RE:RE:RE:Look in the quaterly reports. Fourth Quater 2013In looking over the consolidated statement of cash flows for 2012 and 2013 I see that both years combined benefited from a little over $500 million in changes in working capital within the cash flow from operations amount. That implies to me that the estimates of cash flow from operations provided in guidance of $2.39 per share anticipated the payment of that $500 million, not ignored as changes in working capital are a part of the cash flow from operations calculation.
On the other hand, perhaps the 2014 guidance of estimated cash flow per share is before working capital adjustments and that is why it is footnoted and reduced from cash balances as opposed to cash flow from operations. This would seem to be consistent with the investor presentation which states that the cash will be used to satisfy the payables.
That analysis may be confusing, obviously cash will be used to satisfy the payables what I am discussing is the source of that cash. Is it cash flow from operations or cash balances? I suppose we will find out at earnings release.