Form 10-K - Union Pacific
Form 10-K - Union Pacific
Form 10-K - Union Pacific
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CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
<strong>Union</strong> <strong>Pacific</strong> Corporation and Subsidiary Companies<br />
Millions, for the Years Ended December 31, 2011 20<strong>10</strong> 2009<br />
Operating Activities<br />
Net income $ 3,292 $ 2,780 $ 1,890<br />
Adjustments to reconcile net income to cash provided<br />
by operating activities:<br />
Depreciation 1,617 1,487 1,427<br />
Deferred income taxes and unrecognized tax benefits 986 672 718<br />
Net gain on non-operating asset dispositions (43) (25) (162)<br />
Other operating activities, net (255) (458) (376)<br />
Changes in current assets and liabilities:<br />
Accounts receivable, net (217) (518) (72)<br />
Materials and supplies (80) (59) (25)<br />
Other current assets 178 (17) (<strong>10</strong>6)<br />
Accounts payable and other current liabilities 395 243 (90)<br />
Cash provided by operating activities 5,873 4,<strong>10</strong>5 3,204<br />
Investing Activities<br />
Capital investments (3,176) (2,482) (2,354)<br />
Proceeds from asset sales <strong>10</strong>8 67 187<br />
Acquisition of equipment pending financing (85) - (<strong>10</strong>0)<br />
Proceeds from sale of assets financed 85 - <strong>10</strong>0<br />
Other investing activities, net (51) (73) 22<br />
Cash used in investing activities (3,119) (2,488) (2,145)<br />
Financing Activities<br />
Common share repurchases (Note 18) (1,418) (1,249) -<br />
Dividends paid (837) (602) (544)<br />
Debt repaid (690) (1,412) (871)<br />
Debt issued 486 894 843<br />
Debt exchange (272) (98) -<br />
Other financing activities, net <strong>10</strong>8 86 114<br />
Cash used in financing activities (2,623) (2,381) (458)<br />
Net change in cash and cash equivalents 131 (764) 601<br />
Cash and cash equivalents at beginning of year 1,086 1,850 1,249<br />
Cash and cash equivalents at end of year $ 1,217 $ 1,086 $ 1,850<br />
Supplemental Cash Flow Information<br />
Non-cash investing and financing activities:<br />
Cash dividends declared but not yet paid $ 284 $ 183 $ 132<br />
Capital lease financings 154 - 842<br />
Capital investments accrued but not yet paid 147 125 96<br />
Settlement of current liabilities for debt - - 14<br />
Cash paid during the year for:<br />
Interest, net of amounts capitalized $ (572) $ (614) $ (578)<br />
Income taxes, net of refunds (625) (936) (452)<br />
The accompanying notes are an integral part of these Consolidated Financial Statements.<br />
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