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| Praxair, Inc. and Subsidiaries (Millions of dollars) DECEMBER 31, |
2003
|
2002
|
2001
|
 |
|
|
|
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | |||
| OPERATIONS | |||
| Net income |
$585
|
$409
|
$430
|
| Adjustments to reconcile net income to net cash provided by operating
activities Depreciation and
amortization |
517
|
483
|
499
|
| Accounting change |
—
|
139
|
—
|
| Special charges |
—
|
—
|
58
|
| Deferred income
taxes |
33
|
37
|
36
|
| Non-cash charges
(benefits) and other |
21
|
3
|
(11)
|
| Working capital
|
|||
| Accounts receivable |
(96)
|
6
|
46
|
| Inventories |
(22)
|
4
|
20
|
| Prepaid and other
current assets |
(19)
|
4
|
11
|
| Payables and
accruals |
78
|
(41)
|
(22)
|
| Long-term assets,
liabilities and other |
40
|
(43)
|
(47)
|
|
|
|
|
|
| Net cash provided
by operating activities |
1,137
|
1,001
|
1,020
|
|
|
|
|
|
| INVESTING | |||
| Capital expenditures (Note 5) |
(983)
|
(498)
|
(595)
|
| Acquisitions |
(73)
|
(113)
|
(213)
|
| Divestitures and asset sales |
64
|
24
|
45
|
|
|
|
|
|
| Net cash used
for investing activities |
(992)
|
(587)
|
(763)
|
|
|
|
|
|
| FINANCING | |||
| Short-term debt borrowings (repayments) net |
(94)
|
67
|
21
|
| Long-term debt borrowings |
1,432
|
1,116
|
273
|
| Long-term debt repayments |
(1,295)
|
(1,428)
|
(483)
|
| Minority interest transactions and other |
(5)
|
27
|
(14)
|
| Issuances of common stock |
246
|
206
|
142
|
| Purchases of common stock |
(271)
|
(276)
|
(76)
|
| Cash dividends |
(149)
|
(123)
|
(110)
|
|
|
|
|
|
| Net cash used
for financing activities |
(136)
|
(411)
|
(247)
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
2
|
(3)
|
(2)
|
|
|
|
|
|
| Change in cash and cash equivalents |
11
|
—
|
8
|
| Cash and cash equivalents, beginning-of-year |
39
|
39
|
31
|
|
|
|
|
|
| Cash and cash equivalents, end-of-year |
$ 50
|
$ 39
|
$ 39
|
 |
|
|
|
| SUPPLEMENTAL DATA | |||
| Taxes paid |
$109
|
$ 65
|
$ 57
|
| Interest paid |
$168
|
$210
|
$219
|
| Tax benefits from stock option exercises |
$ 24
|
$ 23
|
$ 20
|
| Debt from consolidation of equity companies (Note 14) |
$ 9
|
$ —
|
$ 65
|
|
|
|
|
| The accompanying Notes are an integral part of these financial statements. |
