Consolidated Statements of Cash Flows

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Year ended December 31 ($ in millions)

2013

2012

2011

See accompanying Notes to the Consolidated Financial Statements

Operating activities:

 

 

 

Net income

2,907

2,812

3,315

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

 

 

 

Depreciation and amortization

1,318

1,182

995

Pension and other employee benefits

6

(13)

(49)

Deferred taxes

(137)

64

(34)

Net gain from sale of property, plant and equipment

(18)

(26)

(47)

Other

95

171

107

Changes in operating assets and liabilities:

 

 

 

Trade receivables, net

(571)

(310)

(731)

Inventories, net

324

61

(600)

Trade payables

(43)

(57)

213

Billings in excess of sales

(168)

152

150

Provisions, net

199

(109)

(391)

Advances from customers

(145)

181

47

Other assets and liabilities, net

(114)

(329)

637

Net cash provided by operating activities

3,653

3,779

3,612

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities (available-for-sale)

(526)

(2,288)

(2,809)

Purchases of short-term investments

(30)

(67)

(142)

Purchases of property, plant and equipment and intangible assets

(1,106)

(1,293)

(1,021)

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

(914)

(3,694)

(4,020)

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

1,367

1,655

3,717

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

118

483

Proceeds from short-term investments

47

27

529

Proceeds from sales of property, plant and equipment

80

40

57

Proceeds from sales of businesses and equity-accounted companies (net of cash disposed)

62

16

8

Other investing activities

185

29

(55)

Net cash used in investing activities

(717)

(5,575)

(3,253)

 

 

 

 

Financing activities:

 

 

 

Net changes in debt with maturities of 90 days or less

(697)

570

450

Increase in debt

492

5,986

2,580

Repayment of debt

(1,893)

(1,104)

(2,576)

Delivery of shares

74

90

110

Dividends paid

(1,667)

(1,626)

(1,569)

Acquisition of noncontrolling interests

(13)

(9)

(13)

Dividends paid to noncontrolling shareholders

(149)

(121)

(157)

Other financing activities

(3)

(24)

(33)

Net cash provided by (used in) financing activities

(3,856)

3,762

(1,208)

 

 

 

 

Effects of exchange rate changes on cash and equivalents

66

90

(229)

Net change in cash and equivalents – continuing operations

(854)

2,056

(1,078)

Cash and equivalents, beginning of period

6,875

4,819

5,897

Cash and equivalents, end of period

6,021

6,875

4,819

 

 

 

 

Supplementary disclosure of cash flow information:

 

 

 

Interest paid

287

189

165

Taxes paid

1,278

1,211

1,305