s t a t e m e n t s o f
c o n s o l i d a t e d c a s h f l o w s
(In millions) Motorola, Inc. and Consolidated Subsidiaries
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Years ended December 31 1996 1995 1994
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Operating
Net earnings $1,154 $1,781 $1,560
Add (deduct) non-cash items
Depreciation 2,308 1,919 1,525
Deferred income taxes (160) (55) (177)
Amortization of debt discount and issue costs 8 12 22
Gain on disposition of investments in
affiliated companies (78) (111) (9)
Change in assets and liabilities, net of
effects of acquisitions and dispositions
Accounts receivable, net 101 (653) (945)
Inventories 308 (856) (806)
Other current assets (69) (100) (328)
Accounts payable and accrued liabilities 398 1,172 1,134
Other assets 14 8 554
Other liabilities 206 148 (19)
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Net cash provided by operations 4,190 3,265 2,511
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Investing
Acquisitions and advances to affiliated companies (346) (563) (894)
Dispositions of investments in affiliated companies 119 252 23
Payments for property, plant and equipment (2,973) (4,225) (3,320)
Other changes to property, plant and equipment, net 242 (11) 183
(Increase) decrease in short-term investments 52 (32) 40
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Net cash used for investing activities (2,906) (4,579) (3,968)
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Financing
Net increase (decrease) in commercial paper
and short-term borrowings less than 90 days (260) 686 517
Proceeds from issuance of debt 55 851 32
Repayment of debt (37) (74) (190)
Issuance of common stock 7 71 1,102
Payment of dividends (261) (236) (149)
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Net cash provided by (used for)
financing activities (496) 1,298 1,312
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Net increase (decrease) in cash and
cash equivalents $788 $(16) $(145)
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Cash and cash equivalents, beginning of year $725 $741 $886
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Cash and cash equivalents, end of year $1,513 $725 $741
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Supplemental Cash Flow Information
(In millions) Motorola, Inc. and Consolidated Subsidiaries
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Years ended December 31 1996 1995 1994
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Non-Cash Activities
Conversion of zero coupon notes $7 $23 $251
Unrealized net gain (loss) on certain investments $(86) $336 $(8)
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See accompanying condensed notes to consolidated financial statements.
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