Union Pacific 2005 Annual Report Download - page 53

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, for the Years Ended December 31, 2005 2004 2003
Operating Activities
Net income ........................................................ $ 1,026 $ 604 $ 1,585
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations ................................ - - (255)
Cumulative effect of accounting change ............................... - - (274)
Depreciation ..................................................... 1,175 1,111 1,067
Deferred income taxes ............................................. 320 359 494
Net gain from asset sales ............................................ (135) (69) (84)
Other, net ....................................................... 58 156 (120)
Changes in current assets and liabilities, net ............................ 151 96 30
Cash provided by operating activities ................................... 2,595 2,257 2,443
Investing Activities
Capital investments ................................................. (2,169) (1,876) (1,752)
Proceeds from asset sales ............................................. 185 145 150
Proceeds from sale of discontinued operations ............................ - - 620
Other investing activities, net .......................................... (63) (1) 105
Cash used in investing activities ........................................ (2,047) (1,732) (877)
Financing Activities
Dividends paid ..................................................... (314) (310) (234)
Debt repaid ........................................................ (699) (588) (2,117)
Debt issued ........................................................ - 745 746
Net proceeds from equity compensation plans ............................ 262 80 216
Other financing activities, net ......................................... (1) (2) (17)
Cash used in financing activities ....................................... (752) (75) (1,406)
Net change in cash and cash equivalents ................................. (204) 450 160
Cash and cash equivalents at beginning of year ............................ 977 527 367
Cash and cash equivalents at end of year ................................. $ 773 $ 977 $ 527
Changes in Current Assets and Liabilities, Net of Acquisitions
Accounts receivable, net .............................................. $ (201) $ (40) $ 59
Materials and supplies ............................................... (22) (42) 10
Other current assets ................................................. 12 101 (80)
Accounts, wages, and vacation payable .................................. 224 100 79
Other current liabilities .............................................. 138 (23) (38)
Total ............................................................. $ 151 $ 96 $ 30
Supplemental cash flow information:
Non-cash investing activity, capital lease financings ...................... $ - $ - $ 188
Non-cash financing activity, cash dividends declared but not yet paid ..... 78 76 75
Cash (paid) received during the year for:
Interest ....................................................... $ (510) $ (517) $ (587)
Income taxes, net ............................................... (29) 187 (51)
The accompanying notes are an integral part of these Consolidated Financial Statements.
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