Amgen 2012 Annual Report Download - page 105

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F-6
AMGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2012, 2011 and 2010
(In millions)
2012 2011 2010
Cash flows from operating activities:
Net income $ 4,345 $ 3,683 $ 4,627
Depreciation and amortization 1,088 1,060 1,017
Stock-based compensation expense 362 341 353
Deferred income taxes 28 (328)(151)
Property, plant and equipment impairments 178 6 118
Other items, net (74) 63 140
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net 348 (557)(210)
Inventories (150)(383) 153
Other assets 124 (204) 20
Accounts payable 161 (95) 142
Accrued income taxes 87 (20)(656)
Legal reserve (780) 780 —
Other liabilities 165 773 234
Net cash provided by operating activities 5,882 5,119 5,787
Cash flows from investing activities:
Purchases of property, plant and equipment (689)(567)(580)
Cash paid for acquisitions, net of cash acquired (2,390)(701) —
Purchases of marketable securities (26,241)(21,183)(14,602)
Proceeds from sales of marketable securities 17,372 20,871 10,485
Proceeds from maturities of marketable securities 1,994 749 642
Other (36) 45 (97)
Net cash used in investing activities (9,990)(786)(4,152)
Cash flows from financing activities:
Net proceeds from issuance of debt 4,933 10,387 2,471
Repayment of debt (123)(2,500) —
Net proceeds from issuance of commercial paper — 762 —
Repayments of commercial paper —(762) —
Repurchases of common stock (4,607)(8,315)(3,786)
Dividends paid (1,118)(500) —
Net proceeds from issuance of common stock in connection with
the Company's equity award programs 1,288 242 80
Other 46 12 3
Net cash provided by (used in) financing activities 419 (674)(1,232)
Increase (decrease) in cash and cash equivalents (3,689) 3,659 403
Cash and cash equivalents at beginning of period 6,946 3,287 2,884
Cash and cash equivalents at end of period $ 3,257 $ 6,946 $ 3,287
See accompanying notes.