Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

National Oilwell Varco Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Income (loss) from continuing operations	(767)	2,455)	2,328)	2,483)	1,985)
Depreciation and amortization	747)	778)	755)	628)	555)
Deferred income taxes	(258)	(300)	(333)	(97)	(352)
Stock-based compensation	109)	101)	92)	80)	73)
Excess tax benefit from stock-based compensation	1)	(15)	(20)	(25)	(22)
Equity income in unconsolidated affiliates	(13)	(58)	(63)	(58)	(46)
Dividend from unconsolidated affiliate	34)	73)	66)	61)	45)
Goodwill and intangible asset impairment	1,689)	104)	—)	—)	—)
Other	256)	181)	84)	84)	69)
Receivables	1,091)	(153)	(493)	(517)	(696)
Inventories	410)	(710)	396)	(1,061)	(591)
Costs in excess of billings	548)	(262)	(314)	(632)	222)
Prepaid and other current assets	112)	(60)	30)	(224)	(44)
Accounts payable	(570)	95)	9)	(19)	205)
Accrued liabilities	(1,137)	879)	—)	—)	—)
Billings in excess of costs	(686)	(59)	582)	324)	354)
Income taxes payable	(167)	(124)	211)	(409)	283)
Other assets/liabilities, net	(67)	(400)	67)	2)	103)
Change in operating assets and liabilities, net of acquisitions	(466)	(794)	488)	(2,536)	(164)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	2,099)	70)	1,069)	(1,863)	158)
Net cash provided by operating activities	1,332)	2,525)	3,397)	620)	2,143)
Purchases of property, plant and equipment	(453)	(699)	(669)	(583)	(483)
Business acquisitions, net of cash acquired	(86)	(291)	(2,397)	(2,880)	(1,038)
Cash distributed in spin-off	—)	(253)	—)	—)	—)
Dividend from unconsolidated affiliate	—)	—)	—)	—)	13)
Other, net	25)	151)	102)	35)	50)
Net cash used in investing activities	(514)	(1,092)	(2,964)	(3,428)	(1,458)
Borrowings against lines of credit and other debt	11,377)	173)	2,609)	5,575)	—)
Payments against lines of credit and other debt	(10,615)	(155)	(2,610)	(2,938)	(391)
Cash dividends paid	(710)	(703)	(389)	(209)	(191)
Share repurchases	(2,221)	(779)	—)	—)	—)
Proceeds from stock options exercised	7)	108)	58)	113)	96)
Excess tax benefit from stock-based compensation	(1)	15)	20)	25)	22)
Other	—)	(2)	7)	17)	—)
Net cash provided by (used in) financing activities	(2,163)	(1,343)	(305)	2,583)	(464)
Net cash provided by discontinued operating activities	—)	89)	—)	—)	—)
Net cash used in discontinued investing activities	—)	(12)	—)	—)	—)
Discontinued operations	—)	77)	—)	—)	—)
Effect of exchange rates on cash	(111)	(67)	(11)	9)	(19)
Increase (decrease) in cash and cash equivalents	(1,456)	100)	117)	(216)	202)
Cash and cash equivalents, beginning of period	3,536)	3,436)	3,319)	3,535)	3,333)
Cash and cash equivalents, end of period	2,080)	3,536)	3,436)	3,319)	3,535)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	National Oilwell Varco Inc. net cash provided by operating activities decreased from 2013 to 2014 and from 2014 to 2015.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	National Oilwell Varco Inc. net cash used in investing activities increased from 2013 to 2014 and from 2014 to 2015.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	National Oilwell Varco Inc. net cash provided by (used in) financing activities decreased from 2013 to 2014 and from 2014 to 2015.

National Oilwell Varco Inc. (NYSE:NOV)

Cash Flow Statement