Canon 2015 Annual Report Download - page 55

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CANON ANNUAL REPORT 2015 53
CONSOLIDATED STATEMENTS OF CASH FLOWS
Canon Inc. and Subsidiaries
Years ended December 31, 2015, 2014 and 2013
See accompanying Notes to Consolidated Financial Statements.
Millions of yen
2015 2014 2013
Cash flows from operating activities:
Consolidated net income ¥ 231,333 ¥ 265,239 ¥ 239,516
Adjustments to reconcile consolidated net income to net cash provided by
operating activities:
Depreciation and amortization 273,327 263,480 275,173
Loss on disposal of fixed assets 7,975 12,429 10,638
Equity in (earnings) losses of affiliated companies (447) (478) 664
Deferred income taxes 4,672 8,929 16,791
Decrease in trade receivables 22,720 9,323 45,040
Decrease in inventories 14,249 59,004 85,577
Decrease in trade payables (17,288) (24,620) (108,622)
Increase (decrease) in accrued income taxes (8,731) 3,586 (9,432)
Increase (decrease) in accrued expenses (25,529) 11,124 (15,635)
Increase (decrease) in accrued (prepaid) pension and severance cost 4,622 (6,305) (15,568)
Other, net (32,179) (17,784) (16,500)
Net cash provided by operating activities 474,724 583,927 507,642
Cash flows from investing activities:
Purchases of fixed assets (Note 5) (252,948) (218,362) (233,175)
Proceeds from sale of fixed assets (Note 5) 3,824 3,994 1,763
Purchases of available-for-sale securities (98) (311) (5,771)
Proceeds from sale and maturity of available-for-sale securities 804 2,606 4,528
(Increase) decrease in time deposits, net 47,665 (14,223) (12,483)
Acquisitions of businesses, net of cash acquired (Note 7) (251,534) (54,772) (4,914)
Purchases of other investments (1,220) — (296)
Other, net (112) 11,770 136
Net cash used in investing activities (453,619) (269,298) (250,212)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 717 1,377 1,483
Repayments of long-term debt (1,350) (2,152) (2,334)
Decrease in short-term loans, net — (54) (547)
Purchases of noncontrolling interests (29,570) — (2,616)
Dividends paid (174,711) (145,790) (155,627)
Repurchases and reissuance of treasury stock 790 (149,813) (50,007)
Other, net (6,078) (4,454) (12,533)
Net cash used in financing activities (210,202) (300,886) (222,181)
Effect of exchange rate changes on cash and cash equivalents (21,870) 41,928 86,982
Net change in cash and cash equivalents (210,967) 55,671 122,231
Cash and cash equivalents at beginning of year 844,580 788,909 666,678
Cash and cash equivalents at end of year ¥ 633,613 ¥ 844,580 ¥ 788,909
Supplemental disclosure for cash flow information:
Cash paid during the year for:
Interest ¥ 653 ¥ 462 ¥ 500
Income taxes 117,643 111,819 108,950