IBM 2013 Annual Report Download - page 82

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81
Consolidated Statement of Cash Flows
International Business Machines Corporation and Subsidiary Companies
($ in millions)
For the year ended December 31: 2013 2012 2011
Cash flows from operating activities
Net income $ 16,483 $ 16,604 $ 15,855
Adjustments to reconcile net income
to cash provided by operating activities
Depreciation 3,327 3,392 3,589
Amortization of intangibles 1,351 1,284 1,226
Stock-based compensation 614 688 697
Deferred taxes (1,610)797 1,212
Net (gain)/loss on asset sales and other (236)(729) (342)
Change in operating assets and liabilities, net of acquisitions/divestitures
Receivables (including financing receivables) (1,407)(2,230) (1,279)
Retirement related 294 (1,008) (1,371)
Inventories (57)280 (163)
Other assets/other liabilities (747)733 (28)
Accounts payable (529)(224) 451
Net cash provided by operating activities 17,485 19,586 19,846
Cash flows from investing activities
Payments for property, plant and equipment (3,623)(4,082) (4,108)
Proceeds from disposition of property, plant and equipment 372 410 608
Investment in software (517)(635) (559)
Purchases of marketable securities and other investments (4,608)(4,109) (1,594)
Proceeds from disposition of marketable securities and other investments 4,873 3,142 3,345
Non-operating finance receivables—net (1,063)(608) (291)
Acquisition of businesses, net of cash acquired (3,056)(3,722) (1,811)
Divestiture of businesses, net of cash transferred 297 599 14
Net cash used in investing activities (7,326)(9,004) (4,396)
Cash flows from financing activities
Proceeds from new debt 16,353 12,242 9,996
Payments to settle debt (10,013)(9,549) (8,947)
Short-term borrowings/(repayments) less than 90 days—net 621 (441) 1,321
Common stock repurchases (13,859)(11,995) (15,046)
Common stock transactions—other 1,074 1,540 2,453
Cash dividends paid (4,058)(3,773) (3,473)
Net cash used in financing activities (9,883)(11,976) (13,696)
Effect of exchange rate changes on cash and cash equivalents 28 (116) (493)
Net change in cash and cash equivalents 304 (1,511) 1,262
Cash and cash equivalents at January 1 10,412 11,922 10,661
Cash and cash equivalents at December 31 $ 10,716 $ 10,412 $ 11,922
Supplemental data
Income taxes paid—net of refunds received $ 4,024 $ 3,169 $ 4,168
Interest paid on debt $ 982 $ 1,009 $ 956
Capital lease obligations $ 14 $ 10 $ 39
Amounts may not add due to rounding.
The accompanying notes on pages 84 through 146 are an integral part of the financial statements.