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64
UNITED PARCEL SERVICE, INC. AND SUBSIDIARIES
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions)
Years Ended December 31,
2013 2012 2011
Cash Flows From Operating Activities:
Net income $ 4,372 $ 807 $ 3,804
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization 1,867 1,858 1,782
Pension and postretirement benefit expense 1,115 5,753 1,660
Pension and postretirement benefit contributions (212) (917) (1,436)
Self-insurance reserves 34 156 53
Deferred tax expense (246) (2,083) 314
Stock compensation expense 513 547 524
Other (gains) losses 35 1,082 245
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable (515) (124) (657)
Other current assets (13) 10 107
Accounts payable 218 (58) 249
Accrued wages and withholdings 416 98 339
Other current liabilities (140) 206 186
Other operating activities (140) (119) (97)
Net cash from operating activities 7,304 7,216 7,073
Cash Flows From Investing Activities:
Capital expenditures (2,065) (2,153) (2,005)
Proceeds from disposals of property, plant and equipment 104 95 27
Purchases of marketable securities (2,948) (2,357) (4,903)
Sales and maturities of marketable securities 2,957 2,985 4,490
Net decrease in finance receivables 39 101 184
Cash received (paid) for business acquisitions and dispositions (22) (100) (73)
Other investing activities (179) 94 (257)
Net cash used in investing activities (2,114) (1,335) (2,537)
Cash Flows From Financing Activities:
Net change in short-term debt — — (183)
Proceeds from long-term borrowings 100 1,745 279
Repayments of long-term borrowings (1,875) (16) (191)
Purchases of common stock (3,838) (1,621) (2,665)
Issuances of common stock 491 301 290
Dividends (2,260) (2,130) (1,997)
Other financing activities (425) (96) (395)
Net cash used in financing activities (7,807) (1,817) (4,862)
Effect Of Exchange Rate Changes On Cash And Cash Equivalents (45) 229 (10)
Net Increase (Decrease) In Cash And Cash Equivalents (2,662) 4,293 (336)
Cash And Cash Equivalents:
Beginning of period 7,327 3,034 3,370
End of period $ 4,665 $ 7,327 $ 3,034
Cash Paid During The Period For:
Interest (net of amount capitalized) $ 409 $ 381 $ 248
Income taxes $ 2,712 $ 1,988 $ 1,527
See notes to consolidated financial statements.