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Adjusting the Flow
The following chart shows the operating cash flow of companies included in the Standard & Poor's 100 Index. To download a spreadsheet detailing how individual adjustments were made for each company, click on the company name.
Ronald Fink, CFO Magazine

Company 2001 Reported Operating Cash Flow 2001 Adjusted Operating Cash Flow 2001
% Adjustment Improved/ Worsened		 2000 Reported Operating Cash Flow 2000 Adjusted Operating Cash Flow 2000
% Adjusted Improved/ Worsened
1. Raytheon 133 810 509.1 960 1,146 19.3
2. DuPont 2,419 5,072 109.7 5,070 4,474 -11.8
3. Unisys 202 362 79.4 420 194 -53.7
4. HCA 1,413 2,061 45.8 1,547 1,588 2.6
5. J.P. Morgan Chase (3,107) (2,119) 31.8 (13,676) (13,382) 2.2
6. Xerox 1,566 2,045 30.6 207 19 -90.8
7. Bristol-Myers Squibb 5,402 7,039 30.3 4,652 4,392 -5.6
8. U.S. Bancorp 2,182 2,757 26.4 4,443 4,690 5.6
9. Medtronic 1,590 1,989 25.1 1,832 2,003 9.3
10. Dow Chemical 1,789 2,234 24.9 1,691 1,787 5.7
11. Sara Lee 1,496 1,854 23.9 1,540 1,389 -9.8
12. Honeywell International 1,996 2,348 17.6 1,989 2,332 17.2
13. Norfolk Southern 654 755 15.4 1,342 1,004 -25.2
14. Toys "R" Us 504 575 14.2 (151) (38) 74.8
15. Pharmacia 1,899 2,152 13.3 1,002 1,525 52.2
16. International Paper 1,714 1,934 12.8 2,430 2,823 16.2
17. Delta Air Lines 236 264 11.8 2,898 2,981 2.9
18. Texas Instruments 1,819 2,012 10.6 2,185 2,837 29.8
19. Rockwell International 335 369 10.0 645 650 0.8
20. Hewlett-Packard 2,561 2,803 9.4 3,705 2,322 -37.3
21. Nextel Communications 1,129 1,221 8.2 576 588 2.0
22. Philip Morris 8,893 9,618 8.2 11,044 11,147 0.9
23. American Electric Power 2,953 3,191 8.0 1,433 1,590 10.9
24. Clear Channel Communications 610 658 7.9 755 1,075 42.4
25. Limited 969 1,039 7.2 769 769 0.0
26. Computer Sciences 1,305 1,382 5.9 854 863 1.0
27. Coca-Cola 4,110 4,351 5.9 3,585 3,725 3.9
28. Pfizer 9,291 9,779 5.3 6,195 8,014 29.4
29. Procter & Gamble 5,804 6,048 4.2 4,675 4,880 4.4
30. 3M 3,078 3,206 4.2 2,326 2,342 0.7
31. American International Group 7,710 7,984 3.6 9,081 8,925 -1.7
32. Cigna 1,086 1,118 3.0 1,685 1,723 2.3
33. Alcoa 2,411 2,464 2.2 2,851 2,841 -0.4
34. American Express 5,324 5,415 1.7 6,353 6,353 0.0
35. Baker Hughs 721 733 1.7 564 561 -0.6
36. Sears, Roebuck 2,262 2,300 1.7 2,702 2,720 0.7
37. Bank of America (12,826) (12,649) 1.4 3,734 3,743 0.2
38. SBC Communications 14,805 14,999 1.3 14,066 15,121 7.5
39. United Technologies 2,885 2,920 1.2 2,503 2,491 -0.5
40. Allegheny Technologies 123 124

0.9

 136 151 10.7
41. Bank One 2,375 2,396 0.9 16,824 16,735 -0.5
42. Walt Disney 3,048 3,074 0.9 3,755 3,675 -2.1
43. AT&T 10,558 10,649 0.9 11,665 12,324 5.6
44. PepsiCo 4,201 4,219 0.4 4,440 4,330 -2.5
45. Burlington Northern Santa Fe 2,197 2,201 0.2 2,317 2,286 -1.3
46. Entergy 2,216 2,218 0.1 1,968 1,573 -20.1
47. Johnson & Johnson 8,864 8,870 0.1 6,903 6,883 -0.3
48. Black & Decker 379 379 0.0 350 356 1.8
49. H.J. Heinz 891 891 0.0 506 500 -1.1
50. Southern 2,384 2,384 0.0 2,376 2,376 0.0
51. Campbell Soup 1,106 1,104 -0.2 1,165 1,161 -0.3
52. Colgate-Palmolive 1,600 1,597 -0.2 1,536 1,543 0.5
53. Goldman Sachs Group (15,176) (15,210) -0.2 11,135 11,019 -1.0
54. Merck 9,080 9,057 -0.3 7,687 7,149 -7.0
55. Anheuser-Busch 2,361 2,351 -0.4 2,258 2,238 -0.9
56. Viacom 3,509 3,494 -0.4 2,323 1,798 -22.6
57. Eastman Kodak 2,065 2,054 -0.5 982 999 1.8
58. FedEx 2,228 2,211 -0.8 2,044 2,027 -0.8
59. Wal-Mart Stores 10,260 10,178 -0.8 9,604 9,546 -0.6
60. May Department Stores 1,644 1,631 -0.8 1,346 1,336 -0.8
61. Boise Cascade 408 404 -0.9 549 486 -11.5
62. Williams 1,783 1,767 -0.9 594 544 -8.5
63. Verizon Communications 19,773 19,578 -1.0 15,827 17,478 10.4
64. Boeing 3,814 3,771 -1.1 5,942 5,904 -0.6
65. Exxon Mobil 22,889 22,624 -1.2 22,937 23,242 1.3
66. General Motors 9,166 9,055 -1.2 19,750 20,374 3.2
67. Tyco International 6,665 6,580 -1.3 5,275 5,111 -3.1
68. McDonald's 2,688 2,651 -1.4 2,752 2,748 -0.1
69. IBM 14,265 14,009 -1.8 9,274 7,490 -19.2
70. Halliburton 1,029 1,010 -1.8 (57) (64) -12.3
71. General Dynamics 1,103 1,082 -1.9 1,071 1,036 -3.3
72. Morgan Stanely Dean Witter (24,091) (24,562) -2.0 (2,383) (2,370) 0.6
73. Weyerhauser (1,118) 1,094 -2.1 1,454 1,401 -3.7
74. MedImmune 251 244 -2.6 173 173 0.1
75. RadioShack 776 755 -2.7 117 117 0.0
76. El Paso 4,120 4,005 -2.8 99 61 -38.8
77. Citigroup 26,578 25,791 -3.0 2,673 2,719 1.7
78. Oracle 3,243 3,144 -3.0 2,179 1,030 -52.7
79. Hartford Financial Services Group 2,303 2,228 -3.3 2,435 2,486 2.1
80. Wells Fargo (11,226) (11,648) -3.8 5,569 5,945 6.8
81. Harrah's Entertainment 774 740 -4.4 548 526 -4.0
82. Ford Motor 22,764 21,728 -4.6 34,338 27,358 -20.3
83. Gillette 2,092 1,987 -5.0 1,604 1,584 -1.2
84. Avon Products 755 717 -5.0 324 309 -4.6
85. AOL Time Warner 5,294 5,024 -5.1 4,644 4,244 -8.6
86. Lehman Brothers Holdings 6,679 6,332 -5.2 (14,733) (15,106) -2.5
87. Merrill Lynch 6,421 6,020 -6.2 1,304 504 -61.3
88. Exelon 3,615 3,334 -7.8 1,096 1,073 -2.1
89. Amgen 1,480 1,347 -9.0 1,635 1,191 -27.1
90. Lucent Technologies (3,421) (3,756) -9.8 (703) (1,115) -58.6
91. Baxter International 1,149 1,033 -10.1 1,214 987 -18.7
92. General Electric 32,195 28,803 -10.5 22,690 23,645 4.2
93. AES 1,691 1,512 -10.6 506 367 -27.4
94. National Semiconductor 100 89 -11.0 488 530 8.7
95. Cisco Systems 6,392 5,414 -15.3 6,141 3,489 -43.2
96. EMC 1,631 1,371 -15.9 2,109 1,793 -15.0
97. Microsoft 13,422 11,071 -17.5 11,426 6,497 -43.1
98. Intel 8,654 7,009 -19.0 12,827 12,466 -2.8
99. Home Depot 5,963 4,789 -19.7 2,796 2,751 -1.6
100. Schlumberger 1,568 1,227 -21.8 1,645 1,505 -8.5

Adjusting cash flow from operations: Definitions

1. Reported operating cash flow. Cash provided by operating activities, including continuing and discontinued operations, as reported on the cash-flow statement.

2. Adjusted operating cash flow. Reported operating cash
flow:
a. Plus operating cash flow used by discontinued operations
Minus operating cash flow provided by discontinued operations
b. Minus realized tax benefits from nonqualified stock options
c. Plus taxes paid on nonoperating gains
Minus taxes received on nonoperating losses
d. Plus decrease in securitized accounts receivable
Minus increase in securitized accounts receivable
e. Minus increase in accounts payable exceeding proportion increase in revenue
f. Plus aftertax cash payments for such nonrecurring items as restructuring costs, severance payments, merger costs, and litigation charges
Minus aftertax cash receipts for such nonrecurring items as litigation awards
g. Plus proceeds from sales of trading securities
Minus disbursements for purchases of trading securities
h. Plus decrease in cash overdrafts included in operating cash flow
Minus increase in cash overdrafts included in operating cash flow
i. Minus capitalized operating costs
Minus capitalized interest

3. % increase/decrease due to adjustments. The percentage increase or decrease between reported operating cash flow and adjusted operating cash flow.

Source: Charles Mulford, Georgia Institute of Technology



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