Bristol-Myers Squibb  Cash Flows  Operating Activities  Investing Activities  Financing Activities  Dollars in Millions  2012 2011 2010 Cash flow provided by/(used in):  Operating activities  $  6,941  $   4,840 $  4,491  Investing activities   (6,727)  (1,437)  (3,812) Financing activities   (4,333)  (2,657)  (3,343) The following is a discussion of cash flow activities:  Cash flow from operating activities represents the cash receipts and cash disbursements from all of our activities other than investing  activities and financing activities. Operating cash flow is derived by adjusting net earnings for noncontrolling interest, non-cash  operating items, gains and losses attributed to investing and financing activities and changes in operating assets and liabilities resulting  from timing differences between the receipts and payments of cash and when the transactions are recognized in our results of  operations. As a result, changes in cash from operating activities reflect the timing of cash collections from customers and alliance  partners; payments to suppliers, alliance partners and employees; pension contributions and tax payments in the ordinary course of  business.  The $2.1 billion increase in operating cash flow in 2012 was primarily attributable to preliminary proceeds of $3.6 billion received  from AstraZeneca as consideration for entering into the Amylin collaboration partially offset by lower operating cash flows attributed  to  Plavix  and  Avapro / Avalide  sales reductions following the exclusivity loss of these products.  20 • Dividend payments were $2.3 billion in 2012, $2.3 billion in 2011 and $2.2 billion in 2010. Dividends declared per common  share were $1.37 in 2012, $1.33 in 2011 and $1.29 in 2010. In December 2012, we declared a quarterly dividend of $0.35  per common share and expect to pay a dividend for the full year of 2013 of $1.40 per share. Dividend decisions are made on  a quarterly basis by our Board of Directors.  • Proceeds received from the issuance of senior unsecured notes and repayments of debt assumed in the Amylin acquisition  were $2.0 billion each in 2012.  • Management periodically evaluates potential opportunities to repurchase certain debt securities and terminate certain interest  rate swap contracts prior to their maturity. Cash outflows related to the repurchase of debt were $109 million in 2012, $78  million in 2011 and $855 million in 2010. Proceeds from the termination of interest rate swap contracts were $2 million in  2012, $296 million in 2011 and $146 million in 2010.  • The Board of Directors increased its authorization for the repurchase of common stock by $3.0 billion in June 2012. The  common stock repurchase capacity remaining was $1.8 billion at December 31, 2012. Cash used to repurchase common  stock was $2.4 billion in 2012, $1.2 billion in 2011 and $576 million in 2010.  • Proceeds from stock option exercises were $463 million (including $71 million of cash retained from excess tax benefits) in  2012, $601 million (including $47 million of cash retained from excess tax benefits) in 2011 and $252 million in 2010. The  amount of proceeds vary each period based upon fluctuations in the market value of our stock relative to the exercise price of  the stock options and other factors.  • Cash was used to fund the acquisitions of Amylin ($5.0 billion) and Inhibitex ($2.5 billion) in 2012, Amira ($360 million,  including a $50 million contingent payment) in 2011 and ZymoGenetics ($829 million) in 2010.  • Net sales and maturities of marketable securities of $1.3 billion in 2012 were primarily attributed to the funding of the  Amylin acquisition. Net purchases of marketable securities of $859 million in 2011 and $2.6 billion in 2010 were primarily  attributed to the timing of investments in time deposits and corporate debt securities with maturities greater than 90 days.  • Other investing activities included litigation recoveries of $102 million in 2011. 