UPS 2009 Annual Report Download - page 67

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UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Years Ended December 31,
2009 2008 2007
Cash Flows From Operating Activities:
Net income ......................................................... $2,152 $ 3,003 $ 382
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization .................................. 1,747 1,814 1,745
Pension and postretirement benefit expense ........................ 872 726 513
Pension and postretirement benefit contributions .................... (924) (246) (687)
Self-insurance reserves ........................................ 47 87 69
Deferred taxes, credits and other ................................. 471 187 (249)
Stock compensation expense .................................... 430 516 447
Asset impairment charges ...................................... 181 575 221
Other (gains) losses ........................................... 115 634 243
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable ...................................... (30) 197 (380)
Income taxes receivable ................................... 27 1,161 (1,191)
Other current assets ....................................... 136 (144) (3)
Accounts payable ........................................ (107) 87 (37)
Accrued wages and withholdings ............................ (102) 44 108
Other current liabilities .................................... 184 (184) 56
Other operating activities ...................................... 86 (31) (114)
Net cash from operating activities .................................... 5,285 8,426 1,123
Cash Flows From Investing Activities:
Capital expenditures .................................................. (1,602) (2,636) (2,820)
Proceeds from disposals of property, plant and equipment .................... 60 147 85
Purchases of marketable securities ....................................... (2,251) (3,391) (9,017)
Sales and maturities of marketable securities ............................... 2,240 3,113 9,638
Net (increase) decrease in finance receivables .............................. 261 (49) (39)
Other investing activities ............................................... 44 (363) (46)
Net cash (used in) investing activities ................................. (1,248) (3,179) (2,199)
Cash Flows From Financing Activities:
Net change in short-term debt ........................................... (1,738) (2,016) 2,613
Proceeds from long-term borrowings ..................................... 3,160 3,613 4,094
Repayments of long-term borrowings ..................................... (1,944) (2,518) (198)
Purchases of common stock ............................................ (561) (3,570) (2,639)
Issuances of common stock ............................................. 149 169 174
Dividends .......................................................... (1,751) (2,219) (1,703)
Other financing activities .............................................. (360) (161) (44)
Net cash provided by (used in) financing activities ...................... (3,045) (6,702) 2,297
Effect Of Exchange Rate Changes On Cash And Cash Equivalents .............. 43 (65) 12
Net Increase (Decrease) In Cash And Cash Equivalents ........................ 1,035 (1,520) 1,233
Cash And Cash Equivalents:
Beginning of period ................................................... 507 2,027 794
End of period ........................................................ $1,542 $ 507 $ 2,027
Cash Paid During The Period For:
Interest (net of amount capitalized) ....................................... $ 390 $ 359 $ 248
Income taxes ........................................................ $ 443 $ 760 $1,351
See notes to consolidated financial statements.
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