Verizon Wireless 2009 Annual Report Download - page 46

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44
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(dollars in millions)
Years Ended December 31, 2009 2008 2007
Cash Flows from Operating Activities
Net Income $ 10,358 $ 12,583 $ 10,574
Adjustments to reconcile net income to net cash provided by operating activities –
continuing operations:
Depreciation and amortization expense 16,532 14,565 14,377
Employee retirement benefits 5,095 1,955 1,720
Deferred income taxes 1,384 2,183 408
Provision for uncollectible accounts 1,306 1,085 1,047
Equity in earnings of unconsolidated businesses, net of dividends received 389 212 1,986
Extraordinary item, net of tax –– 131
Changes in current assets and liabilities, net of effects from acquisition/disposition
of businesses:
Accounts receivable (1,393) (1,085) (1,931)
Inventories 235 (188) (255)
Other assets (102) (59) (140)
Accounts payable and accrued liabilites (1,251) (1,701) (567)
Other, net (988) (1,993) 59
Net cash provided by operating activities – continuing operations 31,565 27,557 27,409
Net cash used in operating activities – discontinued operations –– (570)
Net cash provided by operating activities 31,565 27,557 26,839
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (17,047) (17,238) (17,538)
Acquisitions of licenses, investments and businesses, net of cash acquired (5,958) (15,904) (763)
Net change in short-term investments 84 1,677 169
Other, net (410) (114) 1,267
Net cash used in investing activities – continuing operations (23,331) (31,579) (16,865)
Net cash provided by investing activities – discontinued operations –– 757
Net cash used in investing activities (23,331) (31,579) (16,108)
Cash Flows from Financing Activities
Proceeds from long-term borrowings 12,040 21,598 3,402
Repayments of long-term borrowings and capital lease obligations (19,260) (4,146) (5,503)
Increase (decrease) in short-term obligations, excluding current maturities (1,652) 2,389 (3,252)
Dividends paid (5,271) (4,994) (4,773)
Proceeds from sale of common stock – 16 1,274
Purchase of common stock for treasury – (1,368) (2,843)
Other, net (1,864) (844) (1,102)
Net cash provided by (used in) financing activities – continuing operations (16,007) 12,651 (12,797)
Net cash used in financing activities – discontinued operations –– –
Net cash provided by (used in) financing activities (16,007) 12,651 (12,797)
Increase (decrease) in cash and cash equivalents (7,773) 8,629 (2,066)
Cash and cash equivalents, beginning of year 9,782 1,153 3,219
Cash and cash equivalents, end of year $ 2,009 $ 9,782 $ 1,153
See Notes to Consolidated Financial Statements