Xerox 2013 Annual Report Download - page 82

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XEROX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(in millions) 2013 2012 2011
Cash Flows from Operating Activities:
Net income $ 1,179 $ 1,223 $ 1,328
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization 1,358 1,301 1,251
Provision for receivables 123 127 154
Provision for inventory 35 30 39
Deferred tax expense 122 96 203
Net (gain) loss on sales of businesses and assets (45) 2 (9)
Undistributed equity in net income of unconsolidated affiliates (92) (90) (86)
Stock-based compensation 90 125 123
Restructuring and asset impairment charges 116 154 32
Payments for restructurings (136) (144) (218)
Contributions to defined benefit pension plans (230) (364) (426)
Increase in accounts receivable and billed portion of finance receivables (576) (776) (296)
Collections of deferred proceeds from sales of receivables 482 470 380
Increase in inventories (38) — (124)
Increase in equipment on operating leases (303) (276) (298)
Decrease in finance receivables 609 947 90
Collections on beneficial interest from sales of finance receivables 58 — —
Increase in other current and long-term assets (145) (265) (249)
(Decrease) increase in accounts payable and accrued compensation (29) 120 82
Decrease in other current and long-term liabilities (50) (71) (22)
Net change in income tax assets and liabilities 3 42 89
Net change in derivative assets and liabilities (11) 11 39
Other operating, net (145) (82) (121)
Net cash provided by operating activities 2,375 2,580 1,961
Cash Flows from Investing Activities:
Cost of additions to land, buildings and equipment (346) (388) (338)
Proceeds from sales of land, buildings and equipment 86 9 28
Cost of additions to internal use software (81) (125) (163)
Proceeds from sale of businesses 26 — —
Acquisitions, net of cash acquired (155) (276) (212)
Other investing, net 18 19 10
Net cash used in investing activities (452) (761) (675)
Cash Flows from Financing Activities:
Net (payments) proceeds on debt (434) (108) 49
Payment of liability to subsidiary trust issuing preferred securities — — (670)
Common stock dividends (272) (231) (241)
Preferred stock dividends (24) (24) (24)
Proceeds from issuances of common stock 124 44 44
Excess tax benefits from stock-based compensation 16 10 6
Payments to acquire treasury stock, including fees (696) (1,052) (701)
Repurchases related to stock-based compensation (57) (42) (27)
Distributions to noncontrolling interests (56) (69) (22)
Other financing (3) — —
Net cash used in financing activities (1,402) (1,472) (1,586)
Effect of exchange rate changes on cash and cash equivalents (3) (3) (9)
Increase (decrease) in cash and cash equivalents 518 344 (309)
Cash and cash equivalents at beginning of year 1,246 902 1,211
Cash and Cash Equivalents at End of Year $ 1,764 $ 1,246 $ 902
The accompanying notes are an integral part of these Consolidated Financial Statements.
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