SCHLUMBERGER LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Stated in millions)
Year Ended December 31,
2012 2011 2010
Cash flows from operating activities:
Net Income
$ 5,519
$ 5,007 $ 4,265
Income from discontinued operations
(51)
(277)
(12)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
(1)
3,500
3,274 2,757
Gain on investment in M-I SWACO
–
– (1,270)
Earnings of companies carried at equity, less dividends received
(61)
(64)
(85)
Deferred income taxes
(76)
(26)
(130)
Stock-based compensation expense
335
272
198
Pension and other postretirement benefits expense
404
365
299
Other non-cash items
97
203
327
Pension and other postretirement benefits funding
(673)
(601)
(868)
Change in operating assets and liabilities:
(2)
Increase in receivables
(2,116)
(1,281)
(290)
Increase in inventories
(643)
(864)
(50)
(Increase) decrease in other current assets
(314)
(93)
133
Increase (decrease) in accounts payable and accrued liabilities
928
597
(75)
Increase (decrease) in estimated liability for taxes on income
127
(561)
476
Increase (decrease) in other liabilities
1
169
(89)
Other – net
(163)
(5)
(77)
NET CASH PROVIDED BY OPERATING ACTIVITIES
6,814
6,115 5,509
Cash flows from investing activities:
Capital expenditures
(4,695)
(4,008) (2,912)
Multiclient seismic data capitalized
(351)
(289)
(326)
Cash acquired in acquisition of Smith International, Inc.
–
–
399
Acquisition of Geoservices, net of cash acquired
–
– (889)
Other business acquisitions and investments, net of cash acquired
(845)
(186)
(212)
(Purchase) sale of investments, net
(1,228)
351 1,023
Other
(55)
230
(19)
NET CASH USED IN INVESTING ACTIVITIES
(7,174)
(3,902) (2,936)
Cash flows from financing activities:
Dividends paid
(1,432)
(1,300) (1,040)
Proceeds from employee stock purchase plan
247
208
179
Proceeds from exercise of stock options
163
230
222
Stock repurchase program
(972)
(2,998) (1,717)
Proceeds from issuance of long-term debt
2,832
6,884 2,815
Repayment of long-term debt
(1,817)
(4,992) (1,814)
Net increase (decrease) in short-term borrowings
621
(119)
(68)
Other
19
(613)
14
NET CASH USED IN FINANCING ACTIVITIES
(339)
(2,700) (1,409)
Cash flow from discontinued operations – operating activities
(126)
55
(15)
Cash flow from discontinued operations – investing activities
1,012
376
(2)
Cash flow from discontinued operations
886
431
(17)
Net increase (decrease) in cash before translation effect
187
(56) 1,147
Translation effect on cash
13
(3)
–
Cash, beginning of year
1,705
1,764
617
Cash, end of year
$ 1,905
$ 1,705 $ 1,764
(1) Includes multiclient seismic data costs.
(2) Net of the effect of business acquisitions.
See the
Notes to Consolidated Financial Statements
36
