Consolidated Statement of Cash Flows
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| IN MILLIONS OF DOLLARS | |
2001 | |
2000 | |
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1999 | |
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| Operating Activities | |
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| Income from continuing operations | |
$ | 1,938 | |
$ | 1,808 | |
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$ | 841 | |
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| Adjustments to reconcile income from continuing operations | |
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| to net cash flows provided by operating activities: | |
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| Depreciation and amortization | |
905 | |
859 | |
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819 | |
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| Deferred income tax (benefit) provision | |
(5) | |
108 | |
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4 | |
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| Minority interests in subsidiaries' earnings | |
114 | |
97 | |
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91 | |
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| Change in: | |
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| Accounts receivable | |
337 | |
(69) | |
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(256) | |
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| Inventories and contracts in progress | |
(154) | |
(184) | |
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331 | |
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| Other current assets | |
46 | |
19 | |
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(66) | |
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| Accounts payable and accrued liabilities | |
(447) | |
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(184) | |
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595 | |
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| Other, net | |
151 | |
49 | |
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(49) | |
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| Net Cash Provided by Operating Activities | |
2,885 | |
2,503 | |
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2,310 | |
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| Investing Activities | |
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| Capital expenditures | |
(793) | |
(937) | |
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(762) | |
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| Increase in customer financing assets | |
(360) | |
(339) | |
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(383) | |
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| Decrease in customer financing assets | |
237 | |
299 | |
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195 | |
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| Business acquisitions | |
(439) | |
(1,168) | |
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(3,547) | |
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| Dispositions of businesses | |
17 | |
— | |
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43 | |
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| Other, net | |
61 | |
44 | |
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43 | |
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| Net Cash Used in Investing Activities | |
(1,277) | |
(2,101) | |
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(4,411) | |
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| Financing Activities | |
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| Issuance of long-term debt | |
904 | |
712 | |
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1,727 | |
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| Repayment of long-term debt | |
(354) | |
(435) | |
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(557) | |
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| (Decrease) increase in short-term borrowings | |
(465) | |
83 | |
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185 | |
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| Common Stock issued under employee stock plans | |
315 | |
438 | |
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354 | |
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| Dividends paid on Common Stock | |
(423) | |
(387) | |
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(353) | |
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| Repurchase of Common Stock | |
(599) | |
(800) | |
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(822) | |
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| Dividends to minority interests and other | |
(147) | |
(193) | |
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(159) | |
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| Net Cash (Used in) Provided by Financing Activities | |
(769) | |
(582) | |
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375 | |
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| Net Cash Provided by Discontinued Operation | |
— | |
— | |
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2,159 | |
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| Effect of foreign exchange rate changes on Cash and cash equivalents | |
(29) | |
(29) | |
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(26) | |
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| Net increase (decrease) in Cash and cash equivalents | |
810 | |
(209) | |
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407 | |
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| Cash and cash equivalents, beginning of year | |
748 | |
957 | |
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550 | |
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| Cash and cash equivalents, end of year | |
$ | 1,558 | |
$ | 748 | |
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$ | 957 | |
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| Supplemental Disclosure of Cash Flow Information: | |
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| Interest paid, net of amounts capitalized | |
$ | 420 | |
$ | 381 | |
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$ | 217 | |
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| Income taxes paid, net of refunds | |
497 | |
496 | |
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368 | |
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| Non-cash investing and financing activities include: | |
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| The 2001 Treasury Stock contribution of $247 million to defined | |
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| benefit pension plans and the 1999 issuance of $1.9 | |
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| billion of Treasury Stock in connection with the | |
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| Sundstrand acquisition. | |
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See accompanying Notes to Consolidated Financial Statements
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