Consolidated Statement of Cash Flows
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IN MILLIONS OF DOLLARS | |
2002 | |
2001 | |
2000 | |
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Operating Activities | |
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Net income | |
$ | 2,236 | |
$ | 1,938 | |
$ | 1,808 | |
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Adjustments to reconcile net income to net cash | |
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flows provided by operating activities: | |
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Depreciation and amortization | |
727 | |
905 | |
859 | |
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Deferred income tax provision | |
318 | |
297 | |
246 | |
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Minority interests in subsidiaries' earnings | |
153 | |
114 | |
97 | |
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Change in: | |
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Accounts receivable | |
80 | |
289 | |
(69) | |
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Inventories and contracts in progress | |
327 | |
(147) | |
(184) | |
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Other current assets | |
10 | |
46 | |
19 | |
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Accounts payable and accrued liabilities | |
(301) | |
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(406) | |
(184) | |
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Contribution to domestic pension plans | |
(500) | |
— | — | |
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Other, net | |
(197) | |
(60) | |
39 | |
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Net Cash Provided by Operating Activities | |
2,853 | |
2,976 | |
2,631 | |
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Investing Activities | |
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Capital expenditures | |
(586) | |
(793) | |
(937) | |
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Increase in customer financing assets | |
(386) | |
(360) | |
(339) | |
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Decrease in customer financing assets | |
222 | |
237 | |
299 | |
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Business acquisitions | |
(402) | |
(439) | |
(1,168) | |
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Dispositions of businesses | |
26 | |
17 | |
— | |
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Other, net | |
38 | |
61 | |
44 | |
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Net Cash Used in Investing Activities | |
(1,088) | |
(1,277) | |
(2,101) | |
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Financing Activities | |
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Issuance of long-term debt | |
500 | |
904 | |
712 | |
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Repayment of long-term debt | |
(231) | |
(354) | |
(435) | |
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(Decrease) increase in short-term borrowings | |
(357) | |
(465) | |
83 | |
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Common Stock issued under employee stock plans | |
183 | |
224 | |
310 | |
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Dividends paid on Common Stock | |
(462) | |
(423) | |
(387) | |
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Repurchase of Common Stock | |
(700) | |
(599) | |
(800) | |
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Dividends to minority interests and other | |
(184) | |
(147) | |
(193) | |
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Net Cash Used in Financing Activities | |
(1,251) | |
(860) | |
(710) | |
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Effect of foreign exchange rate changes on Cash and cash equivalents | |
8 | |
(29) | |
(29) | |
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Net increase (decrease) in Cash and cash equivalents | |
522 | |
810 | |
(209) | |
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Cash and cash equivalents, beginning of year | |
1,558 | |
748 | |
957 | |
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Cash and cash equivalents, end of year | |
$ | 2,080 | |
$ | 1,558 | |
$ | 748 | |
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Supplemental Disclosure of Cash Flow Information: | |
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Interest paid, net of amounts capitalized | |
$ | 368 | |
$ | 420 | |
$ | 381 | |
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Income taxes paid, net of refunds | |
$ | 396 | |
$ | 497 | |
$ | 496 | |
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Non-cash investing and financing activities include: | |
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The 2002 and 2001 Treasury Stock contribution of $253 million and | |
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$247 million, respectively, to domestic defined benefit pension plans | |
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See accompanying Notes to Consolidated Financial Statements
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