| Year Ended December 31 (Dollars in millions) |
|
2005 |
|
|
|
2004 |
|
|
|
2003 |
|
| Operating Activities |
|
|
|
|
|
|
|
|
|
| |
| Net income |
$ |
928 |
|
|
$ |
970 |
|
|
$ |
3,240 | |
| Income from discontinued operations |
|
– |
|
|
|
– |
|
|
|
(168 | ) |
| Gain on discontinued operations |
|
– |
|
|
|
– |
|
|
|
(3,290 | ) |
| Income (loss) from continuing operations |
|
928 |
|
|
|
970 |
|
|
|
(218 | ) |
| Adjustments to reconcile income (loss) from continuing operations to net cash provided by
operating activities from continuing operations: |
|
|
|
|
|
|
|
|
|
| |
| Depreciation |
|
3,630 |
|
|
|
3,420 |
|
|
|
3,166 | |
| Amortization |
|
1,173 |
|
|
|
1,203 |
|
|
|
1,272 | |
| Non-cash interest expense (income), net |
|
8 |
|
|
|
33 |
|
|
|
(113 | ) |
| Equity in net losses of affiliates |
|
47 |
|
|
|
88 |
|
|
|
60 | |
| (Gains) losses on investments and other (income) expense, net |
|
(54 |
) |
|
|
(703 |
) |
|
|
145 | |
| Non-cash contribution expense |
|
10 |
|
|
|
25 |
|
|
|
– | |
| Minority interest |
|
19 |
|
|
|
14 |
|
|
|
45 | |
| Deferred income taxes |
|
183 |
|
|
|
531 |
|
|
|
820 | |
| Proceeds from sales of trading securities |
|
– |
|
|
|
680 |
|
|
|
85 | |
| Current tax associated with sale of discontinued operation |
|
– |
|
|
|
– |
|
|
|
(2,028 | ) |
| Change in operating assets and liabilities, net of effects of acquisitions and divestitures: |
|
|
|
|
|
|
|
|
|
| |
| Change in accounts receivable, net |
|
(97 |
) |
|
|
(54 |
) |
|
|
(45 | ) |
| Change in accounts payable and accrued expenses related to trade creditors |
|
(65 |
) |
|
|
(315 |
) |
|
|
35 | |
| Change in other operating assets and liabilities |
|
(860 |
) |
|
|
38 |
|
|
|
(370 | ) |
| Net cash provided by operating activities from continuing operations |
|
4,922 |
|
|
|
5,930 |
|
|
|
2,854 | |
| Financing Activities |
|
|
|
|
|
|
|
|
|
| |
| Proceeds from borrowings |
|
3,978 |
|
|
|
1,030 |
|
|
|
9,398 | |
| Retirements and repayments of debt |
|
(2,706 |
) |
|
|
(2,323 |
) |
|
|
(16,465 | ) |
| Issuances of common stock |
|
93 |
|
|
|
113 |
|
|
|
67 | |
| Repurchases of common stock and stock options held by non-employees |
|
(2,313 |
) |
|
|
(1,361 |
) |
|
|
(14 | ) |
| Deferred financing costs |
|
– |
|
|
|
– |
|
|
|
(34 | ) |
| Other financing activities |
|
15 |
|
|
|
25 |
|
|
|
– | |
| Net cash used in financing activities from continuing operations |
|
(933 |
) |
|
|
(2,516 |
) |
|
|
(7,048 | ) |
| Investing Activities |
|
|
|
|
|
|
|
|
|
| |
| Capital expenditures |
|
(3,621 |
) |
|
|
(3,660 |
) |
|
|
(4,161 | ) |
| Proceeds from sales, settlements and restructuring of investments |
|
861 |
|
|
|
228 |
|
|
|
7,971 | |
| Acquisitions, net of cash acquired |
|
(199 |
) |
|
|
(296 |
) |
|
|
(152 | ) |
| Cash paid for intangible assets |
|
(281 |
) |
|
|
(615 |
) |
|
|
(155 | ) |
| Purchases of short term investments, net |
|
(86 |
) |
|
|
(13 |
) |
|
|
(32 | ) |
| Proceeds from sales of discontinued operations and assets held for sale |
|
– |
|
|
|
– |
|
|
|
1,875 | |
| Capital contributions to and purchases of investments |
|
(306 |
) |
|
|
(156 |
) |
|
|
(202 | ) |
| Proceeds from settlement of contract of acquired company |
|
– |
|
|
|
26 |
|
|
|
95 | |
| Other investing activities |
|
(116 |
) |
|
|
(26 |
) |
|
|
– | |
| Net cash (used in) provided by investing activities from continuing operations |
|
(3,748 |
) |
|
|
(4,512 |
) |
|
|
5,239 | |
| Increase (Decrease) in Cash and Cash Equivalents |
|
241 |
|
|
|
(1,098 |
) |
|
|
1,045 | |
| Cash and Cash Equivalents, beginning of year |
|
452 |
|
|
|
1,550 |
|
|
|
505 | |
| Cash and Cash Equivalents, end of year |
$ |
693 |
|
|
$ |
452 |
|
|
$ |
1,550 | |
| See notes to consolidated financial statements. | |
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