| |
For the Year Ended December 31 |
| (in millions) |
2002 |
|
2001 |
|
2000 |
 |
| Cash flows from operating activities: |
| Net earnings |
$ |
770 |
|
$ |
76 |
|
$ |
1,407 |
Adjustments to reconcile to net cash
provided by operating activities: |
| Loss from discontinued operations |
|
23 |
|
|
5 |
|
|
— |
| Equity in losses from unconsolidated affiliates |
|
105 |
|
|
84 |
|
|
111 |
| Depreciation and amortization |
|
818 |
|
|
917 |
|
|
889 |
| Gain on sales of businesses/assets |
|
(24) |
|
|
— |
|
|
(117) |
Restructuring costs, asset impairments
and other charges |
|
85 |
|
|
415 |
|
|
— |
| (Benefit) provision for deferred income taxes |
|
(224) |
|
|
(41) |
|
|
234 |
| Decrease (increase) in receivables |
|
263 |
|
|
254 |
|
|
(247) |
| Decrease (increase) in inventories |
|
88 |
|
|
465 |
|
|
(280) |
| Increase (decrease) in liabilities excluding borrowings |
|
29 |
|
|
(111) |
|
|
(808) |
| Other items, net |
|
285 |
|
|
149 |
|
|
(84) |
|
| Total adjustments |
|
1,448 |
|
|
2,137 |
|
|
(302) |
|
| Net cash provided by continuing operations |
|
2,218 |
|
|
2,213 |
|
|
1,105 |
|
| Net cash used for discontinued operations |
|
(14) |
|
|
(7) |
|
|
— |
|
| Net cash provided by operating activities |
|
2,204 |
|
|
2,206 |
|
|
1,105 |
|
| Cash flows from investing activities: |
| Additions to properties |
|
(577) |
|
|
(743) |
|
|
(945) |
| Net proceeds from sales of businesses/assets |
|
27 |
|
|
— |
|
|
277 |
| Aquisitions, net of cash acquired |
|
(72) |
|
|
(306) |
|
|
(130) |
| Investments in unconsolidated affiliates |
|
(123) |
|
|
(141) |
|
|
(123) |
| Marketable securities — sales |
|
88 |
|
|
54 |
|
|
84 |
| Marketable securities — purchases |
|
(101) |
|
|
(52) |
|
|
(69) |
|
| Net cash used in investing activities |
|
(758) |
|
|
(1,188) |
|
|
(906) |
|
| Cash flows from financing activities: |
Net (decrease) increase in borrowings with original
maturities of 90 days or less |
|
(210) |
|
|
(695) |
|
|
939 |
| Proceeds from other borrowings |
|
759 |
|
|
1,907 |
|
|
1,310 |
| Repayment of other borrowings |
|
(1,146) |
|
|
(1,355) |
|
|
(936) |
| Dividends to shareholders |
|
(525) |
|
|
(643) |
|
|
(545) |
| Exercise of employee stock options |
|
51 |
|
|
22 |
|
|
43 |
| Stock repurchase programs |
|
(260) |
|
|
(44) |
|
|
(1,125) |
|
| Net cash used in financing activities |
|
(1,331) |
|
|
(808) |
|
|
(314) |
|
| Effect of exchange rate changes on cash |
|
6 |
|
|
(8) |
|
|
(12) |
|
| Net increase (decrease) in cash and cash equivalents |
|
121 |
|
|
202 |
|
|
(127) |
| Cash and cash equivalents, beginning of year |
|
448 |
|
|
246 |
|
|
373 |
|
| Cash and cash equivalents, end of year |
$ |
569 |
|
$ |
448 |
|
$ |
246 |
|
| Supplemental Cash Flow Information |
| Cash paid for interest and income taxes was: |
| Interest, net of portion capitalized of $3, $12, and $40 |
$ |
173 |
|
$ |
214 |
|
$ |
166 |
| Income taxes |
|
201 |
|
|
120 |
|
|
486 |
The following transactions are not reflected in
the Consolidated Statement of Cash Flows: |
| Minimum pension liability adjustment |
$ |
394 |
|
$ |
37 |
|
$ |
(1) |
| Liabilities assumed in acquisitions |
|
30 |
|
|
142 |
|
|
31 |
| Issuance of restricted stock, net of forfeitures |
|
1 |
|
|
5 |
|
|
2 |
| Issuance of stock related to an acquisition |
|
25 |
|
|
— |
|
|
— |
|
| The accompanying notes are an integral part of these consolidated financial statements. |
