Verizon Wireless 2012 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2012 Verizon Wireless annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

53
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Years Ended December 31, 2012 2011 2010
Cash Flows from Operating Activities
Net Income $ 10,557 $ 10,198 $ 10,217
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 16,460 16,496 16,405
Employee retirement benefits 8,198 7,426 3,988
Deferred income taxes (952) (223) 3,233
Provision for uncollectible accounts 972 1,026 1,246
Equity in earnings of unconsolidated businesses, net of dividends received 77 36 2
Changes in current assets and liabilities, net of effects from acquisition/disposition
of businesses
Accounts receivable (1,717) (966) (859)
Inventories (136) 208 299
Other assets 306 86 (313)
Accounts payable and accrued liabilities 1,144 (1,607) 1,075
Other, net (3,423) (2,900) (1,930)
Net cash provided by operating activities 31,486 29,780 33,363
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (16,175) (16,244) (16,458)
Acquisitions of investments and businesses, net of cash acquired (913) (1,797) (652)
Acquisitions of wireless licenses, net (3,935) (221) (786)
Proceeds from dispositions – – 2,594
Net change in short-term investments 27 35 (3)
Other, net 494 977 251
Net cash used in investing activities (20,502) (17,250) (15,054)
Cash Flows from Financing Activities
Proceeds from long-term borrowings 4,489 11,060 –
Repayments of long-term borrowings and capital lease obligations (6,403) (11,805) (8,136)
Increase (decrease) in short-term obligations, excluding current maturities (1,437) 1,928 (1,097)
Dividends paid (5,230) (5,555) (5,412)
Proceeds from sale of common stock 315 241 –
Proceeds from access line spin-off – – 3,083
Special distribution to noncontrolling interest (8,325) – –
Other, net (4,662) (1,705) (2,088)
Net cash used in financing activities (21,253) (5,836) (13,650)
Increase (decrease) in cash and cash equivalents (10,269) 6,694 4,659
Cash and cash equivalents, beginning of period 13,362 6,668 2,009
Cash and cash equivalents, end of period $ 3,093 $ 13,362 $ 6,668
See Notes to Consolidated Financial Statements