| |
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Year Ended |
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December 31, |
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2000 |
|
1999 |
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(in millions) |
| Cash flows from operating activities: |
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|
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|
Net income |
|
$ |
1,062 |
|
|
$ |
1,083 |
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|
|
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|
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|
Adjustments to reconcile net income to net cash
provided by (used in) operating activities: |
|
|
|
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|
Depreciation and amortization |
|
|
936 |
|
|
|
856 |
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Acquisition-related in-process research and
development |
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|
51 |
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— |
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Changes in operating assets and liabilities: |
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|
Accounts receivable, net |
|
|
238 |
|
|
|
(3,759 |
) |
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|
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|
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|
Inventories, net |
|
|
172 |
|
|
|
21 |
|
|
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Prepaid expenses and other |
|
|
(82 |
) |
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|
(27 |
) |
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Deferred income taxes |
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|
406 |
|
|
|
(55 |
) |
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Accounts payable |
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|
(314 |
) |
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|
836 |
|
|
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Separation related payments to GM |
|
|
(1,515 |
) |
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|
— |
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|
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Accrued liabilities |
|
|
(576 |
) |
|
|
2,090 |
|
|
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Other long-term liabilities |
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|
(25 |
) |
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|
(2,117 |
) |
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Other |
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|
(85 |
) |
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(142 |
) |
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Net cash provided by (used in) operating
activities |
|
|
268 |
|
|
|
(1,214 |
) |
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| Cash flows from investing activities: |
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Capital expenditures |
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|
(1,272 |
) |
|
|
(1,200 |
) |
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Cost of acquisitions, net of cash acquired |
|
|
(897 |
) |
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— |
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Other |
|
|
115 |
|
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|
145 |
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|
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Net cash used in investing activities |
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|
(2,054 |
) |
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|
(1,055 |
) |
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| Cash flows from financing activities: |
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Net proceeds from issuance of common stock |
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|
— |
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|
1,621 |
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Net proceeds from issuance of debt securities and
borrowings under credit facilities |
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|
1,410 |
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|
1,403 |
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Dividend payments |
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|
(157 |
) |
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|
(79 |
) |
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Purchase of treasury stock |
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|
(64 |
) |
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|
(67 |
) |
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Other |
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|
(95 |
) |
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— |
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Net cash provided by financing activities |
|
|
1,094 |
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|
|
2,878 |
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|
|
|
|
|
|
|
|
|
| Effect of exchange rate fluctuations on cash and cash
equivalents |
|
|
(94 |
) |
|
|
(58 |
) |
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|
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|
|
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| (Decrease) increase in cash and cash equivalents |
|
|
(786 |
) |
|
|
551 |
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|
|
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Cash and cash equivalents at beginning of year |
|
|
1,546 |
|
|
|
995 |
|
|
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|
Cash and cash equivalents at end of year |
|
$ |
760 |
|
|
$ |
1,546 |
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|
