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<tr>
<th></th>
<th colspan="3">Year Ended December 31</th>
</tr>
<tr>
<th></th>
<th>2007</th>
<th>2006</th>
<th>2005</th>
</tr>
<tr>
<td>Millions of dollars</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Cash flows from operating activities:</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Net income</td>
<td>$ 3,499</td>
<td>$ 2,548</td>
<td>$ 2,358</td>
</tr>
<tr>
<td>Adjustments to reconcile net income to net cash from operations:</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Income from discontinued operations</td>
<td>(975)</td>
<td>(171)</td>
<td>(251)</td>
</tr>
<tr>
<td>Depreciation, depletion, and amortization</td>
<td>583</td>
<td>480</td>
<td>448</td>
</tr>
<tr>
<td>Provision (benefit) for deferred income taxes</td>
<td>(111)</td>
<td>658</td>
<td>(243)</td>
</tr>
<tr>
<td>Gain on sale of business assets</td>
<td>(52)</td>
<td>(66)</td>
<td>(100)</td>
</tr>
<tr>
<td>Asbestos and silica liability payment related to Chapter 11 filing</td>
<td>—</td>
<td>—</td>
<td>(2,345)</td>
</tr>
<tr>
<td>Collection of asbestos- and silica-related insurance receivables</td>
<td>29</td>
<td>167</td>
<td>1,032</td>
</tr>
<tr>
<td>Other charges:</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Receivables</td>
<td>(355)</td>
<td>(494)</td>
<td>(314)</td>
</tr>
<tr>
<td>Accounts receivable facilities transactions</td>
<td>—</td>
<td>—</td>
<td>(256)</td>
</tr>
<tr>
<td>Inventories</td>
<td>(218)</td>
<td>(609)</td>
<td>(151)</td>
</tr>
<tr>
<td>Accounts payable</td>
<td>7</td>
<td>96</td>
<td>102</td>
</tr>
<tr>
<td>Contributions to pension plans</td>
<td>(41)</td>
<td>(75)</td>
<td>(39)</td>
</tr>
<tr>
<td>Other</td>
<td>259</td>
<td>712</td>
<td>252</td>
</tr>
<tr>
<td>Cash flows from discontinued operations</td>
<td>31</td>
<td>811</td>
<td>210</td>
</tr>
<tr>
<td>Total cash flows from operating activities</td>
<td>2,726</td>
<td>3,557</td>
<td>701</td>
</tr>
<tr>
<td>Cash flows from investing activities:</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Sales of property, plant, and equipment</td>
<td>203</td>
<td>152</td>
<td>106</td>
</tr>
<tr>
<td>Dispositions of business assets, net of cash disposed</td>
<td>70</td>
<td>98</td>
<td>212</td>
</tr>
<tr>
<td>Investments – restricted cash</td>
<td>56</td>
<td>—</td>
<td>—</td>
</tr>
<tr>
<td>Sales (purchases) of short-term investments in marketable securities, net</td>
<td>(332)</td>
<td>(20)</td>
<td>891</td>
</tr>
<tr>
<td>Acquisitions of business assets, net of cash acquired</td>
<td>(563)</td>
<td>(27)</td>
<td>(105)</td>
</tr>
<tr>
<td>Disposal of KBR, Inc. cash upon separation</td>
<td>(1,461)</td>
<td>—</td>
<td>—</td>
</tr>
<tr>
<td>Capital expenditures</td>
<td>(1,583)</td>
<td>(834)</td>
<td>(575)</td>
</tr>
<tr>
<td>Other investing activities</td>
<td>(38)</td>
<td>(20)</td>
<td>(36)</td>
</tr>
<tr>
<td>Cash flows from continued operations</td>
<td>(3)</td>
<td>225</td>
<td>19</td>
</tr>
<tr>
<td>Total cash flows from investing activities</td>
<td>(3,661)</td>
<td>(426)</td>
<td>510</td>
</tr>
<tr>
<td>Cash flows from financing activities:</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Proceeds from exercises of stock options</td>
<td>110</td>
<td>159</td>
<td>342</td>
</tr>
<tr>
<td>Tax benefit from exercise of options and restricted stock</td>
<td>29</td>
<td>53</td>
<td>—</td>
</tr>
<tr>
<td>Borrowings (repayments) of short-term debt, net</td>
<td>9</td>
<td>(13)</td>
<td>8</td>
</tr>
<tr>
<td>Proceeds from long-term debt, net of offering costs</td>
<td>—</td>
<td>—</td>
<td>23</td>
</tr>
<tr>
<td>Payments on long-term debt</td>
<td>(7)</td>
<td>(324)</td>
<td>(802)</td>
</tr>
<tr>
<td>Payments of dividends to shareholders</td>
<td>(314)</td>
<td>(306)</td>
<td>(254)</td>
</tr>
<tr>
<td>Payments to reacquire common stock</td>
<td>(1,374)</td>
<td>(1,339)</td>
<td>(12)</td>
</tr>
<tr>
<td>Other financing activities</td>
<td>(5)</td>
<td>5</td>
<td>(1)</td>
</tr>
<tr>
<td>Cash flows from continued operations</td>
<td>(18)</td>
<td>485</td>
<td>(24)</td>
</tr>
<tr>
<td>Total cash flows from financing activities</td>
<td>(1,570)</td>
<td>(1,280)</td>
<td>(720)</td>
</tr>
<tr>
<td>Effect of exchange rate changes on cash, including $0, $50, and $(3) related to discontinued operations</td>
<td>(27)</td>
<td>37</td>
<td>(17)</td>
</tr>
<tr>
<td>Increase (decrease) in cash and equivalents</td>
<td>(2,532)</td>
<td>1,888</td>
<td>474</td>
</tr>
<tr>
<td>Cash and equivalents at beginning of year, including $1,461, $390, and $188 related to discontinued operations</td>
<td>4,379</td>
<td>2,391</td>
<td>1,917</td>
</tr>
<tr>
<td>Cash and equivalents at end of year, including $0, $1,461, and $390 related to discontinued operations</td>
<td>$ 1,847</td>
<td>$ 4,379</td>
<td>$ 2,391</td>
</tr>
</table> |