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