Eli Lilly 2009 Annual Report Download - page 49

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Consolidated Statements of Cash Flows
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions) Year Ended December 31 2009 2008 2007
Cash Flows From Operating Activities
Net income (loss) . .................................... $ 4,328.8 $(2,071.9) $ 2,953.0
Adjustments To Reconcile Net Income To
Cash Flows From Operating Activities
Net marketing investigation charges accrued (paid) (Note 14) . . (1,313.6) 1,423.6 —
Depreciation and amortization .......................... 1,297.8 1,122.6 1,047.9
Change in deferred taxes . . . .......................... 189.9 442.6 60.7
Stock-based compensation expense . . . . . . . . ............. 368.5 255.3 282.0
Acquired in-process research and development, net of tax . . . . 58.5 4,792.7 692.6
Other, net . . . . . .................................... 362.5 406.5 172.1
5,292.4 6,371.4 5,208.3
Changes in operating assets and liabilities, net of acquisitions
Receivables—(increase) decrease. . . . . . . . . ............. (492.9) 799.1 (842.7)
Inventories—(increase) decrease . . . . . . . . . ............. (179.0) 84.8 154.3
Other assets—(increase) decrease . . . . . . . . ............. (84.9) 1,648.6 (355.8)
Accounts payable and other liabilities—increase (decrease) . . (200.1) (1,608.3) 990.4
(956.9) 924.2 (53.8)
Net Cash Provided by Operating Activities .................. 4,335.5 7,295.6 5,154.5
Cash Flows From Investing Activities
Purchases of property and equipment. . . . . . . . . ............. (765.0) (947.2) (1,082.4)
Disposals of property and equipment . . . . . . . . . ............. 17.7 25.7 32.3
Net change in short-term investments . . . . . . . . ............. 399.1 957.6 (376.9)
Proceeds from sales and maturities of noncurrent investments . . 1,107.8 1,597.3 800.1
Purchases of noncurrent investments . . . . . . . . . ............. (432.3) (2,412.4) (750.7)
Purchases of in-process research and development . . . . . . . . . . . (90.0) (122.0) (111.0)
Cash paid for acquisitions, net of cash acquired . ............. —(6,083.0) (2,673.2)
Other, net . . . . . . . .................................... (94.5) (284.8) (166.3)
Net Cash Provided by (Used for) Investing Activities .......... 142.8 (7,268.8) (4,328.1)
Cash Flows From Financing Activities
Dividends paid . . . .................................... (2,152.1) (2,056.7) (1,853.6)
Net change in short-term borrowings . . . . . . . . . ............. (5,824.2) 5,060.5 (468.5)
Proceeds from issuance of long-term debt . . . . . ............. 2,400.0 0.1 2,512.6
Repayments of long-term debt . .......................... —(649.8) (1,059.5)
Other, net . . . . . . . .................................... 42.6 (8.1) 24.1
Net Cash Provided by (Used for) Financing Activities ......... (5,533.7) 2,346.0 (844.9)
Effect of exchange rate changes on cash and cash equivalents . . . 21.6 (96.6) 129.7
Net (decrease) increase in cash and cash equivalents . . . . . . . . . . (1,033.8) 2,276.2 111.2
Cash and cash equivalents at beginning of year . ............. 5,496.7 3,220.5 3,109.3
Cash and Cash Equivalents at End of Year .................. $ 4,462.9 $ 5,496.7 $ 3,220.5
See notes to consolidated financial statements.
37
FORM 10-K