Verizon Wireless 2014 Annual Report Download - page 43

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41
VERIZON COMMUNICATIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Years Ended December 31, 2014 2013 2012
Cash Flows from Operating Activities
Net Income $ 11,956 $ 23,547 $ 10,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 16,533 16,606 16,460
Employee retirement benets 8,130 (5,052) 8,198
Deferred income taxes (92) 5,785 (952)
Provision for uncollectible accounts 1,095 993 972
Equity in earnings of unconsolidated businesses, net of dividends received (1,743) (102) 77
Changes in current assets and liabilities, net of eects from
acquisition/disposition of businesses
Accounts receivable (2,745) (843) (1,717)
Inventories (132) 56 (136)
Other assets (695) (143) 306
Accounts payable and accrued liabilities 1,412 925 1,144
Other, net (3,088) (2,954) (3,423)
Net cash provided by operating activities 30,631 38,818 31,486
Cash Flows from Investing Activities
Capital expenditures (including capitalized software) (17,191) (16,604) (16,175)
Acquisitions of investments and businesses, net of cash acquired (182) (494) (913)
Acquisitions of wireless licenses (354) (580) (4,298)
Proceeds from dispositions of wireless licenses 2,367 2,111 363
Proceeds from dispositions of businesses 120 – –
Other, net (616) 734 521
Net cash used in investing activities (15,856) (14,833) (20,502)
Cash Flows from Financing Activities
Proceeds from long-term borrowings 30,967 49,166 4,489
Repayments of long-term borrowings and capital lease obligations (17,669) (8,163) (6,403)
Decrease in short-term obligations, excluding current maturities (475) (142) (1,437)
Dividends paid (7,803) (5,936) (5,230)
Proceeds from sale of common stock 34 85 315
Purchase of common stock for treasury – (153) –
Special distribution to noncontrolling interest – (3,150) (8,325)
Acquisition of noncontrolling interest (58,886) – –
Other, net (3,873) (5,257) (4,662)
Net cash provided by (used in) nancing activities (57,705) 26,450 (21,253)
Increase (decrease) in cash and cash equivalents (42,930) 50,435 (10,269)
Cash and cash equivalents, beginning of period 53,528 3,093 13,362
Cash and cash equivalents, end of period $ 10,598 $ 53,528 $ 3,093
See Notes to Consolidated Financial Statements