TABLE 11: SUMMARY OF CASH FLOWS Year ended  Year ended (in millions) Dec. 31, 2012  Dec. 31, 2011 Operating Cash Flow  $548.1 $574.7 Less: Deferred sales commission paid   124.2  141.2  Marketable securities, net   21.5 11.6  Capital expenditures  5.6 21.5  Share repurchases  30.5 95.2  Dividends paid  269.2 254.2  Debt repaid  187.0 90.9  Working capital and other   8.6  54.0  646.6 668.6 Net change in cash   (98.5)  (93.9) Cash at January 1   122.6 216.5  Cash at December 31   $24.1 $122.6  CI paid sales commissions of $124.2 million in 2012 compared to $141.2 million in 2011. The decrease in sales commissions  from the prior year is consistent with the trend to lower sales of deferred load funds. CI invested $26.8 million in marketable securities in 2012. During the same period, CI received proceeds of $5.3 million  from the disposition of marketable securities, resulting in a gain of $0.3 million. The fair value of marketable securities  at December 31, 2012 was $66.2 million. Marketable securities are comprised of seed capital investments in its funds and  strategic investments. During the year ended December 31, 2012, CI incurred capital expenditures of $5.6 million, primarily relating to leasehold  improvements and investments in technology. During the year, CI repurchased 1.4 million shares at a cost of $30.5 million under its normal course issuer bid. CI declared  dividends of $271.9 million ($269.2 million paid), which was less than net income for the year by $80.3 million. At year end,  CI’s dividend payments were $0.08 per share per month, or approximately $272 million per fi scal year. The statement of financial position for CI at December 31, 2012 refl ects total assets of $2.972 billion, a decrease of $113.0  million from $3.085 billion at December 31, 2011. This change can be attributed to a decrease in current assets of $71.2  million and a decrease in long-term assets of $42.2 million.  CI’s cash and cash equivalents decreased by $98.4 million in 2012 primarily due to the repayment of a debenture that  matured on December 17, 2012. Marketable securities increased by $24.1 million due to a $20.0 million investment along  with some smaller investments. Accounts receivable and prepaid expenses remain relatively unchanged at $70.6 million  compared to $70.2 million.  37