Amgen 2007 Annual Report Download - page 131

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AMGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2007, 2006 and 2005
(In millions)
2007 2006 2005
Cash flows from operating activities:
Net income ....................................................... $3,166 $ 2,950 $ 3,674
Depreciation and amortization ........................................ 1,202 963 841
Write-off of acquired in-process research and development ................. 590 1,231 —
Stock-based compensation expense .................................... 263 403 106
Tax benefits related to employee stock-based compensation ................ — — 315
Deferred income taxes .............................................. 136 (540) (95)
Property, plant and equipment impairments ............................. 404 — —
Other items, net ................................................... 81 (81) 60
Cash provided by (used in) changes in operating assets and liabilities, net of
acquisitions:
Trade receivables, net ............................................. 38 (355) (308)
Inventories ..................................................... (109) (561) (370)
Other current assets .............................................. (119) (6) (47)
Accounts payable ................................................ (181) (24) 72
Accrued income taxes ............................................ (810) 581 81
Other accrued liabilities ........................................... 740 828 582
Net cash provided by operating activities ........................... 5,401 5,389 4,911
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired .......................... (697) (2,167) —
Purchases of property, plant and equipment ............................. (1,267) (1,218) (867)
Purchases of marketable securities ..................................... (5,579) (5,386) (9,597)
Proceeds from sales of marketable securities ............................. 5,073 3,065 9,835
Proceeds from maturities of marketable securities ........................ 454 785 603
Other ............................................................ 24 (210) (33)
Net cash used in investing activities ............................... (1,992) (5,131) (59)
Cash flows from financing activities:
Repurchases of common stock ........................................ (5,100) (2,000) (4,430)
Repayment of debt ................................................. (1,840) (653) (1,175)
Proceeds from issuance of debt ....................................... 3,982 — —
Proceeds from issuance of convertible notes and related transactions, net ...... — 439 —
Proceeds from issuance of warrants .................................... — 774 —
Net proceeds from issuance of common stock in connection with the
Company’s equity award programs .................................. 277 528 1,087
Other ............................................................ 13 97 (20)
Net cash used in financing activities ............................... (2,668) (815) (4,538)
Increase (decrease) in cash and cash equivalents ............................ 741 (557) 314
Cash and cash equivalents at beginning of year ............................. 1,283 1,840 1,526
Cash and cash equivalents at end of year .................................. $2,024 $ 1,283 $ 1,840
See accompanying notes.
F-5