Amgen 2009 Annual Report Download - page 125
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AMGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2009, 2008 and 2007
(In millions)
2009 2008 2007
Cash flows from operating activities:
Net income ..................................................... $ 4,605 $ 4,052 $ 3,078
Depreciation and amortization ...................................... 1,049 1,073 1,202
Write-off of acquired in-process research and development ............... — — 590
Stock-based compensation expense .................................. 284 262 263
Deferred income taxes ............................................ 47 (137) 56
Property, plant and equipment impairments ........................... 21 59 404
Dividend received from equity investee .............................. 110 8 76
Other items, net ................................................. 111 244 173
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net ........................................... (36) 65 38
Inventories ................................................... (134) (59) (109)
Other current assets ............................................ (3) 15 (119)
Accounts payable .............................................. 71 95 (181)
Accrued income taxes .......................................... (142) 14 (810)
Other accrued liabilities ......................................... 320 (30) 688
Deferred revenue .............................................. 33 327 52
Net cash provided by operating activities ......................... 6,336 5,988 5,401
Cash flows from investing activities:
Purchases of property, plant and equipment ........................... (530) (672) (1,267)
Cash paid for acquisitions, net of cash acquired ........................ — (56) (697)
Purchases of marketable securities ................................... (12,418) (10,345) (5,579)
Proceeds from sales of marketable securities ........................... 8,252 6,762 5,073
Proceeds from maturities of marketable securities ...................... 1,443 1,018 454
Other .......................................................... 51 128 24
Net cash used in investing activities ............................. (3,202) (3,165) (1,992)
Cash flows from financing activities:
Repurchases of common stock ...................................... (3,208) (2,268) (5,100)
Repayment of debt ............................................... (1,000) (2,000) (1,840)
Net proceeds from issuance of debt .................................. 1,980 991 3,982
Net proceeds from issuance of common stock in connection with the
Company’s equity award programs ................................ 171 155 277
Other .......................................................... 33 49 13
Net cash used in financing activities ............................. (2,024) (3,073) (2,668)
Increase (decrease) in cash and cash equivalents .......................... 1,110 (250) 741
Cash and cash equivalents at beginning of period ......................... 1,774 2,024 1,283
Cash and cash equivalents at end of period .............................. $ 2,884 $ 1,774 $ 2,024
See accompanying notes, including Note 1 for discussion of required retrospective adoption of a new accounting
standard effective January 1, 2009, applicable to our convertible debt.
F-5