HCA Holdings 2011 Annual Report Download - page 112

HCA HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009
(Dollars in millions)
2011 2010 2009
Cash flows from operating activities:
Net income ....................................................... $ 2,842 $ 1,573 $ 1,375
Adjustments to reconcile net income to net cash provided by operating
activities:
Increase (decrease) in cash from operating assets and liabilities:
Accounts receivable ............................................ (3,248) (2,789) (3,180)
Inventories and other assets ...................................... (18) (287) (191)
Accounts payable and accrued expenses ............................ 313 229 280
Provision for doubtful accounts ..................................... 2,824 2,648 3,276
Depreciation and amortization ...................................... 1,465 1,421 1,425
Income taxes .................................................... 912 27 (520)
Losses (gains) on sales of facilities .................................. (142) (4) 15
Gain on acquisition of controlling interest in equity investment ............ (1,522) ——
Impairments of long-lived assets .................................... —123 43
Losses on retirement of debt ....................................... 481 ——
Amortization of deferred loan costs .................................. 70 81 80
Share-based compensation ......................................... 26 32 40
Pay-in-kind interest .............................................. (78) —58
Other .......................................................... 831 46
Net cash provided by operating activities ........................... 3,933 3,085 2,747
Cash flows from investing activities:
Purchase of property and equipment ................................... (1,679) (1,325) (1,317)
Acquisition of hospitals and health care entities .......................... (1,682) (233) (61)
Disposal of hospitals and health care entities ............................ 281 37 41
Change in investments .............................................. 80 472 303
Other ............................................................ 510 (1)
Net cash used in investing activities ............................... (2,995) (1,039) (1,035)
Cash flows from financing activities:
Issuances of long-term debt .......................................... 5,500 2,912 2,979
Net change in revolving bank credit facilities ............................ (449) 1,889 (1,335)
Repayment of long-term debt ......................................... (6,640) (2,268) (3,103)
Distributions to noncontrolling interests ................................ (378) (342) (330)
Contributions from noncontrolling interests ............................. —57 —
Payment of debt issuance costs ....................................... (92) (50) (70)
Issuance of common stock ........................................... 2,506 ——
Repurchase of common stock ........................................ (1,503) ——
Distributions to stockholders ......................................... (31) (4,257) —
Income tax benefits ................................................ 63 114 —
Other ............................................................ 48 (2) (6)
Net cash used in financing activities ............................... (976) (1,947) (1,865)
Change in cash and cash equivalents ..................................... (38) 99 (153)
Cash and cash equivalents at beginning of period ........................... 411 312 465
Cash and cash equivalents at end of period ................................ $ 373 $ 411 $ 312
Interest payments .................................................... $ 1,987 $ 1,994 $ 1,751
Income tax (refunds) payments, net ...................................... $ (256) $ 517 $ 1,147
The accompanying notes are an integral part of the consolidated financial statements.
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