AT&T Wireless 2013 Annual Report Download - page 44

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42 | AT&T Inc.
Consolidated Statements of Cash Flows
Dollars in millions
2013 2012 2011
Operating Activities
Net income $ 18,553 $ 7,539 $ 4,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 18,395 18,143 18,377
Undistributed earnings from investments in equity affiliates (324) (615) (623)
Provision for uncollectible accounts 954 1,117 1,136
Deferred income tax expense 6,242 1,747 2,929
Net (gain) loss from sale of investments, net of impairments (492) (19) (89)
Impairment of intangible assets — — 2,910
Actuarial (gain) loss on pension and postretirement benefits (7,584) 9,994 6,280
Changes in operating assets and liabilities:
Accounts receivable (1,329) (1,365) (1,164)
Other current assets 412 1,017 (397)
Accounts payable and accrued liabilities (152) 1,798 (341)
Retirement benefit funding (209) — (1,000)
Other − net 330 (180) 2,541
Total adjustments 16,243 31,637 30,559
Net Cash Provided by Operating Activities 34,796 39,176 34,743
Investing Activities
Construction and capital expenditures:
Capital expenditures (20,944) (19,465) (20,110)
Interest during construction (284) (263) (162)
Acquisitions, net of cash acquired (4,113) (828) (2,368)
Dispositions 1,923 812 1,301
Sales (purchases) of securities, net — 65 62
Return of advances to and investments in equity affiliates 301 — —
Other (7) (1) 27
Net Cash Used in Investing Activities (23,124) (19,680) (21,250)
Financing Activities
Net change in short-term borrowings with original maturities of
three months or less 20 1 (1,625)
Issuance of other short-term borrowings 1,476 — —
Repayment of other short-term borrowings (1,476) — (28)
Issuance of long-term debt 12,040 13,486 7,936
Repayment of long-term debt (7,698) (8,733) (7,574)
Issuance of other long-term financing obligations 4,796 — —
Purchase of treasury stock (13,028) (12,752) —
Issuance of treasury stock 114 477 237
Dividends paid (9,696) (10,241) (10,172)
Other 251 89 (423)
Net Cash Used in Financing Activities (13,201) (17,673) (11,649)
Net (decrease) increase in cash and cash equivalents (1,529) 1,823 1,844
Cash and cash equivalents beginning of year 4,868 3,045 1,201
Cash and Cash Equivalents End of Year $ 3,339 $ 4,868 $ 3,045
The accompanying notes are an integral part of the consolidated financial statements.