |
|
(27) |
|
115 |
|
|
|
|
Accrued wages and withholdings |
|
131 |
|
(94) |
|
(137) |
|
|
|
|
Dividends payable |
|
(169) |
|
114 |
|
56 |
|
|
|
|
Tax assessment |
|
(311) |
|
226 |
|
– |
|
|
|
|
Other current liabilities |
|
269 |
|
73 |
|
(74) |
|
|
|
|
|
Net cash from operating activities |
|
2,742 |
|
2,259 |
|
2,936 |
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Capital expenditures |
|
(2,147) |
|
(1,476) |
|
(1,645) |
|
|
Disposals of property, plant, and equipment |
|
251 |
|
213 |
|
216 |
|
|
Purchases of marketable securities and short-term investments |
|
(8,127) |
|
(3,981) |
|
(390) |
|
|
Sales and maturities of marketable securities and short-
term investments |
|
9,345 |
|
2,290 |
|
– |
|
|
Construction funds in escrow |
|
90 |
|
(111) |
|
– |
|
|
Payments for acquisitions, net of cash acquired |
|
(245) |
|
(63) |
|
– |
|
|
Other asset receipts (payments) |
|
(42) |
|
3 |
|
164 |
|
|
| Net cash (used in) investing activities |
|
(875) |
|
(3,125) |
|
(1,655) |
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from borrowings |
|
2,297 |
|
502 |
|
287 |
|
|
Repayments of borrowings |
|
(1,168) |
|
(679) |
|
(310) |
|
|
Issuance of Class B common stock in public offering, net of
issuance costs |
|
– |
|
5,266 |
|
– |
|
|
Purchases of common stock via tender |
|
(4,070) |
|
– |
|
– |
|
|
Other purchases of common stock |
|
(1,395) |
|
(1,232) |
|
(823) |
|
|
Issuances of common stock pursuant to stock awards and
employee stock purchase plans |
|
88
|
|
685 |
|
750 |
|
|
Dividends |
|
(786)
|
|
(672) |
|
(466) |
|
|
Other transactions |
|
(127)
|
|
(1) |
|
61 |
|
|
| Net cash from (used in) financing activities |
|
(5,161)
|
|
3,869 |
|
(501) |
|
|
| Effect of exchange rate changes on cash |
|
(31) |
|
(39) |
|
– |
|
|
| Net increase (decrease) in cash and cash equivalents |
|
(3,325) |
|
2,964 |
|
780 |
|
| Cash and cash equivalents: |
|
Beginning of year |
|
4,204 |
|
1,240 |
|
460 |
|
|
|
End of year |
$ |
879 |
$ |
4,204 |
$ |
1,240 |
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest, net of amount capitalized |
$ |
363 |
$ |
982 |
$ |
298 |
|
|
|
Income taxes |
$ |
1,567 |
$ |
773 |
$ |
1,181 |
|
|
| See notes to consolidated financial statements. |
|
|
