Freeport-McMoRan 2014 Annual Report Download - page 86

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CONSOLIDATED STATEMENTS OF CASH FLOWS
84
Years Ended December 31, 2014 2013 2012
(In millions)
Cash flow from operating activities:
Net (loss) income
$ (745)
$ 3,441 $ 3,980
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization
3,863
2,797 1,179
Impairment of oil and gas properties and goodwill
5,454
— —
Net (gains) losses on crude oil and natural gas derivative contracts
(504)
334 —
Gain on investment in MMR
—
(128) —
Stock-based compensation
106
173 100
Net charges for environmental and asset retirement obligations, including accretion
200
164 22
Payments for environmental and asset retirement obligations
(176)
(237) (246)
Net (gain) loss on early extinguishment of debt
(73)
35 168
Net gain on sales of assets
(717)
— —
Deferred income taxes
(929)
277 269
Increase in long-term mill and leach stockpiles
(233)
(431) (269)
Other, net
17
91 (12)
Decreases (increases) in working capital and changes in other tax payments,
excluding amounts from acquisitions and dispositions:
Accounts receivable
215
49 (365)
Inventories
(249)
(288) (729)
Other current assets
—
26 (76)
Accounts payable and accrued liabilities
(394)
(359) 209
Accrued income taxes and changes in other tax payments (204) 195 (456)
Net cash provided by operating activities 5,631 6,139 3,774
Cash flow from investing activities:
Capital expenditures:
North America copper mines
(969)
(1,066) (825)
South America
(1,785)
(1,145) (931)
Indonesia
(948)
(1,030) (843)
Africa
(159)
(205) (539)
Molybdenum mines
(54)
(164) (245)
United States oil and gas operations
(3,205)
(1,436) —
Other
(95)
(240) (111)
Acquisition of Deepwater Gulf of Mexico interests
(1,426)
— —
Acquisition of Plains Exploration & Production Company, net of cash acquired
—
(3,465) —
Acquisition of MMR, net of cash acquired
—
(1,628) —
Acquisition of cobalt chemical business, net of cash acquired
—
(348) —
Net proceeds from sale of Candelaria and Ojos del Salado
1,709
— —
Net proceeds from sale of Eagle Ford shale assets
2,910
— —
Other, net 221 (181) 31
Net cash used in investing activities (3,801) (10,908) (3,463)
Cash flow from financing activities:
Proceeds from debt
8,710
11,501 3,029
Repayments of debt
(10,306)
(5,476) (3,186)
Redemption of MMR preferred stock
—
(228) —
Cash dividends and distributions paid:
Common stock
(1,305)
(2,281) (1,129)
Noncontrolling interests
(424)
(256) (113)
Stock-based awards net proceeds (payments), including excess tax benefit
9
(98) 7
Debt financing costs and other, net (35) (113) (36)
Net cash (used in) provided by financing activities (3,351) 3,049 (1,428)
Net decrease in cash and cash equivalents
(1,521)
(1,720) (1,117)
Cash and cash equivalents at beginning of year 1,985 3,705 4,822
Cash and cash equivalents at end of year $ 464 $ 1,985 $ 3,705
The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements.