Medtronic 2013 Annual Report Download - page 77

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75732me_10K.indd 62 6/25/13 6:39 PM
Table of Contents
Medtronic, Inc.
Consolidated Statements of Cash Flows
Fiscal Year
2013 2012 2011
(in millions)
Operating Activities:
Net earnings $ 3,467 $ 3,617 $ 3,096
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 819 833 804
Amortization of debt discount and issuance costs 104 85 171
Gain on sale of Physio-Control — (218) —
Acquisition-related items (74) 45 44
Provision for doubtful accounts 51 66 47
Deferred income taxes (7) 14 153
Stock-based compensation 152 161 198
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net 1 (252) (342)
Inventories 93 (185) (101)
Accounts payable and accrued liabilities 422 300 (37)
Other operating assets and liabilities (215) 155 (532)
Certain litigation charges, net 245 90 245
Certain litigation payments (175) (241) (5)
Net cash provided by operating activities 4,883 4,470 3,741
Investing Activities:
Acquisitions, net of cash acquired (820) (556) (1,332)
Proceeds from divestiture of Physio-Control — 386 —
Additions to property, plant, and equipment (457) (484) (501)
Purchases of marketable securities (12,321) (9,704) (9,043)
Sales and maturities of marketable securities 10,511 7,717 9,318
Other investing activities, net (14) (21) (176)
Net cash used in investing activities (3,101) (2,662) (1,734)
Financing Activities:
Acquisition-related contingent consideration (18) (118) —
Change in short-term borrowings, net (720) 165 619
Repayment of short-term borrowings (maturities greater than 90 days) (2,700) (3,275) (1,325)
Proceeds from short-term borrowings (maturities greater than 90 days) 2,628 2,525 2,327
Issuance of long-term debt 2,980 1,210 1,000
Payments on long-term debt (2,214) (24) (2,603)
Dividends to shareholders (1,055) (1,021) (969)
Issuance of common stock 267 96 85
Repurchase of common stock (1,247) (1,440) (1,140)
Other financing activities (22) — —
Net cash used in financing activities (2,101) (1,882) (2,006)
Effect of exchange rate changes on cash and cash equivalents 7 (71) 62
Net change in cash and cash equivalents (312) (145) 63
Cash and cash equivalents at beginning of period 1,172 1,317 1,254
Cash and cash equivalents at end of period $ 860 $ 1,172 $ 1,317
Supplemental Cash Flow Information
Cash paid for:
Income taxes $ 537 $ 454 $ 826
Interest 333 312 292
The consolidated statements of cash flows for the prior periods include the activities of the discontinued operations.
The accompanying notes are an integral part of these consolidated financial statements.
59