Verizon Wireless 2010 Annual Report Download - page 46

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44
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows – As Adjusted
(dollars in millions)
Years Ended December 31, 2010 2009 2008
Cash Flows from Operating Activities
Net Income $ 10,217 $ 11,601 $ 3,962
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 16,405 16,534 14,610
Employee retirement benefits 3,988 2,964 16,077
Deferred income taxes 3,233 2,093 (3,468)
Provision for uncollectible accounts 1,246 1,306 1,085
Equity in earnings of unconsolidated businesses, net of dividends received 2 389 212
Changes in current assets and liabilities, net of effects from acquisition/disposition
of businesses:
Accounts receivable (859) (1,393) (1,085)
Inventories 299 235 (188)
Other assets (313) (102) (59)
Accounts payable and accrued liabilities 1,075 (1,251) (1,701)
Other, net (1,930) (986) (1,993)
Net cash provided by operating activities 33,363 31,390 27,452
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (16,458) (16,872) (17,133)
Acquisitions of licenses, investments and businesses, net of cash acquired (1,438) (5,958) (15,904)
Proceeds from dispositions 2,594 – –
Net change in short-term investments (3) 84 1,677
Other, net 251 (410) (114)
Net cash used in investing activities (15,054) (23,156) (31,474)
Cash Flows from Financing Activities
Proceeds from long-term borrowings – 12,040 21,598
Repayments of long-term borrowings and capital lease obligations (8,136) (19,260) (4,146)
Increase (decrease) in short-term obligations, excluding current maturities (1,097) (1,652) 2,389
Dividends paid (5,412) (5,271) (4,994)
Proceeds from access line spin-off 3,083 – –
Proceeds from sale of common stock – – 16
Purchase of common stock for treasury – – (1,368)
Other, net (2,088) (1,864) (844)
Net cash provided by (used in) financing activities (13,650) (16,007) 12,651
Increase (decrease) in cash and cash equivalents 4,659 (7,773) 8,629
Cash and cash equivalents, beginning of year 2,009 9,782 1,153
Cash and cash equivalents, end of year $ 6,668 $ 2,009 $ 9,782
See Notes to Consolidated Financial Statements