| |
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|
Year Ended |
|
|
December 31, |
|
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|
|
|
1999 |
|
1998 |
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,083 |
|
|
$ |
(93 |
) |
|
Adjustments to reconcile net income (loss) to net cash (used
in) |
|
|
|
|
|
|
|
|
|
|
|
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|
provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
856 |
|
|
|
1,102 |
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
(3,759 |
) |
|
|
37 |
|
|
|
|
|
|
|
|
Inventories, net |
|
|
21 |
|
|
|
218 |
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
(27 |
) |
|
|
(59 |
) |
|
|
|
|
|
|
|
Deferred income taxes |
|
|
(55 |
) |
|
|
123 |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
836 |
|
|
|
(92 |
) |
|
|
|
|
|
|
|
Accrued liabilities |
|
|
2,090 |
|
|
|
(150 |
) |
|
|
|
|
|
|
|
Other long-term liabilities |
|
|
(2,117 |
) |
|
|
(175 |
) |
|
|
|
|
|
|
|
Other |
|
|
(142 |
) |
|
|
(62 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities |
|
|
(1,214 |
) |
|
|
849 |
|
|
|
|
|
|
|
|
|
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|
Cash flows from investing activities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(1,200 |
) |
|
|
(1,381 |
) |
|
|
|
|
|
|
Acquisition of marketable securities |
|
|
(158 |
) |
|
|
(695 |
) |
|
|
|
|
|
|
Liquidation of marketable securities |
|
|
153 |
|
|
|
701 |
|
|
|
|
|
|
|
Other |
|
|
150 |
|
|
|
159 |
|
|
|
|
|
|
|
|
|
|
|
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|
Net cash used in investing activities |
|
|
(1,055 |
) |
|
|
(1,216 |
) |
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|
|
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|
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|
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|
Cash flows from financing activities: |
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|
|
|
|
|
|
|
|
|
|
|
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|
Proceeds from issuance of common stock |
|
|
1,621 |
|
|
|
— |
|
|
|
|
|
|
|
Proceeds from issuance of debt securities |
|
|
1,484 |
|
|
|
— |
|
|
|
|
|
|
|
Net payments of credit facilities and other debt |
|
|
(81 |
) |
|
|
— |
|
|
|
|
|
|
|
Dividend payments |
|
|
(79 |
) |
|
|
— |
|
|
|
|
|
|
|
Purchase of treasury stock |
|
|
(67 |
) |
|
|
— |
|
|
|
|
|
|
|
Cash effect of assets and liabilities transferred to General
Motors |
|
|
— |
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
2,878 |
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate fluctuations on cash and cash equivalents |
|
|
(58 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents: |
|
|
551 |
|
|
|
6 |
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
995 |
|
|
|
989 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
$ |
1,546 |
|
|
$ |
995 |
|
|
|
|
|
|
|
|
|
|
