 |
|
|
|
|
|
|
| |
Year ended December 31
 |
| (millions of dollars) |
|
1997 |
|
1996 |
|
1995 |
|
| Operating Activities |
|
|
|
|
|
|
| Net income |
$ |
2,213 |
$ |
1,929 |
$ |
1,573 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
- Depreciation and amortization of intangibles
|
|
502 |
|
430 |
|
374 |
|
|
24 |
|
89 |
|
64 |
- Changes in assets and liabilities, net of effect of businesses acquired and divested:
|
|
|
|
|
|
|
| Accounts receivable |
|
(503) |
|
(255) |
|
(290) |
| Inventories |
|
(375) |
|
(149) |
|
(25) |
| Prepaid and other assets |
|
(138) |
|
(208) |
|
(171) |
| Accounts payable and accrued liabilities |
|
(26) |
|
66 |
|
320 |
| Income taxes payable |
|
(127) |
|
23 |
|
88 |
| Other deferred items |
|
59 |
|
142 |
|
(112) |
|
| Net cash provided by operating activities |
|
1,629 |
|
2,067 |
|
1,821 |
|
| Investing Activities |
|
|
|
|
|
|
| Purchases of property, plant and equipment |
|
(943) |
|
(774) |
|
(696) |
| Purchases of short-term investments |
|
(221) |
|
(2,851) |
|
(2,611) |
| Proceeds from redemptions of short-term investments |
|
29 |
|
3,490 |
|
2,185 |
| Purchases of long-term investments |
|
(76) |
|
(820) |
|
(151) |
| Purchases and redemptions of short-term investments by financial subsidiaries |
|
45 |
|
(11) |
|
(30) |
| (Increase)/decrease in loans and long-term investments by financial subsidiaries |
|
(20) |
|
52 |
|
330 |
| Acquisitions, net of cash acquired |
|
— |
|
(451) |
|
(1,521) |
| Proceeds from the sale of a businesses |
|
21 |
|
353 |
|
— |
| Other investing activities |
|
143 |
|
75 |
|
151 |
|
| Net cash used in investing activities |
|
(1,022) |
|
(937) |
|
(2,343) |
|
| Financing Activities |
|
|
|
|
|
|
| Proceeds from issuances of long-term debt |
|
57 |
|
636 |
|
502 |
| Repayments of long-term debt |
|
(269) |
|
(804) |
|
(52) |
| Increase/(decrease) in short-term debt |
|
370 |
|
259 |
|
(444) |
| Purchases of common stock |
|
(586) |
|
(27) |
|
(108) |
| Cash dividends paid |
|
(881) |
|
(771) |
|
(659) |
| Stock option transactions |
|
411 |
|
280 |
|
205 |
| Other financing activities |
|
50 |
|
45 |
|
37 |
|
| Net cash used in financing activities |
|
(848) |
|
(382) |
|
(519) |
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(32) |
|
(1) |
|
(14) |
|
| Net increase/(decrease) in cash and cash equivalents |
|
(273) |
|
747 |
|
(1,055) |
| Cash and cash equivalents at beginning of year |
|
1,150 |
|
403 |
|
1,458 |
|
| Cash and cash equivalents at end of year |
$ |
877 |
$ |
1,150 |
$ |
403 |
|
| Supplemental Cash Flow Information |
|
|
|
|
|
|
| Cash paid during the period for: |
|
|
|
|
|
|
|
$ |
856 |
$ |
709 |
$ |
646 |
|
|
151 |
|
139 |
|
175 |
|
| See Notes to Consolidated Financial Statements which are an integral part of these statements. |
