UPS 2004 Annual Report Download - page 48

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46 UPS Annual Report 2004
Statements of consolidated cash flows
Years Ended December 31,
(In millions) 2004 2003 2002
Cash Flows From Operating Activities:
Net income $ 3,333 $ 2,898 $ 3,182
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 1,543 1,549 1,464
Postretirement benefits 135 84 121
Deferred taxes, credits and other 289 317 162
Stock award plans 610 497 445
Tax assessment reversal — — (776)
Vacation policy change — — (121)
Restructuring charge and related expenses — — 85
Loss (gain) on impairment or disposal of assets 129 55 19
Other (gains) losses 15 96 116
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable, net (686) (264) 312
Other assets 390 13 403
Prepaid pension costs (238) (990) (87)
Accounts payable 318 66 (56)
Accrued wages and withholdings (73) 83 112
Income taxes payable (399) 204 16
Other current liabilities (35) (32) 291
Net cash from operating activities5,331 4,576 5,688
Cash Flows From Investing Activities:
Capital expenditures (2,127) (1,947) (1,658)
Disposals of property, plant and equipment 75 118 89
Purchases of marketable securities and short-term investments (6,322) (8,083) (3,833)
Sales and maturities of marketable securities and short-term investments 4,724 7,118 2,654
Net (increase) decrease in finance receivables 318 50 (495)
Cash received (paid) for business acquisitions / dispositions (238) 8 (14)
Other investing activities (68) (6) (24)
Net cash (used in) investing activities (3,638) (2,742) (3,281)
Cash Flows From Financing Activities:
Proceeds from borrowings 811 361 419
Repayments of borrowings (468) (1,245) (1,099)
Purchases of common stock (1,310) (398) (604)
Issuances of common stock 193 154 116
Dividends (1,208) (956) (840)
Other financing activities (32) (26) (82)
Net cash (used in) financing activities (2,014) (2,110) (2,090)
Effect Of Exchange Rate Changes On Cash (4) 216 (51)
Net Increase (Decrease) In Cash And Cash Equivalents (325) (60) 266
Cash And Cash Equivalents:
Beginning of period 1,064 1,124 858
End of period $ 739 $ 1,064 $ 1,124
Cash Paid During The Period For:
Interest (net of amount capitalized) $ 120 $ 126 $ 190
Income taxes $ 2,037 $ 1,097 $ 1,416
See notes to consolidated financial statements.