UPS 2005 Annual Report Download - page 65

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Years Ended December 31,
2005 2004 2003
Cash Flows From Operating Activities:
Netincome..................................................... $ 3,870 $3,333 $2,898
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization ............................. 1,644 1,543 1,549
Postretirement benefits ................................... 115 135 84
Deferred taxes, credits and other ............................ 477 289 317
Stockawardplans ....................................... 234 610 497
Other (gains) losses ...................................... 28 144 151
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable, net .............................. (647) (686) (264)
Other current assets .................................. 213 390 13
Prepaidpensioncosts................................. (695) (238) (990)
Accounts payable .................................... 158 318 66
Accrued wages and withholdings ....................... 56 (73) 83
Incometaxespayable................................. 179 (399) 204
Other current liabilities ............................... 161 (35) (32)
Net cash from operating activities ............................... 5,793 5,331 4,576
Cash Flows From Investing Activities:
Capital expenditures ............................................. (2,187) (2,127) (1,947)
Disposals of property, plant and equipment ........................... 27 75 118
Purchases of marketable securities and short-term investments ............ (7,623) (6,322) (8,083)
Sales and maturities of marketable securities and short-term investments .... 10,375 4,724 7,118
Net decrease in finance receivables .................................. 95 318 50
Cash received (paid) for business acquisitions & dispositions ............. (1,488) (238) 8
Other investing activities .......................................... (174) (68) (6)
Net cash (used in) investing activities ............................ (975) (3,638) (2,742)
Cash Flows From Financing Activities:
Proceeds from borrowings ......................................... 128 811 361
Repaymentsofborrowings ........................................ (589) (468) (1,245)
Purchases of common stock ....................................... (2,479) (1,310) (398)
Issuances of common stock ........................................ 164 193 154
Dividends...................................................... (1,391) (1,208) (956)
Other financing activities ......................................... (8) (32) (26)
Net cash (used in) financing activities ............................ (4,175) (2,014) (2,110)
Effect Of Exchange Rate Changes On Cash ............................. (13) (4) 216
Net Increase (Decrease) In Cash And Cash Equivalents ................... 630 (325) (60)
Cash And Cash Equivalents:
Beginning of period .............................................. 739 1,064 1,124
End of period ................................................... $ 1,369 $ 739 $1,064
Cash Paid During The Period For:
Interest (net of amount capitalized) .................................. $ 169 $ 120 $ 126
Incometaxes ................................................... $ 1,465 $2,037 $1,097
See notes to consolidated financial statements.
F-9