Union Pacific 2007 Annual Report Download - page 54

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50
CONSOLIDATED STATEMENTS OF CASH FLOWS
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, for the Years Ended December 31, 2007 2006 2005
Operating Activities
Net income.............................................................................................. $ 1,855 $ 1,606 $ 1,026
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation ........................................................................................ 1,321 1,237 1,175
Deferred income taxes and unrecognized tax benefits...................... 332 235 320
Stock-based compensation expense ................................................... 44 35 21
Net gain from asset sales ..................................................................... (52) (72) (135)
Other operating activities, net ............................................................ (251) (175) 37
Changes in current assets and liabilities, net...................................... 28 14 151
Cash provided by operating activities ................................................... 3,277 2,880 2,595
Investing Activities
Capital investments ................................................................................ (2,496) (2,242) (2,169)
Proceeds from asset sales........................................................................ 122 133 185
Acquisition of equipment pending financing ....................................... (621) (536) (872)
Proceeds from completed equipment financings ................................. 621 536 872
Other investing activities........................................................................ (52) 67 (63)
Cash used in investing activities ............................................................ (2,426) (2,042) (2,047)
Financing Activities
Common share repurchases (note 12) .................................................. (1,375) - -
Dividends paid........................................................................................ (364) (322) (314)
Debt repaid ............................................................................................. (792) (657) (699)
Debt issued.............................................................................................. 1,581 - -
Net proceeds from equity compensation plans .................................... 71 160 262
Excess tax benefits from equity compensation plans ........................... 76 29 -
Other financing activities ....................................................................... 3 6 (1)
Cash used in financing activities............................................................ (800) (784) (752)
Net change in cash and cash equivalents............................................... 51 54 (204)
Cash and cash equivalents at beginning of year.................................... 827 773 977
Cash and cash equivalents at end of year .............................................. $ 878 $ 827 $ 773
Changes in Current Assets and Liabilities, Net of Acquisitions
Accounts receivable, net......................................................................... $ 47 $ 68 $ (201)
Materials and supplies............................................................................ (58) (64) (22)
Other current assets................................................................................ (104) (21) 12
Accounts, wages, and vacation payable................................................. 30 (102) 224
Other current liabilities .......................................................................... 113 133 138
Total ........................................................................................................ $ 28 $ 14 $ 151
Supplemental Cash Flow Information
Non-cash activity:
Capital investments accrued but not yet paid ................................ $ 126 $ 106 $ 103
Capital lease financings.................................................................... 82 16 -
Common shares repurchased but not yet paid .............................. 82 - -
Cash dividends declared but not yet paid....................................... 112 80 78
Cash paid during the year for:
Interest, net of amounts capitalized................................................ $ (467) $ (492) $ (510)
Income taxes, net of refunds ........................................................... (839) (549) (29)
The accompanying notes are an integral part of these Consolidated Financial Statements.