Xerox 2014 Annual Report Download - page 80

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XEROX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(in millions) 2014 2013 2012
Cash Flows from Operating Activities:
Net income $992$
1,179 $ 1,223
Adjustments required to reconcile net income to cash flows from operating activities:
Depreciation and amortization 1,426 1,358 1,301
Provision for receivables 53 123 127
Provision for inventory 26 35 30
Deferred tax expense 113 117 105
Net loss (gain) on sales of businesses and assets 134 (45) 2
Undistributed equity in net income of unconsolidated affiliates (91) (92) (90)
Stock-based compensation 91 90 125
Restructuring and asset impairment charges 130 116 154
Payments for restructurings (133) (136) (144)
Contributions to defined benefit pension plans (284) (230) (364)
Increase in accounts receivable and billed portion of finance receivables (436) (576) (776)
Collections of deferred proceeds from sales of receivables 434 482470
Increase in inventories (22) (38) —
Increase in equipment on operating leases (283) (303) (276)
(Increase) decrease in finance receivables (10) 609 947
Collections on beneficial interest from sales of finance receivables 79 58 —
Increase in other current and long-term assets (159) (145) (265)
Increase (decrease) in accounts payable and accrued compensation 128 (29) 120
Decrease in other current and long-term liabilities (64) (50) (71)
Net change in income tax assets and liabilities 29 8 33
Net change in derivative assets and liabilities (14) (11) 11
Other operating, net (76) (145)(82)
Net cash provided by operating activities 2,063 2,375 2,580
Cash Flows from Investing Activities:
Cost of additions to land, buildings and equipment (368) (346) (388)
Proceeds from sales of land, buildings and equipment 54 86 9
Cost of additions to internal use software (84) (81) (125)
Proceeds from sale of businesses 26 26 —
Acquisitions, net of cash acquired (340) (155) (276)
Other investing, net 918 19
Net cash used in investing activities (703) (452) (761)
Cash Flows from Financing Activities:
Net payments on debt (175) (434) (108)
Common stock dividends (289) (272) (231)
Preferred stock dividends (24) (24) (24)
Proceeds from issuances of common stock 55 124 44
Excess tax benefits from stock-based compensation 18 16 10
Payments to acquire treasury stock, including fees (1,071) (696) (1,052)
Repurchases related to stock-based compensation (41) (57) (42)
Distributions to noncontrolling interests (87) (56) (69)
Other financing (10) (3) —
Net cash used in financing activities (1,624) (1,402) (1,472)
Effect of exchange rate changes on cash and cash equivalents (89) (3) (3)
(Decrease) increase in cash and cash equivalents (353) 518 344
Cash and cash equivalents at beginning of year 1,764 1,246 902
Cash and Cash Equivalents at End of Year $1,411$1,764 $ 1,246
The accompanying notes are an integral part of these Consolidated Financial Statements.
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