UPS 2014 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2014 UPS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

64
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Years Ended December 31,
2014 2013 2012
Cash Flows From Operating Activities:
Net income $ 3,032 $ 4,372 $ 807
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 1,923 1,867 1,858
Pension and postretirement benefit expense 3,040 1,115 5,753
Pension and postretirement benefit contributions (1,258) (212) (917)
Settlement of postretirement benefit obligation (2,271) — —
Self-insurance reserves (201) 34 156
Deferred tax expense 385 (246) (2,083)
Stock compensation expense 536 513 547
Other (gains) losses 218 35 1,082
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable (523) (515) (124)
Other current assets 112 (13) 10
Accounts payable 276 218 (58)
Accrued wages and withholdings 106 416 98
Other current liabilities 317 (140) 206
Other operating activities 34 (140) (119)
Net cash from operating activities 5,726 7,304 7,216
Cash Flows From Investing Activities:
Capital expenditures (2,328) (2,065) (2,153)
Proceeds from disposals of property, plant and equipment 53 104 95
Purchases of marketable securities (3,525) (2,948) (2,357)
Sales and maturities of marketable securities 3,106 2,957 2,985
Net decrease in finance receivables 44 39 101
Cash paid for business acquisitions (88) (22) (100)
Other investing activities (63) (179) 94
Net cash used in investing activities (2,801) (2,114) (1,335)
Cash Flows From Financing Activities:
Net change in short-term debt — — —
Proceeds from long-term borrowings 1,525 100 1,745
Repayments of long-term borrowings (1,694) (1,875) (16)
Purchases of common stock (2,695) (3,838) (1,621)
Issuances of common stock 274 491 301
Dividends (2,366) (2,260) (2,130)
Other financing activities (205) (425) (96)
Net cash used in financing activities (5,161) (7,807) (1,817)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents (138) (45) 229
Net Increase (Decrease) In Cash And Cash Equivalents (2,374) (2,662) 4,293
Cash And Cash Equivalents:
Beginning of period 4,665 7,327 3,034
End of period $ 2,291 $ 4,665 $ 7,327
Cash Paid During The Period For:
Interest (net of amount capitalized) $ 366 $ 409 $ 381
Income taxes $ 1,524 $ 2,712 $ 1,988
See notes to consolidated financial statements.