| |
 |
| Year Ended December 31, |
|
2003 |
|
|
2002 |
|
|
2001 |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations |
$ |
472,557 |
|
$ |
(2,417,214 |
) |
$ |
493,854 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization1 |
|
1,570,851 |
|
|
1,533,406 |
|
|
1,875,559 |
|
| Gain on the sale of Grant Prideco stock |
|
(1,320 |
) |
|
— |
|
|
— |
|
| Non-cash charges and gains on sale of businesses |
|
439,976 |
|
|
3,196,923 |
|
|
271,174 |
|
| Gain on sale of drilling rigs |
|
— |
|
|
(86,858 |
) |
|
— |
|
Earnings of companies carried at equity,
less dividends received |
|
(74,596 |
) |
|
(64,280 |
) |
|
(61,715 |
) |
| Deferred taxes |
|
(12,286 |
) |
|
(48,702 |
) |
|
17,595 |
|
| Provision for losses on accounts receivable |
|
53,303 |
|
|
66,425 |
|
|
56,619 |
|
| Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
| (Increase) decrease in receivables |
|
(74,118 |
) |
|
542,669 |
|
|
(907,535 |
) |
| Decrease (increase) in inventories |
|
96,606 |
|
|
72,383 |
|
|
(259,290 |
) |
| (Increase) decrease in other current assets |
|
(47,274 |
) |
|
47,938 |
|
|
(8,048 |
) |
(Decrease) increase in accounts payable and
accrued liabilities |
|
(535,121 |
) |
|
(592,878 |
) |
|
204,751 |
|
| Increase in estimated liability for taxes on income |
|
175,857 |
|
|
28,470 |
|
|
12,626 |
|
| Increase in postretirement benefits |
|
70,394 |
|
|
39,659 |
|
|
28,417 |
|
| Other – net |
|
(21,830 |
) |
|
(144,158 |
) |
|
(162,602 |
) |
|
|
|
|
|
|
|
|
|
|
| NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
2,112,999 |
|
|
2,173,783 |
|
|
1,561,405 |
|
|
|
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
| Purchases of fixed assets |
|
(1,025,264 |
) |
|
(1,357,741 |
) |
|
(2,036,508 |
) |
| Multiclient seismic data capitalized |
|
(149,765 |
) |
|
(344,705 |
) |
|
(416,188 |
) |
| Capitalization of intangible assets |
|
(77,104 |
) |
|
(169,354 |
) |
|
(29,782 |
) |
| Sales/retirements of fixed assets & other |
|
213,895 |
|
|
276,022 |
|
|
30,824 |
|
| Sale of Grant Prideco stock |
|
105,590 |
|
|
— |
|
|
— |
|
| PIGAP settlement |
|
58,000 |
|
|
— |
|
|
— |
|
| Proceeds from the sale of Hanover Compressor note |
|
176,955 |
|
|
— |
|
|
— |
|
| Acquisition of Sema plc |
|
— |
|
|
(132,155 |
) |
|
(4,778,498 |
) |
| Other business acquisitions |
|
— |
|
|
(44,431 |
) |
|
(452,951 |
) |
| Other acquisition related payments |
|
— |
|
|
(70,340 |
) |
|
— |
|
| Proceeds from business divestitures |
|
298,674 |
|
|
259,271 |
|
|
902,953 |
|
| Proceeds from the sale of drilling rigs |
|
58,100 |
|
|
95,000 |
|
|
— |
|
| Option payment on sale of drilling rigs |
|
— |
|
|
24,900 |
|
|
— |
|
| Sale (purchase) of investments, net |
|
(1,145,700 |
) |
|
51,334 |
|
|
2,430,911 |
|
|
|
|
|
|
|
|
|
|
|
| NET CASH USED IN INVESTING ACTIVITIES |
|
(1,486,619 |
) |
|
(1,412,199 |
) |
|
(4,349,239 |
) |
|
|
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
| Dividends paid |
|
(437,023 |
) |
|
(433,134 |
) |
|
(430,328 |
) |
| Proceeds from employee stock purchase plan |
|
132,741 |
|
|
107,810 |
|
|
78,965 |
|
| Proceeds from exercise of stock options |
|
39,752 |
|
|
67,275 |
|
|
42,795 |
|
| Proceeds from issuance of convertible debentures (net of
fees) |
|
1,399,612 |
|
|
— |
|
|
— |
|
| Payment of debt extinguishment costs |
|
(167,801 |
) |
|
— |
|
|
— |
|
| Proceeds from issuance of long-term debt |
|
2,041,304 |
|
|
933,709 |
|
|
4,815,028 |
|
| Payments of principal on long-term debt |
|
(3,399,773 |
) |
|
(1,179,321 |
) |
|
(2,092,670 |
) |
| Net (decrease) increase in short-term debt |
|
(167,150 |
) |
|
(308,623 |
) |
|
370,608 |
|
|
|
|
|
|
|
|
|
|
|
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES |
|
(558,338 |
) |
|
(812,284 |
) |
|
2,784,398 |
|
|
|
|
|
|
|
|
|
|
|
| Discontinued operations |
|
(8,415 |
) |
|
34,520 |
|
|
32,796 |
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in cash before translation effect |
|
59,627 |
|
|
(16,180 |
) |
|
29,360 |
|
| Translation effect on cash |
|
6,455 |
|
|
6,586 |
|
|
(12,374 |
) |
| Cash, beginning of year |
|
168,110 |
|
|
177,704 |
|
|
160,718 |
|
|
|
|
|
|
|
|
|
|
|
| Cash, end of year |
$ |
234,192 |
|
$ |
168,110 |
|
$ |
177,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
