Medtronic 2015 Annual Report Download - page 81

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Medtronic plc
Consolidated Statements of Cash Flows
Fiscal Year
2015 2014 2013
(in millions)
Operating Activities:
Net income $ 2,675 $ 3,065 $ 3,467
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,306 850 819
Amortization of debt discount and issuance costs 76 8 104
Acquisition-related items 634 110 (74)
Provision for doubtful accounts 35 43 51
Deferred income taxes (926) (207) (7)
Stock-based compensation 439 145 152
Other, net (134) (28) —
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable, net (413) (70) 1
Inventories (282) (39) 93
Accounts payable and accrued liabilities 1,616 (117) 481
Other operating assets and liabilities 643 444 (215)
Certain litigation charges, net 42 770 245
Certain litigation payments (809) (15) (175)
Net cash provided by operating activities 4,902 4,959 4,942
Investing Activities:
Acquisitions, net of cash acquired (14,884) (385) (820)
Additions to property, plant, and equipment (571) (396) (457)
Purchases of marketable securities (7,582) (10,895) (12,321)
Sales and maturities of marketable securities 5,890 8,111 10,511
Other investing activities, net 89 (29) (14)
Net cash used in investing activities (17,058) (3,594) (3,101)
Financing Activities:
Acquisition-related contingent consideration (85) (1) (18)
Change in short-term borrowings, net (1) 127 (720)
Repayment of short-term borrowings (maturities greater than 90 days) (150) (1,301) (2,700)
Proceeds from short-term borrowings (maturities greater than 90 days) 150 1,176 2,628
Issuance of long-term debt 19,942 1,994 2,980
Payments on long-term debt (1,268) (565) (2,214)
Dividends to shareholders (1,337) (1,116) (1,055)
Issuance of ordinary shares 649 1,307 267
Repurchase of ordinary shares (1,920) (2,553) (1,247)
Other financing activities (31) 14 (22)
Net cash provided by (used in) financing activities 15,949 (918) (2,101)
Effect of exchange rate changes on cash and cash equivalents (353) 37 7
Net change in cash and cash equivalents 3,440 484 (253)
Cash and cash equivalents at beginning of period 1,403 919 1,172
Cash and cash equivalents at end of period $ 4,843 $ 1,403 $ 919
Supplemental Cash Flow Information
Cash paid for:
Income taxes $ 632 $ 521 $ 537
Interest 578 394 333
The accompanying notes are an integral part of these consolidated financial statements.
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