2014 2013 2012 Operating activities Net income $ 328 $ 260 $ 315 Depreciation 164 175 190 Amortization of intangibles 49 87 87 Amortization of deferred financing charges 5 5 5 Call premium on senior notes 15 Write off of deferred financing costs 4 4 Unremitted earnings of affiliates 4 (2) 1 Stock compensation expense 16 16 19 Deferred income taxes (199) (10) (80) Pension expense (contributions), net 30 (60) (220) Loss on disposal group held for sale 78 Interest payment received on payment-in-kind note receivable 40 26 Change in working capital (39) 104 21 Change in other noncurrent assets and liabilities (16) (3) (3) Other, net 31 (25) 4 Net cash provided by operating activities 510 577 339 Investing activities Purchases of property, plant and equipment (234) (209) (164) Acquisition of business (8) (12) Principal payment received on payment-in-kind note receivable 35 33 Purchases of marketable securities (84) (84) (18) Proceeds from sales of marketable securities 7 28 15 Proceeds from maturities of marketable securities 21 8 6 Proceeds from sale of businesses 9 1 8 Other 9 4 Net cash used in investing activities (246) (222) (161) Financing activities Net change in short-term debt (8) (14) 4 Proceeds from letters of credit 12 Repayment of letters of credit (8) Proceeds from long-term debt 448 817 51 Repayment of long-term debt (372) (57) (32) Call premium on senior notes (15) Deferred financing payments (7) (17) Preferred stock redemption (474) Dividends paid to preferred stockholders (8) (28) (31) Dividends paid to common stockholders (32) (30) (30) Distributions to noncontrolling interests (9) (11) (11) Repurchases of common stock (260) (337) (15) Payments to acquire noncontrolling interests (7) Other 5 8 9 Net cash used in financing activities (254) (150) (55) Net increase in cash and cash equivalents 10 205 123 Cash and cash equivalents - beginning of period 1,256 1,059 931 Effect of exchange rate changes on cash balances (118) (8) 5 Less: cash of disposal group held for sale (27) Cash and cash equivalents - end of period $ 1,121 $ 1,256 $ 1,059 Dana Holding Corporation Consolidated Statement of Cash Flows (In millions) The accompanying notes are an integral part of the consolidated financial statements. 42