Baker Hughes 2015 Annual Report Download - page 59

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50
BAKER HUGHES INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In millions) 2015 2014 2013
Cash flows from operating activities:
Net (loss) income $ (1,974) $ 1,731 $ 1,103
Adjustments to reconcile net (loss) income to net cash flows from operating
activities:
Depreciation and amortization 1,742 1,814 1,698
(Benefit) provision for deferred income taxes (809) (70) 1
Gain on disposal or deconsolidation of assets (157) (297) (275)
Stock-based compensation cost 120 122 115
Provision for doubtful accounts 193 102 75
Loss on impairment of assets 1,436 — —
Changes in operating assets and liabilities:
Accounts receivable 1,943 (524) (453)
Inventories 1,092 (259) (120)
Accounts payable (1,349) 291 845
Income taxes payable (305) 90 (31)
Other operating items, net (136) (47) 203
Net cash flows provided by operating activities 1,796 2,953 3,161
Cash flows from investing activities:
Expenditures for capital assets (965) (1,791) (2,085)
Proceeds from disposal of assets 388 437 455
Purchase of investment securities (310) — —
Acquisition of businesses, net of cash acquired — (314) (22)
Other investing items, net (18) 9 (11)
Net cash flows used in investing activities (905) (1,659) (1,663)
Cash flows from financing activities:
Net repayments of commercial paper borrowings and other debt with three
months or less original maturity (53) (216) (650)
Repayment of short-term debt with greater than three months original maturity (293) (217) (163)
Proceeds of short-term debt with greater than three months original maturity 301 185 242
Repurchase of common stock — (600) (350)
Proceeds from issuance of common stock 116 216 101
Dividends paid (297) (279) (267)
Other financing items, net (56) (28) (16)
Net cash flows used in financing activities (282) (939) (1,103)
Effect of foreign exchange rate changes on cash and cash equivalents (25) (14) (11)
Increase in cash and cash equivalents 584 341 384
Cash and cash equivalents, beginning of period 1,740 1,399 1,015
Cash and cash equivalents, end of period $ 2,324 $ 1,740 $ 1,399
Supplemental cash flows disclosures:
Income taxes paid, net of refunds $ 483 $ 881 $ 651
Interest paid $ 242 $ 250 $ 247
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable $ 44 $ 171 $ 142
See Notes to Consolidated Financial Statements