United Technologies 2011 Annual Report Download - page 61

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CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in millions) 2011 2010 2009
Operating Activities:
Net income attributable to common shareowners $ 4,979 $ 4,373 $ 3,829
Non-controlling interest in subsidiaries’ earnings 395 338 350
Net income 5,374 4,711 4,179
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization 1,347 1,356 1,258
Deferred income tax provision 331 413 451
Stock compensation cost 229 154 153
Change in:
Accounts receivable (729) (319) 955
Inventories and contracts in progress (314) (244) 695
Other current assets 7(17) (3)
Accounts payable and accrued liabilities 618 1,105 (582)
Global pension contributions (551) (1,299) (1,270)
Other operating activities, net 278 46 (483)
Net cash flows provided by operating activities 6,590 5,906 5,353
Investing Activities:
Capital expenditures (983) (865) (826)
Increase in customer financing assets (42) (217) (171)
Decrease in customer financing assets 92 162 80
Investments in businesses (357) (2,758) (703)
Dispositions of businesses 497 208 158
Other investing activities, net 86 283 358
Net cash flows used in investing activities (707) (3,187) (1,104)
Financing Activities:
Issuance of long-term debt 59 2,362 37
Repayment of long-term debt (616) (1,751) (1,012)
Increase (decrease) in short-term borrowings, net 556 (141) (762)
Common Stock issued under employee stock plans 226 386 342
Dividends paid on Common Stock (1,602) (1,482) (1,356)
Repurchase of Common Stock (2,175) (2,200) (1,100)
Other financing activities, net (453) (327) (340)
Net cash flows used in financing activities (4,005) (3,153) (4,191)
Effect of foreign exchange rate changes on cash and cash equivalents (1) 68 64
Net increase (decrease) in cash and cash equivalents 1,877 (366) 122
Cash and cash equivalents, beginning of year 4,083 4,449 4,327
Cash and cash equivalents, end of year $5,960 $ 4,083 $4,449
Supplemental Disclosure of Cash Flow Information:
Interest paid, net of amounts capitalized $642 $ 753 $ 704
Income taxes paid, net of refunds $1,432 $ 1,222 $ 1,396
Non-cash investing and financing activities include:
Contributions of UTC Common Stock to domestic defined benefit pension plans $450 $ 250 $ —
See accompanying Notes to Consolidated Financial Statements
2011 ANNUAL REPORT 59