Union Pacific 2010 Annual Report Download - page 53

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53
CONSOLIDATED STATEMENTS OF CASH FLOWS
Union Pacific Corporation and Subsidiary Companies
Millions, for the Years Ended December 31, 2010 2009 2008
Operating Activities
Net income $ 2,780 $ 1,890 $ 2,335
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation 1,487 1,427 1,366
Deferred income taxes and unrecognized tax benefits 672 718 545
Net gain on non-operating asset disposition (25) (162) (41)
Other operating activities, net (458) (376) 89
Changes in current assets and liabilities:
Accounts receivable, net (518) (72) 38
Materials and supplies (59) (25) 3
Other current assets (17) (106) 51
Accounts payable and other current liabilities 243 (90) (342)
Cash provided by operating activities 4,105 3,204 4,044
Investing Activities
Capital investments (2,482) (2,354) (2,754)
Proceeds from asset sales 67 187 93
Acquisition of equipment pending financing - (100) (388)
Proceeds from sale of assets financed - 100 388
Other investing activities, net (73) 22 (77)
Cash used in investing activities (2,488) (2,145) (2,738)
Financing Activities
Debt issued 894 843 2,257
Common share repurchases (Note 18) (1,249) - (1,609)
Debt repaid (1,412) (871) (1,208)
Dividends paid (602) (544) (481)
Other financing activities, net (12) 114 106
Cash used in financing activities (2,381) (458) (935)
Net change in cash and cash equivalents (764) 601 371
Cash and cash equivalents at beginning of year 1,850 1,249 878
Cash and cash equivalents at end of year $ 1,086 $ 1,850 $ 1,249
Supplemental Cash Flow Information
Non-cash investing and financing activities:
Capital lease financings $ - $ 842 $ 175
Cash dividends declared but not yet paid 183 132 132
Capital investments accrued but not yet paid 125 96 93
Settlement of current liabilities for debt - 14 -
Cash paid during the year for:
Interest, net of amounts capitalized $ (614) $ (578) $ (500)
Income taxes, net of refunds (936) (452) (699)
The accompanying notes are an integral part of these Consolidated Financial Statements.