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PART II
ITEM8.ConsolidatedStatementsofCashFlows
Consolidated Statements of Cash Flows
(In millions)
Year Ended December31,
2011 2012 2013
Operating activities
Netincome $9,737 $ 10,737 $ 12,920
Adjustments:
Depreciationandamortizationofpropertyandequipment 1,396 1,988 2,781
Amortizationofintangibleandotherassets 455 974 1,158
Stock-basedcompensationexpense 1,974 2,692 3,343
Excesstaxbenetsfromstock-basedawardactivities (86) (188) (481)
Deferredincometaxes 343 (266) (437)
Impairmentofequityinvestments 110 0 0
Gainondivestitureofbusinesses 0 (188) (700)
Other 6 (28) 106
Changesinassetsandliabilities,netofeectsofacquisitions:
Accountsreceivable (1,156) (787) (1,307)
Incometaxes,net 731 1,492 401
Inventories (30) 301 (234)
Prepaidrevenueshare,expensesandotherassets (232) (833) (696)
Accountspayable 101 (499) 605
Accruedexpensesandotherliabilities 795 762 713
Accruedrevenueshare 259 299 254
Deferredrevenue 162 163 233
Netcashprovidedbyoperatingactivities 14,565 16,619 18,659
Investing activities
Purchasesofpropertyandequipment (3,438) (3,273) (7,358)
Purchasesofmarketablesecurities (61,672) (33,410) (45,444)
Maturitiesandsalesofmarketablesecurities 48,746 35,180 38,314
Investmentsinnon-marketableequityinvestments (428) (696) (569)
Cashcollateralrelatedtosecuritieslending (354) (334) (299)
Investmentsinreverserepurchaseagreements 5 45 600
Proceedsfromdivestitureofbusinesses 0 0 2,525
Acquisitions,netofcashacquired,andpurchasesofintangiblesandotherassets (1,900) (10,568) (1,448)
Netcashusedininvestingactivities (19,041) (13,056) (13,679)
Financing activities
Netpaymentsrelatedtostock-basedawardactivities (5) (287) (781)
Excesstaxbenetsfromstock-basedawardactivities 86 188 481
Proceedsfromissuanceofdebt,netofcosts 10,905 16,109 10,768
Repaymentsofdebt (10,179) (14,781) (11,325)
Netcashprovidedby(usedin)nancingactivities 807 1,229 (857)
Eectofexchangeratechangesoncashandcashequivalents 22 3 (3)
Netincrease(decrease)incashandcashequivalents (3,647) 4,795 4,120
Cashandcashequivalentsatbeginningofperiod 13,630 9,983 14,778
Cashandcashequivalentsatendofperiod $9,983 $14,778 $18,898
Cashpaidfortaxes $1,471 $ 2,034 $ 1,932
Cashpaidforinterest $40 $ 74 $72
Non-cashinvestingandnancingactivities:
ReceiptofArrissharesinconnectionwithdivestitureofMotorolaHome $0 $ 0 $ 175
Fairvalueofstock-basedawardsassumedinconnectionwithacquisitionofMotorola $0$41 $0
Propertyundercapitallease $0$0$258
Seeaccompanyingnotes.
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