Union Pacific 2009 Annual Report Download - page 59

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59
CONSOLIDATED STATEMENTS OF CASH FLOWS
Union Pacific Corporation and Subsidiary Companies
Millions of Dollars, for the Years Ended December 31, 2009 2008 2007
Operating Activities
Net income
$
1,898 $ 2,338 $ 1,855
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation 1,444 1,387 1,321
Deferred income taxes and unrecognized tax benefits 723 547 332
Net gain on non-operating asset disposition (162) (41) (52)
Other operating activities, net (376) 89 (207)
Changes in current assets and liabilities:
Accounts receivable, net (72) 38 47
Materials and supplies (25) 3 (58)
Other current assets (106) 51 (104)
Accounts payable and other current liabilities (90) (342) 143
Cash provided by operating activities 3,234 4,070 3,277
Investing Activities
Capital investments (2,384) (2,780) (2,496)
Proceeds from asset sales 187 93 122
Acquisition of equipment pending financing (100) (388) (621)
Proceeds from sale of assets financed 100 388 621
Other investing activities, net 22 (77) (52)
Cash used in investing activities (2,175) (2,764) (2,426)
Financing Activities
Debt issued 843 2,257 1,581
Common share repurchases (Note 16) - (1,609) (1,375)
Debt repaid (871) (1,208) (792)
Dividends paid (544) (481) (364)
Other financing activities, net 114 106 150
Cash used in financing activities (458) (935) (800)
Net change in cash and cash equivalents 601 371 51
Cash and cash equivalents at beginning of year 1,249 878 827
Cash and cash equivalents at end of year
$
1,850 $ 1,249 $ 878
Supplemental Cash Flow Information
Non-cash investing and financing activities:
Capital lease financings
$
842 $ 175 $ 82
Cash dividends declared but not yet paid 132 132 112
Capital investments accrued but not yet paid 96 93 126
Settlement of current liabilities for debt 14 - -
Common shares repurchased but not yet paid - - 82
Cash paid during the year for:
Interest, net of amounts capitalized
$
(578) $ (500) $ (467)
Income taxes, net of refunds (452) (699) (839)
The accompanying notes are an integral part of these Consolidated Financial Statements.