property rights, resulting in cash payments, net of acquired cash, of $75 million, $32 million, and $24 million in 2007, 2006 and 2005 attributable to cash provided by investing activities. 

Cash provided by (used in) financing activities was $50 million, $(400) million, and $(193) million in 2007, 2006, and 2005. Cash outflows from financing activities result from repurchases of common stock, repayments of long-term debt, and payments on capital lease obligations. We repurchased 6 million shares of common stock for $248 million in 2007, and 8 million shares of common stock for $252 million in 2006, under a $500 million repurchase program authorized by our Board of Directors in 2006. Repayments on long-term debt and payments on capital lease obligations were $74 million, $383 million, and $270 million in 2007, 2006, and 2005. Repayments on long-term debt include €250 million and €200 million of our 6.875% PEACS for $300 million and $265 million in 2006 and 2005. See Item 8 of Part II, “Financial Statements and Supplementary Data—Note 4—Long-Term Debt.” Cash inflows from financing activities primarily result from proceeds from tax benefits relating to excess stock-based compensation deductions and exercises of employee stock options. SFAS No. 123(R), Accounting for Stock Based Compensation, requires tax benefits relating to excess stock-based compensation deductions be presented as financing cash flows. Cash inflows from tax benefits related to stock-based compensation deductions were $257 million, $102 million and $7 million in 2007, 2006, and 2005. Cash inflows from proceeds from exercise of employee stock options were $91 million, $35 million, and $59 million in 2007, 2006, and 2005. We expect cash proceeds from exercises of stock options will decline over time as we continue issuing restricted stock units as our primary vehicle for stock-based awards. 

In 2007, 2006 and 2005 we recorded net tax provisions of $184 million, $187 million, and $95 million. A majority of this provision is non-cash. We have current tax benefits and net operating losses relating to excess stock-based compensation deductions that are being utilized to reduce our U.S. taxable income. As such, cash taxes paid were $24 million, $15 million, and $12 million for 2007, 2006, and 2005. We endeavor to optimize our global taxes on a cash basis, rather than on a financial reporting basis. 

In February 2008, our Board of Directors authorized a debt repurchase program, replacing our previous debt repurchase authorization in its entirety, pursuant to which we may from time to time repurchase (through open market repurchases or private transactions), redeem, or otherwise retire up to all of our outstanding 4.75% Convertible Subordinated Notes due 2009 (“4.75% Convertible Subordinated Notes”) and 6.875% PEACS. The outstanding principal of our 4.75% Convertible Subordinated Notes as of this authorization was $899 million, and the outstanding principal amount of our 6.875% PEACS was €240 million. In August 2006, our Board of Directors authorized a 24-month program to repurchase up to $500 million of our common stock, pursuant to which we repurchased $252 million and $248