consolidated statements of cash flows
(dollars in millions) |
|||||||||
Years Ended December 31, |
|
2011 |
|
|
2010 |
|
|
2009 |
|
|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
Net Income |
$ |
10,198 |
|
$ |
10,217 |
|
$ |
11,601 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
16,496 |
|
|
16,405 |
|
|
16,534 |
|
Employee retirement benefits |
|
7,426 |
|
|
3,988 |
|
|
2,964 |
|
Deferred income taxes |
|
(223 |
) |
|
3,233 |
|
|
2,093 |
|
Provision for uncollectible accounts |
|
1,026 |
|
|
1,246 |
|
|
1,306 |
|
Equity in earnings of unconsolidated businesses, net of dividends received |
|
36 |
|
|
2 |
|
|
389 |
|
Changes in current assets and liabilities, net of effects |
|
|
|
|
|
|
|
|
|
from acquisition/disposition of businesses |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(966 |
) |
|
(859 |
) |
|
(1,393 |
) |
Inventories |
|
208 |
|
|
299 |
|
|
235 |
|
Other assets |
|
86 |
|
|
(313 |
) |
|
(102 |
) |
Accounts payable and accrued liabilities |
|
(1,607 |
) |
|
1,075 |
|
|
(1,251 |
) |
Other, net |
|
(2,900 |
) |
|
(1,930 |
) |
|
(986 |
) |
Net cash provided by operating activities |
|
29,780 |
|
|
33,363 |
|
|
31,390 |
|
|
|||||||||
Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures (including capitalized software) |
|
(16,244 |
) |
|
(16,458 |
) |
|
(16,872 |
) |
Acquisitions of licenses, investments and businesses, net of cash acquired |
|
(2,018 |
) |
|
(1,438 |
) |
|
(5,958 |
) |
Proceeds from dispositions |
|
– |
|
|
2,594 |
|
|
– |
|
Net change in short-term investments |
|
35 |
|
|
(3 |
) |
|
84 |
|
Other, net |
|
977 |
|
|
251 |
|
|
(410 |
) |
Net cash used in investing activities |
|
(17,250 |
) |
|
(15,054 |
) |
|
(23,156 |
) |
|
|||||||||
Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
11,060 |
|
|
– |
|
|
12,040 |
|
Repayments of long-term borrowings and capital lease obligations |
|
(11,805 |
) |
|
(8,136 |
) |
|
(19,260 |
) |
Increase (decrease) in short-term obligations, excluding current maturities |
|
1,928 |
|
|
(1,097 |
) |
|
(1,652 |
) |
Dividends paid |
|
(5,555 |
) |
|
(5,412 |
) |
|
(5,271 |
) |
Proceeds from sale of common stock |
|
241 |
|
|
– |
|
|
– |
|
Proceeds from access line spin-off |
|
– |
|
|
3,083 |
|
|
– |
|
Other, net |
|
(1,705 |
) |
|
(2,088 |
) |
|
(1,864 |
) |
Net cash used in financing activities |
|
(5,836 |
) |
|
(13,650 |
) |
|
(16,007 |
) |
|
|||||||||
Increase (decrease) in cash and cash equivalents |
|
6,694 |
|
|
4,659 |
|
|
(7,773 |
) |
Cash and cash equivalents, beginning of period |
|
6,668 |
|
|
2,009 |
|
|
9,782 |
|
Cash and cash equivalents, end of period |
$ |
13,362 |
|
$ |
6,668 |
|
$ |
2,009 |
|
See Notes to Consolidated Financial Statements