IBM 2004 Annual Report Download - page 47

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International Business Machines Corporation and Subsidiary Companies
45
ibm annual report 2004
CONSOLIDATED STATEMENT OF CASH FLOWS (continued)
(Dollars in millions)
FOR THE YEAR ENDED DECEMBER 31: 2004 2003*2002*
Cash Flow from Financing Activities from Continuing Operations:
Proceeds from new debt 2,438 1,573 6,726
Short-term borrowings/(repayments) less than 90 days— net 1,073 777 (4,087)
Payments to settle debt (4,538) (5,831) (5,812)
Common stock transactions— net (5,418) (3,232) (3,087)
Cash dividends paid (1,174) (1,085) (1,005)
Net Cash Used in Financing Activities from Continuing Operations (7,619) (7,798) (7,265)
Effect of exchange rate changes on cash and cash equivalents 405 421 148
Net cash used in discontinued operations (83) (162) (722)
Net change in cash and cash equivalents 2,763 1,908 (948)
Cash and cash equivalents at January 17,290 5,382 6,330
Cash and Cash Equivalents at December 31 $«10,053 $«7,290 $«5,382
Supplemental Data:
Cash paid during the year:
Income taxes $«««1,837 $«1,707 $«1,841
Interest $««««««705 $««««853 $««««831
Noncash Investing and Financing Activities:
In 2002, the noncash portion of the purchase price paid to PwCC is a significant noncash investing activity. This transaction is described on pages 59 and 60.
*Reclassified to conform with 2004 presentation.
The accompanying notes on pages 49 through 91 are an integral part of the financial statements.