Bristol-Myers Squibb  CONSOLIDATED STATEMENTS OF CASH FLOWS  Dollars in Millions  Year Ended December 31,  2012 2011 2010 Cash Flows From Operating Activities:  Net earnings  $  2,501 $   5,260 $  4,513  Adjustments to reconcile net earnings to net cash provided by operating activities:  Net earnings attributable to noncontrolling interest   (541)   (1,551)  (1,411) Depreciation and amortization, net   681  628  607  Deferred income taxes   (1,230)   415  422  Stock-based compensation   154  161  193  Impairment charges   2,180  28  228  Proceeds from Amylin diabetes collaboration   3,570  -   -  Other   (35)   (147)  (32) Changes in operating assets and liabilities:  Receivables   648  (220)  (270) Inventories   (103)   (193)  156  Accounts payable   (232)   593  315  Other deferred income   295  58  254  U.S. and foreign income taxes payable   (50)   (134)  (236) Other   (897)   (58)  (248) Net Cash Provided by Operating Activities   6,941  4,840  4,491  Cash Flows From Investing Activities: Proceeds from sale and maturities of marketable securities   4,890  5,960  3,197  Purchases of marketable securities   (3,607)   (6,819)  (5,823) Additions to property, plant and equipment and capitalized software   (548)   (367)  (424) Proceeds from sale of businesses and other investing activities   68  149  67  Purchase of businesses, net of cash acquired   (7,530)   (360)  (829) Net Cash Used in Investing Activities   (6,727)   (1,437)  (3,812) Cash Flows From Financing Activities: Short-term debt borrowings/(repayments)   49  (1)  (33) Proceeds from issuance of long-term debt   1,950  -  6  Long-term debt repayments   (2,108)   (78)  (936) Interest rate swap terminations   2  296  146  Issuances of common stock   463  601  252  Common stock repurchases   (2,403)   (1,221)  (576) Dividends paid   (2,286)   (2,254)  (2,202) Net Cash Used in Financing Activities   (4,333)   (2,657)  (3,343) Effect of Exchange Rates on Cash and Cash Equivalents   (1)   (3)  14  Increase/(Decrease) in Cash and Cash Equivalents   (4,120)   743  (2,650) Cash and Cash Equivalents at Beginning of Year   5,776  5,033  7,683  Cash and Cash Equivalents at End of Year $  1,656 $   5,776 $  5,033  The accompanying notes are an integral part of these consolidated financial statements.  32