Amgen 2015 Annual Report Download - page 84

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F-6
AMGEN INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2015, 2014 and 2013
(In millions)
2015 2014 2013
Cash flows from operating activities:
Net income $ 6,939 $ 5,158 $ 5,081
Depreciation and amortization 2,108 2,092 1,286
Stock-based compensation expense 322 408 403
Deferred income taxes (607)(108)(189)
Other items, net (399)(116) 103
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables, net (420) 136 (38)
Inventories 481 327 (7)
Other assets 155 (1)(59)
Accounts payable (12) 228 60
Accrued income taxes 509 (103)(326)
Other liabilities 1 534 (23)
Net cash provided by operating activities 9,077 8,555 6,291
Cash flows from investing activities:
Purchases of property, plant and equipment (594)(718)(693)
Cash paid for acquisitions, net of cash acquired (359)(165)(9,434)
Purchases of intangible assets (55)(285)—
Purchases of marketable securities (25,977)(25,878)(21,965)
Proceeds from sales of marketable securities 18,029 16,697 19,123
Proceeds from maturities of marketable securities 3,527 4,199 5,090
Proceeds from sale of property, plant and equipment 274 3 20
Change in restricted investments, net — 533 (520)
Other (392)(138)(90)
Net cash used in investing activities (5,547)(5,752)(8,469)
Cash flows from financing activities:
Net proceeds from issuance of debt 3,465 4,476 8,054
Repayment of debt (2,400)(5,605)(3,371)
Repurchases of common stock (1,867)(138)(832)
Dividends paid (2,396)(1,851)(1,415)
Net proceeds from issuance of common stock in connection with
the Company’s equity award programs 82 186 296
Settlement of contingent consideration obligations (253)(92)—
Other 252 147 (6)
Net cash (used in) provided by financing activities (3,117)(2,877) 2,726
Increase (decrease) in cash and cash equivalents 413 (74) 548
Cash and cash equivalents at beginning of period 3,731 3,805 3,257
Cash and cash equivalents at end of period $ 4,144 $ 3,731 $ 3,805
See accompanying notes.