| Year Ended December 31 (in millions) | 2006 | 2005 | 2004 |
|---|---|---|---|
| Operating Activities | |||
| Net income | $ 2,533 | $ 928 | $ 970 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 3,828 | 3,413 | 3,197 |
| Amortization | 995 | 1,138 | 1,154 |
| Depreciation and amortization of discontinued operations | 139 | 253 | 272 |
| Share-based compensation expenses | 190 | 56 | 33 |
| Noncash interest expense, net | 99 | 8 | 33 |
| Equity in net losses (income) of affiliates, net | 124 | 42 | 81 |
| (Gains) losses on investments and noncash other (income) expense, net | (979) | (54) | (703) |
| Gain on discontinued operations | (736) | — | — |
| Noncash contribution expense | 33 | 10 | 25 |
| Minority interest | 12 | 19 | 14 |
| Deferred income taxes | 674 | 183 | 531 |
| Proceeds from sales of trading securities | — | — | 680 |
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||
| Change in accounts receivable, net | (357) | (97) | (54) |
| Change in accounts payable and accrued expenses related to trade creditors | 560 | (152) | (163) |
| Change in other operating assets and liabilities | (497) | (912) | 12 |
| Net cash provided by (used in) operating activities | 6,618 | 4,835 | 6,082 |
| Financing Activities | |||
| Proceeds from borrowings | 7,497 | 3,978 | 1,030 |
| Retirements and repayments of debt | (2,039) | (2,706) | (2,323) |
| Repurchases of common stock | (2,347) | (2,313) | (1,361) |
| Issuances of common stock | 410 | 93 | 113 |
| Other | 25 | 15 | 25 |
| Net cash provided by (used in) financing activities | 3,546 | (933) | (2,516) |
| Investing Activities | |||
| Capital expenditures | (4,395) | (3,621) | (3,660) |
| Cash paid for intangible assets | (306) | 281) | (615) |
| Acquisitions, net of cash acquired | (5,110) | (199) | (296) |
| Proceeds from sales and restructuring of investments | 2,720 | 861 | 228 |
| Purchases of investments | (2,812) | (306) | (156) |
| Proceeds from sales (purchases) of short-term investments, net | 33 | (86) | (13) |
| Proceeds from settlement of contract of acquired company | — | — | 26 |
| Other | (2) | (116) | (26) |
| Net cash provided by (used in) investing activities | (9,872) | (3,748) | (4,512) |
| Increase (decrease) in cash and cash equivalents | 292 | 154 | (946) |
| Cash and cash equivalents, beginning of year | 947 | 793 | 1,739 |
| Cash and cash equivalents, end of year | $ 1,239 | $ 947 | $ 793 |
See notes to consolidated financial statements.
