UPS 2010 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,
2010 2009 2008
Cash Flows From Operating Activities:
Net income ..................................................... $3,488 $ 2,152 $ 3,003
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization .............................. 1,792 1,747 1,814
Pension and postretirement benefit expense ................... 903 872 726
Pension and postretirement benefit contributions ............... (3,240) (924) (246)
Self-insurance reserves .................................... 45 47 87
Deferred taxes, credits and other ............................ 1,002 471 187
Stock compensation expense ............................... 519 430 516
Asset impairment charges ................................. — 181 575
Other (gains) losses ...................................... (13) 115 634
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable .................................. (532) (30) 197
Income taxes receivable ............................... (146) 27 1,161
Other current assets .................................. (60) 136 (144)
Accounts payable .................................... 265 (107) 87
Accrued wages and withholdings ........................ 98 (102) 44
Other current liabilities ............................... (284) 184 (184)
Other operating activities .................................. (2) 86 (31)
Net cash from operating activities ............................... 3,835 5,285 8,426
Cash Flows From Investing Activities:
Capital expenditures .............................................. (1,389) (1,602) (2,636)
Proceeds from disposals of property, plant and equipment ................ 304 60 147
Purchases of marketable securities ................................... (2,490) (2,251) (3,391)
Sales and maturities of marketable securities .......................... 2,520 2,240 3,113
Net (increase) decrease in finance receivables .......................... 108 261 (49)
Other investing activities .......................................... 293 44 (363)
Net cash used in investing activities ............................. (654) (1,248) (3,179)
Cash Flows From Financing Activities:
Net change in short-term debt ...................................... (481) (1,738) (2,016)
Proceeds from long-term borrowings ................................. 2,195 3,160 3,613
Repayments of long-term borrowings ................................ (468) (1,944) (2,518)
Purchases of common stock ........................................ (817) (561) (3,570)
Issuances of common stock ........................................ 218 149 169
Dividends ...................................................... (1,818) (1,751) (2,219)
Other financing activities .......................................... (175) (360) (161)
Net cash used in financing activities ............................. (1,346) (3,045) (6,702)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents .......... (7) 43 (65)
Net Increase (Decrease) In Cash And Cash Equivalents ................... 1,828 1,035 (1,520)
Cash And Cash Equivalents:
Beginning of period .............................................. 1,542 507 2,027
End of period ................................................... $3,370 $ 1,542 $ 507
Cash Paid During The Period For:
Interest (net of amount capitalized) .................................. $ 340 $ 390 $ 359
Income taxes .................................................... $1,312 $ 443 $ 760
See notes to consolidated financial statements.
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