Dow Chemical 2015 Annual Report Download - page 83

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The Dow Chemical Company and Subsidiaries
Consolidated Statements of Cash Flows
(In millions) For the years ended December 31 2015 2014 2013
Operating Activities
Net income $ 7,783 $ 3,839 $ 4,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,521 2,747 2,681
Provision for deferred income tax 305 466 113
Earnings of nonconsolidated affiliates less than (in excess of) dividends received 142 121 (129)
Pension contributions (844) (815) (865)
Net gain on sales of investments (95) (76) (135)
Net gain on sales of property, businesses and consolidated companies (3,811) (45) (582)
Net (gain) loss on sales of ownership interests in nonconsolidated affiliates (749) 1 (30)
Net gain on step acquisition of a nonconsolidated affiliate (361) — —
Goodwill and other intangible asset impairment losses — 50 —
Asset impairments and related costs 144 23 184
Restructuring charges (credits) 415 (3) (22)
Loss on early extinguishment of debt 8 — 329
Asbestos-related charge — 78 —
Excess tax benefits from share-based payment arrangements (41) (42) (23)
Other net loss 172 70 37
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable (84) (884) (915)
Proceeds from interests in trade accounts receivable conduits 1,034 1,079 1,028
Inventories 780 224 130
Accounts payable (681) (79) (408)
Other assets and liabilities 878 (252) 1,614
Cash provided by operating activities 7,516 6,502 7,823
Investing Activities
Capital expenditures (3,703) (3,572) (2,302)
Construction of assets pending sale-leaseback — (48) —
Proceeds from sale-leaseback of assets 3 470 42
Proceeds from sales of property, businesses and consolidated companies, net of
cash divested 2,383 119 660
Acquisitions of property, businesses and consolidated companies, net of cash
acquired (123) — —
Purchases of previously leased assets (46) — —
Investments in consolidated companies, net of cash acquired — (5) (21)
Investments in and loans to nonconsolidated affiliates (803) (270) (137)
Distributions and loan repayments from nonconsolidated affiliates 17 69 46
Proceeds from sales of ownership interests in nonconsolidated affiliates 1,528 8 66
Purchases of investments (1,246) (643) (462)
Proceeds from sales and maturities of investments 640 767 639
Cash used in investing activities (1,350) (3,105) (1,469)
Financing Activities
Changes in short-term notes payable (82) 74 (37)
Proceeds from issuance of long-term debt 1,383 2,448 959
Payments on long-term debt (1,114) (747) (4,272)
Purchases of treasury stock (1,166) (4,193) (307)
Proceeds from issuance of common stock — 679 386
Proceeds from sales of common stock 508 269 —
Transaction financing, debt issuance and other costs (88) (20) (7)
Excess tax benefits from share-based payment arrangements 41 42 23
Distributions to noncontrolling interests (112) (91) (55)
Contributions from noncontrolling interests 17 36 58
Purchases of noncontrolling interests (175) (60) —
Dividends paid to stockholders (2,253) (2,020) (1,479)
Cash used in financing activities (3,041) (3,583) (4,731)
Effect of Exchange Rate Changes on Cash (202) (100) (1)
Summary
Increase (decrease) in cash and cash equivalents 2,923 (286) 1,622
Cash and cash equivalents at beginning of year 5,654 5,940 4,318
Cash and cash equivalents at end of year $ 8,577 $ 5,654 $ 5,940
See Notes to the Consolidated Financial Statements.