Motorola 2006 Annual Report Download - page 85

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77
Motorola, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended December 31
(In millions)
2006
2005 2004
Operating
Net earnings $ 3,661 $ 4,578 $ 1,532
Less: Earnings (loss) from discontinued operations 400 59 (567)
Earnings from continuing operations 3,261 4,519 2,099
Adjustments to reconcile earnings from continuing operations to net cash provided by
operating activities:
Depreciation and amortization 558 540 566
Non-cash other charges 49 106 198
Share-based compensation expense 276 14 28
Gains on sales of investments and businesses (41) (1,845) (460)
Deferred income taxes 838 1,000 466
Change in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable (1,775) (1,303) (551)
Inventories (718) (19) (399)
Other current assets (388) (721) (780)
Accounts payable and accrued liabilities 1,654 2,405 1,840
Other assets and liabilities (215) (388) (105)
Net cash provided by operating activities from continuing operations 3,499 4,308 2,902
Investing
Acquisitions and investments, net (1,068) (312) (476)
Proceeds from sale of investments and businesses 2,001 1,538 682
Capital expenditures (649) (548) (405)
Proceeds from sale of property, plant and equipment 85 103 138
Purchases of Sigma Funds investments, net (1,337) (3,157) (1,522)
Sales (purchases) of short-term investments (80) 8 (13)
Net cash used for investing activities from continuing operations (1,048) (2,368) (1,596)
Financing
Net proceeds from (repayment of) commercial paper and short-term borrowings 66 11 (19)
Repayment of debt (18) (1,132) (2,250)
Repayment of TOPrS ÌÌ (500)
Issuance of common stock 918 1,199 1,680
Purchase of common stock (3,826) (874) Ì
Excess tax benefits from share-based compensation 165 ÌÌ
Net payments related to debt redemption ÌÌ (52)
Distribution from (to) discontinued operations (23) 283 1,366
Payment of dividends (443) (394) (378)
Net cash used for financing activities from continuing operations (3,161) (907) (153)
Effect of exchange rate changes on cash and cash equivalents from continuing operations 148 (105) 91
Discontinued Operations
Net cash provided by (used for) operating activities from discontinued operations (16) 297 1,363
Net cash used for investing activities from discontinued operations (13) (16) (2,937)
Net cash provided by (used for) financing activities from discontinued operations 23 (283) 1,414
Effect of exchange rate changes on cash and cash equivalents from discontinued
operations 6273
Net cash used for discontinued operations ÌÌ (87)
Net increase (decrease) in cash and cash equivalents (562) 928 1,157
Cash and cash equivalents, beginning of year (includes $87 million at January 1, 2004
from discontinued operations) 3,774 2,846 1,689
Cash and cash equivalents, end of year $ 3,212 $ 3,774 $ 2,846
Cash Flow Information
Cash paid during the year for:
Interest, net $ 322 $ 318 $ 381
Income taxes, net of refunds 463 703 467
See accompanying notes to consolidated financial statements.