 |
Consolidated Statements of Cash Flows
| | (dollars in millions) |
| Years Ended December 31, | 2003 | 2002 | 2001 |
|
| Cash Flows from Operating Activities | | Income before discontinued operations and cumulative |
| effect of accounting change | $ 3,509 | $ 4,661 | $ 584 |
| Adjustments to reconcile income before discontinued |
| operations and cumulative effect of accounting change |
| to net cash provided by operating activities: |
| Depreciation and amortization expense | 13,617 | 13,290 | 13,523 |
| Sales of businesses, net | (141) | (2,747) | 350 |
| Employee retirement benefits | 3,048 | (501) | (1,327) |
| Deferred income taxes | 826 | 1,704 | 1,084 |
| Provision for uncollectible accounts | 1,803 | 2,899 | 1,940 |
| (Income) loss from unconsolidated businesses | (1,609) | 4,404 | 5,040 |
| Changes in current assets and liabilities, net of effects from |
| acquisition/disposition of businesses: |
| Accounts receivable | (844) | (1,001) | (2,414) |
| Inventories | (65) | 450 | (59) |
| Other assets | (8) | 405 | (767) |
| Accounts payable and accrued liabilities | 2,643 | (1,435) | 573 |
| Other, net | (297) | (30) | 999 |
| |
| Net cash provided by operating activities | 22,482 | 22,099 | 19,526 |
| |
| |
| Cash Flows from Investing Activities |
| Capital expenditures (including capitalized software) | (11,884) | (13,061) | (18,369) |
| Acquisitions, net of cash acquired, and investments | (1,162) | (1,088) | (3,072) |
| Proceeds from disposition of businesses | 229 | 4,638 | 415 |
| Proceeds from spectrum payment refund | – | 1,740 | – |
| Purchases of short-term investments | (1,887) | (2,073) | (1,928) |
| Proceeds from sale of short-term investments | 1,767 | 1,857 | 1,546 |
| Other, net | 691 | 1,187 | 84 |
| |
| Net cash used in investing activities | (12,246) | (6,800) | (21,324) |
| |
| |
| Cash Flows from Financing Activities |
| Proceeds from long-term borrowings | 4,653 | 7,820 | 13,870 |
| Repayments of long-term borrowings and capital lease obligations | (10,759) | (8,391) | (7,293) |
| Decrease in short-term obligations, excluding current maturities | (1,330) | (11,024) | (546) |
| Dividends paid | (4,239) | (4,200) | (4,168) |
| Proceeds from sale of common stock | 839 | 915 | 501 |
| Other, net | (123) | 71 | (391) |
| |
| Net cash provided by (used in) financing activities | (10,959) | (14,809) | 1,973 |
| |
| |
| Increase (decrease) in cash and cash equivalents | (723) | 490 | 175 |
| Cash and cash equivalents, beginning of year | 1,422 | 932 | 757 |
| |
| Cash and cash equivalents, end of year | $ 699 | $ 1,422 | $ 932 |
| |
See Notes to Consolidated Financial Statements.
| |
