Honeywell 2010 Annual Report Download - page 58
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Honeywell International Inc.
Consolidated Statement of Cash Flows
Years Ended December 31,
2010 2009 2008
(Dollars in millions)
Cash flows from operating activities:
Net income attributable to Honeywell $ 2,022 $ 1,548 $ 806
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
Depreciation and amortization 987 957 903
Gain on sale of non-strategic businesses and assets — (87) (635)
Repositioning and other charges 600 478 1,012
Net payments for repositioning and other charges (439) (658) (446)
Pension and other postretirement expense 689 1,022 3,334
Pension and other postretirement benefit payments (787) (189) (214)
Stock compensation expense 164 118 128
Deferred income taxes 878 47 (1,120)
Excess tax benefits from share based payment arrangements (13) (1) (21)
Other (24) 261 81
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts, notes and other receivables (718) 344 392
Inventories (310) 479 (161)
Other current assets 14 (31) 25
Accounts payable 625 (167) (152)
Accrued liabilities 515 (175) (141)
Net cash provided by operating activities 4,203 3,946 3,791
Cash flows from investing activities:
Expenditures for property, plant and equipment (651) (609) (884)
Proceeds from disposals of property, plant and equipment 14 31 53
Increase in investments (453) (24) (6)
Decrease in investments 112 1 18
Cash paid for acquisitions, net of cash acquired (1,303) (468) (2,181)
Proceeds from sales of businesses, net of fees paid 7 1 909
Other 5 (65) 68
Net cash used for investing activities (2,269) (1,133) (2,023)
Cash flows from financing activities:
Net increase/(decrease) in commercial paper 1 (1,133) (325)
Net increase/(decrease) in short-term borrowings 20 (521) (1)
Payment of debt assumed with acquisitions (326) — —
Proceeds from issuance of common stock 195 37 146
Proceeds from issuance of long-term debt — 1,488 1,487
Payments of long-term debt (1,006) (1,106) (428)
Excess tax benefits from share based payment arrangements 13 1 21
Repurchases of common stock — — (1,459)
Cash dividends paid (944) (918) (811)
Net cash used for financing activities (2,047) (2,152) (1,370)
Effect of foreign exchange rate changes on cash and cash equivalents (38) 75 (162)
Net (decrease)/increase in cash and cash equivalents (151) 736 236
Cash and cash equivalents at beginning of period 2,801 2,065 1,829
Cash and cash equivalents at end of period $ 2,650 $ 2,801 $ 2,065
The Notes to Financial Statements are an integral part of this statement.
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