Consolidated Statements of Cash Flows

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Year ended December 31 ($ in millions)

2012

2011

2010

See accompanying Notes to the Consolidated Financial Statements

Operating activities:

 

 

 

Net income

2,812

3,315

2,732

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

1,182

995

702

Pension and other employee benefits

(13)

(49)

(51)

Deferred taxes

64

(34)

151

Net gain from sale of property, plant and equipment

(26)

(47)

(39)

Loss (income) from equity-accounted companies

(1)

(4)

(3)

Other

172

111

106

Changes in operating assets and liabilities:

 

 

 

Trade receivables, net

(310)

(731)

(407)

Inventories, net

61

(600)

(264)

Trade payables

(57)

213

678

Billings in excess of sales

152

150

89

Provisions, net

(109)

(391)

(69)

Advances from customers

181

47

(25)

Other assets and liabilities, net

(329)

637

597

Net cash provided by operating activities

3,779

3,612

4,197

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities (available-for-sale)

(2,288)

(2,809)

(3,391)

Purchases of marketable securities (held-to-maturity)

(65)

Purchases of short-term investments

(67)

(142)

(2,165)

Purchases of property, plant and equipment and intangible assets

(1,293)

(1,021)

(840)

Acquisition of businesses (net of cash acquired) and changes in cost and equity investments

(3,694)

(4,020)

(1,313)

Proceeds from sales of marketable securities (available-for-sale)

1,655

3,717

807

Proceeds from maturity of marketable securities (available-for-sale)

483

531

Proceeds from maturity of marketable securities (held-to-maturity)

290

Proceeds from short-term investments

27

529

3,276

Other investing activities

85

10

123

Net cash used in investing activities

(5,575)

(3,253)

(2,747)

 

 

 

 

Financing activities:

 

 

 

Net changes in debt with maturities of 90 days or less

570

450

52

Increase in debt

5,986

2,580

277

Repayment of debt

(1,104)

(2,576)

(497)

Purchase of shares

(228)

Delivery of shares

90

110

78

Dividends paid

(1,626)

(1,569)

Dividends paid in the form of nominal value reduction

(1,112)

Acquisition of noncontrolling interests

(9)

(13)

(956)

Dividends paid to noncontrolling shareholders

(121)

(157)

(193)

Other financing activities

(24)

(33)

49

Net cash provided by (used in) financing activities

3,762

(1,208)

(2,530)

 

 

 

 

Effects of exchange rate changes on cash and equivalents

90

(229)

(142)

Net change in cash and equivalents – continuing operations

2,056

(1,078)

(1,222)

Cash and equivalents, beginning of period

4,819

5,897

7,119

Cash and equivalents, end of period

6,875

4,819

5,897

 

 

 

 

Supplementary disclosure of cash flow information:

 

 

 

Interest paid

189

165

94

Taxes paid

1,211

1,305

884