Honeywell 2006 Annual Report Download - page 63
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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
Years Ended December 31,
2006 2005 2004
(Dollars in millions)
Cash flows from operating activities:
Net income $ 2,083 $ 1,638 $ 1,246
Adjustments to reconcile net income to net cash provided by operating activities:
Cumulative effect of accounting change — 21 —
Depreciation and amortization 794 653 614
Repositioning and other charges 483 412 775
Payments of repositioning and other charges (559) (1,008) (863)
Pension and other postretirement expense 459 561 628
Pension and other postretirement benefit payments (353) (199) (247)
Stock option expense 77 — —
Deferred income taxes 450 42 201
Excess tax benefits from share based payment arrangements (31) — —
Other 20 (56) (358)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts, notes and other receivables (573) (94) (470)
Inventories (128) 37 (84)
Other current assets (11) 61 (77)
Accounts payable 516 181 408
Accrued liabilities (16) 193 480
Net cash provided by operating activities 3,211 2,442 2,253
Cash flows from investing activities:
Expenditures for property, plant and equipment (733) (684) (629)
Proceeds from disposals of property, plant and equipment 87 71 38
Proceeds from investments — 285 80
Increase in investments — — (115)
Cash paid for acquisitions, net of cash acquired (633) (2,679) (384)
Proceeds from sales of businesses, net of fees paid 665 997 426
Net cash (used for) investing activities (614) (2,010) (584)
Cash flows from financing activities:
Net (decrease)/increase in commercial paper (86) 534 220
Net (decrease)/increase in short-term borrowings (224) 100 (121)
Payment of debt assumed with acquisitions (346) (702) —
Proceeds from issuance of common stock 396 167 74
Proceeds from issuance of long-term debt 1,239 — —
Payments of long-term debt (1,019) (982) (29)
Excess tax benefits from share based payment arrangements 31 — —
Repurchases of common stock (1,896) (1,133) (724)
Cash dividends paid on common stock (744) (700) (643)
Net cash (used for) financing activities (2,649) (2,716) (1,223)
Effect of foreign exchange rate changes on cash and cash equivalents 42 (68) 190
Net (decrease)/increase in cash and cash equivalents (10) (2,352) 636
Cash and cash equivalents at beginning of period 1,234 3,586 2,950
Cash and cash equivalents at end of period $ 1,224 $ 1,234 $ 3,586
The Notes to Financial Statements are an integral part of this statement.
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