Union Pacific 2011 Annual Report Download - page 54

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54
CONSOLIDATED STATEMENTS OF CASH FLOWS
Union Pacific Corporation and Subsidiary Companies
Millions, for the Years Ended December 31, 2011 2010 2009
Operating Activities
Net income $ 3,292 $ 2,780 $ 1,890
Adjustments to reconcile net income to cash provided
by operating activities:
Depreciation 1,617 1,487 1,427
Deferred income taxes and unrecognized tax benefits 986 672 718
Net gain on non-operating asset dispositions (43) (25) (162)
Other operating activities, net (255) (458) (376)
Changes in current assets and liabilities:
Accounts receivable, net (217) (518) (72)
Materials and supplies (80) (59) (25)
Other current assets 178 (17) (106)
Accounts payable and other current liabilities 395 243 (90)
Cash provided by operating activities 5,873 4,105 3,204
Investing Activities
Capital investments (3,176) (2,482) (2,354)
Proceeds from asset sales 108 67 187
Acquisition of equipment pending financing (85) - (100)
Proceeds from sale of assets financed 85 - 100
Other investing activities, net (51) (73) 22
Cash used in investing activities (3,119) (2,488) (2,145)
Financing Activities
Common share repurchases (Note 18) (1,418) (1,249) -
Dividends paid (837) (602) (544)
Debt repaid (690) (1,412) (871)
Debt issued 486 894 843
Debt exchange (272) (98) -
Other financing activities, net 108 86 114
Cash used in financing activities (2,623) (2,381) (458)
Net change in cash and cash equivalents 131 (764) 601
Cash and cash equivalents at beginning of year 1,086 1,850 1,249
Cash and cash equivalents at end of year $ 1,217 $ 1,086 $ 1,850
Supplemental Cash Flow Information
Non-cash investing and financing activities:
Cash dividends declared but not yet paid $ 284 $ 183 $ 132
Capital lease financings 154 - 842
Capital investments accrued but not yet paid 147 125 96
Settlement of current liabilities for debt - - 14
Cash paid during the year for:
Interest, net of amounts capitalized $ (572) $ (614) $ (578)
Income taxes, net of refunds (625) (936) (452)
The accompanying notes are an integral part of these Consolidated Financial Statements.