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<tr>
<th></th>
<th colspan="3">Year Ended December 31</th>
</tr>
<tr>
<th>Millions of dollars</th>
<th>2008</th>
<th>2007</th>
<th>2006</th>
</tr>
<tr>
<td>Cash flows from operating activities:</td>
<td></td><td></td><td></td>
</tr>
<tr>
<td>Net income</td>
<td>$ 1,538</td>
<td>$ 3,499</td>
<td>$ 2,348</td>
</tr>
<tr>
<td>Adjustments to reconcile net income to net cash from operations:</td>
<td></td><td></td><td></td>
</tr>
<tr>
<td>Depreciation, amortization and amortization</td>
<td>738</td>
<td>583</td>
<td>480</td>
</tr>
<tr>
<td>Loss on extinguishment of debt</td>
<td>693</td>
<td>—</td>
<td>—</td>
</tr>
<tr>
<td>(Income) loss from discontinued operations</td>
<td>423</td>
<td>(975)</td>
<td>(171)</td>
</tr>
<tr>
<td>Provision (benefit) for income taxes, continuing operations</td>
<td>254</td>
<td>(140)</td>
<td>714</td>
</tr>
<tr>
<td>Gain on sale of business assets, net</td>
<td>(62)</td>
<td>(52)</td>
<td>(66)</td>
</tr>
<tr>
<td>Other changes:</td>
<td></td><td></td><td></td>
</tr>
<tr>
<td>Accounts payable</td>
<td>(161)</td>
<td>77</td>
<td>96</td>
</tr>
<tr>
<td>Contributions to pension plans</td>
<td>(52)</td>
<td>(41)</td>
<td>(75)</td>
</tr>
<tr>
<td>Inventories</td>
<td>(368)</td>
<td>(218)</td>
<td>(309)</td>
</tr>
<tr>
<td>Receivables</td>
<td>(670)</td>
<td>(326)</td>
<td>(327)</td>
</tr>
<tr>
<td>Other</td>
<td>19</td>
<td>288</td>
<td>656</td>
</tr>
<tr>
<td>Cash flows from discontinued operations</td>
<td>31</td>
<td>31</td>
<td>311</td>
</tr>
<tr>
<td>Total cash flows from operating activities</td>
<td>2,674</td>
<td>2,726</td>
<td>3,561</td>
</tr>
<tr>
<td>Cash flows from investing activities:</td>
<td></td><td></td><td></td>
</tr>
<tr>
<td>Sales (purchases) of short-term investments in marketable securities, net</td>
<td>388</td>
<td>(332)</td>
<td>(20)</td>
</tr>
<tr>
<td>Sales of property, plant, and equipment</td>
<td>191</td>
<td>203</td>
<td>151</td>
</tr>
<tr>
<td>Dispositions of business assets, net of cash disposed</td>
<td>81</td>
<td>70</td>
<td>98</td>
</tr>
<tr>
<td>Disposal of KBR, Inc. cash upon separation</td>
<td>—</td>
<td>(1,461)</td>
<td>—</td>
</tr>
<tr>
<td>Acquisitions of business assets, net of cash acquired</td>
<td>(652)</td>
<td>(563)</td>
<td>(27)</td>
</tr>
<tr>
<td>Capital expenditures</td>
<td>(1,824)</td>
<td>(1,583)</td>
<td>(834)</td>
</tr>
<tr>
<td>Other investing activities</td>
<td>(40)</td>
<td>18</td>
<td>20</td>
</tr>
<tr>
<td>Cash flows from discontinued operations</td>
<td>—</td>
<td>(13)</td>
<td>223</td>
</tr>
<tr>
<td>Total cash flows from investing activities</td>
<td>(1,856)</td>
<td>(3,661)</td>
<td>(426)</td>
</tr>
<tr>
<td>Cash flows from financing activities:</td>
<td></td><td></td><td></td>
</tr>
<tr>
<td>Proceeds from long-term debt, net of offering costs</td>
<td>1,187</td>
<td>—</td>
<td>—</td>
</tr>
<tr>
<td>Proceeds from exercise of stock options</td>
<td>120</td>
<td>110</td>
<td>159</td>
</tr>
<tr>
<td>Tax benefit from exercise of options and restricted stock</td>
<td>44</td>
<td>29</td>
<td>53</td>
</tr>
<tr>
<td>Payments of dividends to shareholders</td>
<td>(319)</td>
<td>(314)</td>
<td>(306)</td>
</tr>
<tr>
<td>Payments to reacquire common stock</td>
<td>(507)</td>
<td>(1,374)</td>
<td>(1,339)</td>
</tr>
<tr>
<td>Payments on long-term debt</td>
<td>(2,048)</td>
<td>(7)</td>
<td>(324)</td>
</tr>
<tr>
<td>Other financing activities</td>
<td>—</td>
<td>4</td>
<td>(8)</td>
</tr>
<tr>
<td>Cash flows from discontinued operations</td>
<td>—</td>
<td>(18)</td>
<td>485</td>
</tr>
<tr>
<td>Total cash flows from financing activities</td>
<td>(1,523)</td>
<td>(1,570)</td>
<td>(1,280)</td>
</tr>
<tr>
<td>Effect of exchange rate changes on cash, including $0, $0, and $50 related to discontinued operations</td>
<td>(18)</td>
<td>(27)</td>
<td>37</td>
</tr>
<tr>
<td>Increase (decrease) in cash and equivalents</td>
<td>(723)</td>
<td>(2,532)</td>
<td>1,988</td>
</tr>
<tr>
<td>Cash and equivalents at beginning 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>
<tr>
<td>Cash and equivalents at end of year, including $0, $0, and $1,461 related to discontinued operations</td>
<td>$ 1,124</td>
<td>$ 1,847</td>
<td>$ 4,379</td>
</tr>
</table> |