Medtronic 2012 Annual Report Download - page 80

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Medtronic, Inc.
Consolidated Statements of Cash Flows
Fiscal Year
___________________________________________________
2012 2011 2010
_____________ _____________ _____________
(in millions)
____________
Operating Activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,617 $ 3,096 $ 3,099
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . 833 804 772
Amortization of discount on senior convertible notes . . . . . . 85 171 167
Gain on sale of Physio-Control . . . . . . . . . . . . . . . . . . . . . . . . . (218) ––
Acquisition-related items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 44 11
Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . 66 47 36
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 153 144
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 198 225
Change in operating assets and liabilities,
net of effect of acquisitions:
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (252) (342) (271)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (185) (101) 158
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . 300 (37) 225
Other operating assets and liabilities . . . . . . . . . . . . . . . . . . 155 (532) 130
Certain litigation charges, net . . . . . . . . . . . . . . . . . . . . . . . . . . 90 245 374
Certain litigation payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (241) (5) (939)
_____________ _____________ _____________
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . 4,470 3,741 4,131
Investing Activities:
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . (556) (1,332) (350)
Proceeds from divestiture of Physio-Control . . . . . . . . . . . . . . . 386 ––
Purchases of intellectual property . . . . . . . . . . . . . . . . . . . . . . . . (15) (47) (62)
Additions to property, plant, and equipment . . . . . . . . . . . . . . . . (484) (501) (573)
Purchases of marketable securities . . . . . . . . . . . . . . . . . . . . . . . . (8,080) (6,249) (7,478)
Sales and maturities of marketable securities . . . . . . . . . . . . . . . 6,104 6,443 3,791
Other investing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) (129) (87)
_____________ _____________ _____________
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . (2,651) (1,815) (4,759)
Financing Activities:
Acquisition-related contingent consideration . . . . . . . . . . . . . . . (118) ––
Change in short-term borrowings, net . . . . . . . . . . . . . . . . . . . . . (585) 1,621 (444)
Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,210 1,000 3,000
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (2,603) (20)
Dividends to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,021) (969) (907)
Issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 85 165
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,440) (1,140) (1,030)
_____________ _____________ _____________
Net cash provided by (used in) financing activities . . . . . . . . . . . . (1,882) (2,006) 764
Effect of exchange rate changes on cash and cash equivalents . . . (71) 62 (7)
_____________ _____________ _____________
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . (134) (18) 129
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . 1,382 1,400 1,271
_____________ _____________ _____________
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . $ 1,248 $ 1,382 $ 1,400
_____________ _____________ _____________
_____________ _____________ _____________
Supplemental Cash Flow Information
Cash paid for:
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 454 $ 826 $ 571
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 447 386
Supplemental noncash financing activities:
Reclassification of senior notes from long-term to
short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ––400
Reclassification of senior convertible notes from
long-term to short-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,200 – 2,200
The consolidated statements of cash flows include the activities of the discontinued operations.
The accompanying notes are an integral part of these consolidated financial statements.
63