Motorola 2007 Annual Report Download - page 87

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Motorola, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions) 2007 2006 2005
Years Ended December 31
Operating
Net earnings (loss) $ (49) $ 3,661 $ 4,578
Less: Earnings from discontinued operations 56 400 59
Earnings (loss) from continuing operations (105) 3,261 4,519
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by
operating activities:
Depreciation and amortization 903 558 540
Non-cash other charges 213 49 106
Share-based compensation expense 315 276 14
Gains on sales of investments and businesses, net (50) (41) (1,845)
Deferred income taxes (747) 838 1,000
Change in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable 2,538 (1,775) (1,303)
Inventories 556 (718) (19)
Other current assets (705) (388) (721)
Accounts payable and accrued liabilities (2,303) 1,654 2,405
Other assets and liabilities 170 (215) (388)
Net cash provided by operating activities from continuing operations 785 3,499 4,308
Investing
Acquisitions and investments, net (4,568) (1,068) (312)
Proceeds from sale of investments and businesses 411 2,001 1,538
Capital expenditures (527) (649) (548)
Proceeds from sale of property, plant and equipment 166 85 103
Proceeds from sales (purchases) of Sigma Fund investments, net 6,889 (1,337) (3,157)
Proceeds from sales (purchases) of short-term investments 8(476) 8
Net cash provided by (used for) investing activities from continuing operations 2,379 (1,444) (2,368)
Financing
Net proceeds from (repayment of) commercial paper and short-term borrowings (242) 66 11
Repayment of debt (1,386) (18) (1,132)
Net proceeds from issuance of debt 1,415 ——
Issuance of common stock 440 918 1,199
Purchase of common stock (3,035) (3,826) (874)
Excess tax benefits from share-based compensation 50 165 —
Payment of dividends (468) (443) (394)
Distribution from (to) discontinued operations (75) (23) 283
Net cash used for financing activities from continuing operations (3,301) (3,161) (907)
Effect of exchange rate changes on cash and cash equivalents from continuing operations 73 148 (105)
Discontinued Operations
Net cash provided by (used for) operating activities from discontinued operations (75) (16) 297
Net cash used for investing activities from discontinued operations —(13) (16)
Net cash provided by (used for) financing activities from discontinued operations 75 23 (283)
Effect of exchange rate changes on cash and cash equivalents from discontinued operations —62
Net cash provided by (used for) discontinued operations ———
Net increase (decrease) in cash and cash equivalents (64) (958) 928
Cash and cash equivalents, beginning of year 2,816 3,774 2,846
Cash and cash equivalents, end of year $ 2,752 $ 2,816 $ 3,774
Cash Flow Information
Cash paid during the year for:
Interest, net $ 312 $ 322 $ 318
Income taxes, net of refunds 440 463 703
See accompanying notes to consolidated financial statements.
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