UPS 2007 Annual Report Download - page 69

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Years Ended December 31,
2007 2006 2005
Cash Flows From Operating Activities:
Net income ........................................................ $ 382 $4,202 $ 3,870
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization ................................ 1,745 1,748 1,644
Pension and postretirement benefit expense ...................... 513 568 442
Pension and postretirement benefit contributions .................. (687) (1,625) (995)
Deferred taxes, credits and other ............................... (249) 99 189
Stock compensation expense .................................. 447 369 234
Self-insurance reserves ...................................... 69 180 261
Asset impairment and obsolescence charge ...................... 221 — —
Other (gains) losses ......................................... 243 128 170
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable ..................................... (380) (77) (789)
Income taxes receivable ................................. (1,191) 17 440
Other current assets ..................................... (3) 82 (160)
Accounts payable ....................................... (37) 24 158
Accrued wages and withholdings .......................... 108 12 56
Other current liabilities .................................. 56 (120) 273
Other operating activities .................................... (114) (18) —
Net cash from operating activities .................................. 1,123 5,589 5,793
Cash Flows From Investing Activities:
Capital expenditures ................................................ (2,820) (3,085) (2,187)
Proceeds from disposals of property, plant and equipment ................... 85 75 27
Purchases of marketable securities and short-term investments ............... (9,017) (9,056) (7,623)
Sales and maturities of marketable securities and short-term investments ....... 9,638 9,538 10,375
Net (increase) decrease in finance receivables ............................ (39) 68 95
Cash paid for business acquisitions ..................................... (2) (50) (1,488)
Other investing activities ............................................. (44) 170 (174)
Net cash (used in) investing activities ............................... (2,199) (2,340) (975)
Cash Flows From Financing Activities:
Net change in short-term debt ......................................... 2,613 (513) (287)
Proceeds from long-term borrowings ................................... 4,094 649 128
Repayments of long-term borrowings ................................... (198) (90) (302)
Purchases of common stock .......................................... (2,639) (2,460) (2,479)
Issuances of common stock ........................................... 174 164 164
Dividends ......................................................... (1,703) (1,577) (1,391)
Other financing activities ............................................ (44) (24) (8)
Net cash provided by (used in) financing activities .................... 2,297 (3,851) (4,175)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents ............ 12 27 (13)
Net Increase (Decrease) In Cash And Cash Equivalents ...................... 1,233 (575) 630
Cash And Cash Equivalents:
Beginning of period ................................................. 794 1,369 739
End of period ...................................................... $2,027 $ 794 $ 1,369
Cash Paid During The Period For:
Interest (net of amount capitalized) ..................................... $ 248 $ 210 $ 169
Income taxes ...................................................... $1,351 $ 2,061 $ 1,465
See notes to consolidated financial statements.
F-6