Pfizer 2013 Annual Report Download - page 60

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Consolidated Statements of Cash Flows
Pfizer Inc. and Subsidiary Companies
2013 Financial Report
59
Year Ended December 31,
(MILLIONS) 2013 2012 2011
Operating Activities
Net income before allocation to noncontrolling interests $ 22,072 $ 14,598 $ 10,049
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating
activities:
Depreciation and amortization 6,410 7,655 9,026
Asset write-offs, impairments and related charges 1,368 1,299 1,198
Gain on disposal of discontinued operations (10,446) (7,123) (1,688)
Gain associated with the transfer of certain product rights to an equity-method investment (459)——
Deferred taxes from continuing operations 1,726 786 236
Deferred taxes from discontinued operations (23)1,412 218
Share-based compensation expense 523 481 419
Benefit plan contributions (in excess of)/less than expense 310 135 (1,769)
Other non-cash adjustments, net (324)(130)18
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable 940 367 140
Inventories (538)(631) 1,084
Other assets (822)(434) 186
Accounts payable 382 579 (367)
Other liabilities (3,184)(2,738) 1,508
Other tax accounts, net (170)490 (18)
Net cash provided by operating activities 17,765 16,746 20,240
Investing Activities
Purchases of property, plant and equipment (1,206)(1,327) (1,660)
Purchases of short-term investments (42,761) (24,018) (18,447)
Proceeds from redemptions and sales of short-term investments 41,127 25,302 14,176
Net (purchases of)/proceeds from redemptions and sales of short-term investments with original maturities of 90 days
or less) (4,277)1,459 10,874
Purchases of long-term investments (11,020) (11,145) (4,620)
Proceeds from redemptions and sales of long-term investments 7,555 4,990 2,147
Acquisitions of businesses, net of cash acquired (15)(1,050) (3,282)
Acquisitions of intangible assets (259)(92) (222)
Proceeds from sale of businesses —11,850 2,376
Other investing activities 231 185 501
Net cash provided by/(used in) investing activities (10,625) 6,154 1,843
Financing Activities
Proceeds from short-term borrowings 4,323 7,995 12,810
Principal payments on short-term borrowings (4,234)(8,177) (13,276)
Net proceeds from/(payments on) short-term borrowings with original maturities of 90 days or less 3,475 (30) 1,910
Proceeds from issuance of long-term debt(a) 6,618 ——
Principal payments on long-term debt (4,146)(1,513) (6,986)
Purchases of common stock (16,290) (8,228) (9,000)
Cash dividends paid (6,580)(6,534) (6,234)
Proceeds from exercise of stock options 1,750 568 153
Other financing activities 109 (80)16
Net cash used in financing activities (14,975) (15,999) (20,607)
Effect of exchange-rate changes on cash and cash equivalents (63)(2) (29)
Net increase/(decrease) in cash and cash equivalents (7,898)6,899 1,447
Cash and cash equivalents, beginning 10,081 3,182 1,735
Cash and cash equivalents, end $2,183 $ 10,081 $ 3,182
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