Honeywell 2012 Annual Report Download - page 69

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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2012 2011 2010
Years Ended December 31,
(Dollars in millions)
Cash flows from operating activities:
Net income attributable to Honeywell. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,926 $ 2,067 $ 2,022
Adjustments to reconcile net income attributable to Honeywell to net
cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 926 957 987
Gain on sale of non-strategic businesses and assets . . . . . . . . . . . . . (5) (362) —
Repositioning and other charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443 743 600
Net payments for repositioning and other charges . . . . . . . . . . . . . . . . (503) (468) (439)
Pension and other postretirement expense . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,823 689
Pension and other postretirement benefit payments. . . . . . . . . . . . . . . (1,183) (1,883) (838)
Stock compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 168 164
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 (331) 878
Excess tax benefits from share based payment arrangements . . . . (56) (42) (13)
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 289 27
Changes in assets and liabilities, net of the effects of acquisitions
and divestitures:
Accounts, notes and other receivables . . . . . . . . . . . . . . . . . . . . . . . (119) (316) (688)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 (310) (300)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78) 25 (26)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13) 527 592
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (273) (54) 548
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . 3,517 2,833 4,203
Cash flows from investing activities:
Expenditures for property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . (884) (798) (651)
Proceeds from disposals of property, plant and equipment . . . . . . . . . . . . 5 6 14
Increase in investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (702) (380) (453)
Decrease in investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559 354 112
Cash paid for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . (438) (973) (1,303)
Proceeds from sales of businesses, net of fees paid. . . . . . . . . . . . . . . . . . 21 1,156 7
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 24 5
Net cash used for investing activities . . . . . . . . . . . . . . . . . . . . . . (1,428) (611) (2,269)
Cash flows from financing activities:
Net (decrease)/increase in commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . (199) 300 1
Net increase/(decrease) in short-term borrowings . . . . . . . . . . . . . . . . . . . . . 22 (2) 20
Payment of debt assumed with acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . — (33) (326)
Proceeds from issuance of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . 342 304 195
Proceeds from issuance of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 1,390 —
Payments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (939) (1,006)
Excess tax benefits from share based payment arrangements . . . . . . . . . 56 42 13
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (317) (1,085) —
Cash dividends paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,211) (1,091) (944)
Net cash used for financing activities . . . . . . . . . . . . . . . . . . . . . . (1,206) (1,114) (2,047)
Effect of foreign exchange rate changes on cash and cash equivalents . . . . 53 (60) (38)
Net increase/(decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . 936 1,048 (151)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . 3,698 2,650 2,801
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,634 $ 3,698 $ 2,650
The Notes to Financial Statements are an integral part of this statement.
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