Cardinal Health 2015 Annual Report Download - page 49

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Financial Statements
Cardinal Health | Fiscal 2015 Form 10-K 48
Consolidated Statements of Cash Flows
(in millions) 2015 2014 2013
Cash flows from operating activities:
Net earnings $ 1,215 $1,166 $334
Earnings/(loss) from discontinued operations, net of tax (3)(3) 1
Earnings from continuing operations 1,212 1,163 335
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 451 459 397
Loss on extinguishment of debt 60 — —
Gain on sale of other investments (5)(32)—
Impairments and (gain)/loss on disposal of assets, net (19) 15 859
Share-based compensation 110 96 93
Provision for deferred income taxes 219 26 21
Provision for bad debts 52 42 31
Change in fair value of contingent consideration obligation 8— —
Change in operating assets and liabilities, net of effects from acquisitions:
Decrease/(increase) in trade receivables (870) 925 216
Decrease/(increase) in inventories (779) 142 (370)
Increase/(decrease) in accounts payable 1,948 (196) 426
Other accrued liabilities and operating items, net 153 (116) (281)
Net cash provided by operating activities 2,540 2,524 1,727
Cash flows from investing activities:
Acquisition of subsidiaries, net of cash acquired (503) (519) (2,239)
Additions to property and equipment (300) (249) (195)
Purchase of available-for-sale securities and other investments (342) (129) (12)
Proceeds from sale of available-for-sale securities and other investments 206 47 —
Proceeds from maturities of available-for-sale securities and held-to-maturity securities 37 — 71
Proceeds from divestitures and disposal of held for sale assets 53 — —
Net cash used in investing activities (849) (850) (2,375)
Cash flows from financing activities:
Payment of contingent consideration obligation (7)— (4)
Net change in short-term borrowings (12) 114 (1)
Reduction of long-term obligations (1,221) (2) (305)
Proceeds from long-term obligations, net of issuance costs 2,672 — 1,286
Net proceeds from issuance of common shares 72 227 121
Tax proceeds/(disbursements) from share-based compensation 52 39 (19)
Dividends on common shares (460) (415) (353)
Purchase of treasury shares (1,036) (673) (450)
Net cash provided by/(used in) financing activities 60 (710) 275
Net increase/(decrease) in cash and equivalents 1,751 964 (373)
Cash and equivalents at beginning of period 2,865 1,901 2,274
Cash and equivalents at end of period $ 4,616 $2,865 $1,901
Supplemental Information:
Cash payments for interest $ 150 $152 $128
Cash payments for income taxes 529 632 899
The accompanying notes are an integral part of these consolidated statements.