You are researching Time Manufacturing and have found the following accounting statement of cash flows for the most recent year. You also know that the company paid $81 million in current taxes and had an interest expense of $38 million.

TIME MANUFACTURING
Statement of Cash Flows
(in millions)
Operations
Net income	$ 187
Depreciation	74
Deferred taxes	11
Changes in assets and liabilities
Accounts receivable	12
Inventories	15
Accounts payable	11
Accrued expenses	6
Other	2
Total cash flow from operations	$ 282
Investing activities
Acquisition of fixed assets	$ 194
Sale of fixed assets	19
Total cash flow from investing activities	$ 175
Financing activities
Retirement of long-term debt	$ 145
Proceeds from long-term debt sales	110
Dividends	67
Repurchase of stock	32
Proceeds from new stock issue	39
Total cash flow from financing activities	$ 95
Change in cash (on balance sheet)	$ 12

e. Calculate the cash flow to shareholders.