and Capital Resources: Accounts Receivable” below.

For Property, plant and equipment, less accumulated depreciation, the change also reflects depreciation in excess of capital additions.

For Identifiable intangible assets, less accumulated amortization, the change also reflects amortization and asset impairments (see Notes to Consolidated Financial Statements—Note 4. Other Deductions—Net).

For Accounts payable, the change also reflects an increase in Value Added Tax (VAT) payables.

For Other current liabilities and Other noncurrent liabilities, the changes also reflect a decrease in restructuring-related liabilities and the impact of lower revenues on expense levels. Other noncurrent liabilities also reflects the impact of fair value adjustments on derivative financial instruments.

For Pension benefit obligations and Postretirement benefit obligations, the changes also reflect the lowering of the discount rate, partially offset by the impact of $938 million of company contributions (see Notes to Consolidated Financial Statements—Note 11. Pension and Postretirement Benefit Plans and Defined Contribution Plans).

For Other taxes payable, the change also reflects the impact of a number of audit settlements (see Notes to Consolidated Financial Statements—Note 5A. Tax Matters: Taxes on Income from Continuing Operations).

   ANALYSIS OF THE CONSOLIDATED STATEMENTS OF CASH FLOWS

      Our net cash provided by operating activities was $17.1 billion in 2012, compared to $20.2 billion in 2011. The decrease in net cash provided by operating activities was primarily attributable to:

• the loss of exclusivity of Lipitor, as well as certain other products, resulting in lower revenues and associated expenses (see also “The Loss or Expiration of Intellectual Property Rights” section of this Financial Review), partially offset by spending reductions resulting from our company-wide cost-reduction initiatives;

• payments made in connection with certain legal matters; and

• the timing of receipts and payments in the ordinary course of business.

2011 v. 2010

 Our net cash provided by operating activities was $20.2 billion in 2011, compared to $11.5 billion in 2010. The increase in net cash provided by operating activities was primarily attributable to:

• income tax payments made in 2010 of approximately $11.8 billion, primarily associated with certain business decisions executed to finance the Wyeth acquisition, including the decision to repatriate certain funds earned outside the U.S., compared with $2.9 billion in 2011; and

• the timing of receipts and payments in the ordinary course of business.

In 2010, the cash flow line item called Other tax accounts, net, reflects the $11.8 billion tax payment described above.

Investing Activities

2012 v. 2011

Our net cash provided by investing activities was $6.2 billion in 2012, compared to $1.8 billion in 2011. The increase in net cash provided by investing activities was primarily attributable to:

• net proceeds from the sale of our Nutrition business of $11.85 billion in 2012 compared to net proceeds from the sale of our Capsugel business of $2.4 billion in 2011 (see Notes to Consolidated Financial