Amgen 2011 Annual Report Download - page 129
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AMGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2011, 2010 and 2009
(In millions)
2011 2010 2009
Cash flows from operating activities:
Net income .................................................... $ 3,683 $ 4,627 $ 4,605
Depreciation and amortization ..................................... 1,060 1,017 1,049
Stock-based compensation expense ................................. 341 353 284
Deferred income taxes ........................................... (399) (167) 47
Property, plant and equipment impairments .......................... 6 118 21
Dividend received from equity investee ............................. — — 110
Other items, net ................................................ 63 140 111
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net .......................................... (557) (210) (36)
Inventories .................................................. (383) 153 (134)
Other assets ................................................. (133) 36 (3)
Accounts payable ............................................. (95) 142 71
Accrued income taxes ......................................... (20) (656) (142)
Legal reserve ................................................ 780 — —
Other liabilities ............................................... 773 234 353
Net cash provided by operating activities ........................ 5,119 5,787 6,336
Cash flows from investing activities:
Purchases of property, plant and equipment .......................... (567) (580) (530)
Cash paid for acquisitions, net of cash acquired ....................... (701) — —
Purchases of marketable securities .................................. (21,183) (14,602) (12,418)
Proceeds from sales of marketable securities .......................... 20,871 10,485 8,252
Proceeds from maturities of marketable securities ..................... 749 642 1,443
Other ......................................................... 45 (97) 51
Net cash used in investing activities ............................ (786) (4,152) (3,202)
Cash flows from financing activities:
Repurchases of common stock ..................................... (8,315) (3,786) (3,208)
Repayment of debt .............................................. (2,500) — (1,000)
Repayments of commercial paper .................................. (762) — —
Dividends paid ................................................. (500) — —
Net proceeds from issuance of debt ................................. 10,387 2,471 1,980
Net proceeds from issuance of commercial paper ...................... 762 — —
Other ......................................................... 254 83 204
Net cash used in financing activities ............................ (674) (1,232) (2,024)
Increase in cash and cash equivalents ................................. 3,659 403 1,110
Cash and cash equivalents at beginning of period ........................ 3,287 2,884 1,774
Cash and cash equivalents at end of period ............................. $ 6,946 $ 3,287 $ 2,884
See accompanying notes.
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