ConsolidatedStatementsofCashFlows (dollars in millions) Years Ended December 31, 2017 2016 2015 Cash Flows from Operating Activities Net Income $ 30,550 $ 13,608 $ 18,375 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 16,954 15,928 16,017 Employee retirement benefits 440 2,705 (1,747) Deferred income taxes (14,463) (1,063) 3,516 Provision for uncollectible accounts 1,167 1,420 1,610 Equity in losses of unconsolidated businesses, net of dividends received 117 138 127 Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses Accounts receivable (5,436) (5,067) (945) Inventories 168 61 (99) Other assets 656 449 942 Accounts payable and accrued liabilities (335) (1,079) 2,545 Discretionary contribution to qualified pension plans (3,411) (186) Net gain on sale of divested businesses (1,774) (1,007) Other, net 672 (3,097) (1,314) Net cash provided by operating activities 25,305 22,810 39,027 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (17,247) (17,059) (17,775) Acquisitions of businesses, net of cash acquired (5,928) (3,765) (3,545) Acquisitions of wireless licenses (583) (534) (9,942) Proceeds from dispositions of businesses 3,614 9,882 48 Other, net 772 493 1,171 Net cash used in investing activities (19,372) (10,983) (30,043) Cash Flows from Financing Activities Proceeds from long-term borrowings 27,707 12,964 6,667 Proceeds from asset-backed long-term borrowings 4,290 4,986 Repayments of long-term borrowings and capital lease obligations (23,837) (19,159) (9,340) Repayments of asset-backed long-term borrowings (400) Decrease in short-term obligations, excluding current maturities (170) (149) (344) Dividends paid (9,472) (9,262) (8,538) Purchase of common stock for treasury (5,134) Other, net (4,852) (2,797) 1,577 Net cash used in financing activities (6,734) (13,417) (15,112) Decrease in cash and cash equivalents (801) (1,590) (6,128) Cash and cash equivalents, beginning of period 2,880 4,470 10,598 Cash and cash equivalents, end of period $ 2,079 $ 2,880 $ 4,470 See Notes to Consolidated Financial Statements 50 verizon.com/2017AnnualReport
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