Dow Chemical 2013 Annual Report Download - page 94

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The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
(In millions) For the years ended December 31 2013 2012 2011
Operating Activities
Net income $ 4,816 $ 1,100 $ 2,784
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,681 2,698 2,883
Provision (Credit) for deferred income tax 113 (465) 1
Earnings of nonconsolidated affiliates less than (in excess of) dividends received (129) 287 (207)
Pension contributions (865) (903) (806)
Net gain on sales of investments (135) (19) (39)
Net gain on sales of property, businesses and consolidated companies (582) (74) (25)
Net gain on sales of ownership interests in nonconsolidated affiliates (30) — (61)
Other net loss 37 48 10
Goodwill impairment loss — 220 —
Asset impairments and related costs 184 — —
Restructuring charges (credits) (22) 1,343 —
Loss on early extinguishment of debt 329 123 482
Excess tax benefits from share-based payment arrangements (23) (76) (23)
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable (915) (2,534) (2,184)
Proceeds from interests in trade accounts receivable conduits 1,028 2,650 1,737
Inventories 130 (871) (702)
Accounts payable (408) 261 376
Other assets and liabilities 1,614 287 (347)
Cash provided by operating activities 7,823 4,075 3,879
Investing Activities
Capital expenditures (2,302) (2,614) (2,687)
Construction of assets pending sale / leaseback — — (113)
Proceeds from sale / leaseback of assets 42 — 119
Proceeds from sales of property and businesses 660 77 670
Acquisitions of businesses — (2) (8)
Purchases of previously leased assets — — (30)
Investments in consolidated companies, net of cash acquired (21) (37) (218)
Proceeds from sales of consolidated companies — — 56
Investments in and loans to nonconsolidated affiliates (137) (285) (248)
Distributions and loan repayments from nonconsolidated affiliates 46 130 295
Proceeds from sales of ownership interests in nonconsolidated affiliates 66 — 93
Purchases of investments (462) (509) (797)
Proceeds from sales and maturities of investments 639 553 874
Cash used in investing activities (1,469) (2,687) (1,994)
Financing Activities
Changes in short-term notes payable (37) (116) (844)
Proceeds from issuance of long-term debt 959 3,347 3,624
Payments on long-term debt (4,272) (3,988) (5,337)
Purchases of treasury stock (307) — (19)
Proceeds from issuance of common stock 386 295 236
Proceeds from sales of common stock — — 98
Issuance costs for debt and equity securities (7) (22) (27)
Excess tax benefits from share-based payment arrangements 23 76 23
Distributions to noncontrolling interests (55) (72) (42)
Contributions from noncontrolling interests 58 — 184
Dividends paid to stockholders (1,479) (2,050) (1,258)
Cash used in financing activities (4,731) (2,530) (3,362)
Effect of Exchange Rate Changes on Cash (1) 16 (121)
Cash Assumed in Initial Consolidation of Variable Interest Entities — — 3
Summary
Increase (Decrease) in cash and cash equivalents 1,622 (1,126) (1,595)
Cash and cash equivalents at beginning of year 4,318 5,444 7,039
Cash and cash equivalents at end of year $ 5,940 $ 4,318 $ 5,444
See Notes to the Consolidated Financial Statements.