CASH FLOWS FROM OPERATING ACTIVITIES | |
Consolidated net income | 1.06B |
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | |
Depreciation and amortization | 391M |
Gain on sale of business (Note 4) | |
Gain on fair value adjustment for consolidated investee (Note 4) | |
Deferred income taxes | 60M |
Equity in income of investees, net of dividends | -94M |
Pension contributions in excess of expense (Note 10) | -92M |
Excess tax benefits on stock based awards | |
Other post-retirement benefits payments in excess of expense (Note 10) | |
Stock-based compensation expense | 28M |
Translation and hedging activities | -39M |
Changes in current assets and liabilities, net of acquisitions and divestitures: | |
Accounts and notes receivable | -112M |
Inventories | -150M |
Other current assets | 138M |
Accounts payable | 97M |
Accrued expenses | -279M |
Changes in other liabilities and deferred revenue | |
Other, net | 45M |
Net cash provided by operating activities | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
Capital expenditures | -312M |
Investments in internal use software | -42M |
Proceeds from disposals of property, plant and equipment | |
Investments in and advances to equity investees | -29M |
Proceeds from sale of business, net of cash sold (Note 4) | |
Acquisition of businesses, net of cash acquired (Note 4) | -1M |
Investments in marketable securities-acquisitions (Note 5) | -447M |
Investments in marketable securities-liquidations (Note 5) | 291M |
Cash flows from derivatives not designated as hedges | -64M |
Other, net | 14M |
Net cash used in investing activities | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Proceeds from borrowings | 111M |
Payments on borrowings and capital lease obligations | -156M |
Net borrowings under short-term credit agreements | 25M |
Distributions to noncontrolling interests | -42M |
Dividend payments on common stock | -505M |
Repurchases of common stock | -745M |
Excess tax benefits on stock-based awards | |
Other, net | -2M |
Net cash used in financing activities | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | |
Net increase (decrease) in cash and cash equivalents | |
Cash and cash equivalents at beginning of year | 1.71B |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1.25B |