Johnson and Johnson 2015 Annual Report Download - page 47

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Johnson & Johnson and Subsidiaries
Consolidated Statements of Cash Flows
(Dollars in Millions) (Note 1)
2015 2014 2013
Cash flows from operating activities
Net earnings $15,409 16,323 13,831
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property and intangibles 3,746 3,895 4,104
Stock based compensation 874 792 728
Venezuela adjustments 122 87 108
Asset write-downs 624 410 739
Net gain on sale of assets/businesses (2,583) (2,383) (113)
Net gain on equity investment transactions – – (417)
Deferred tax provision (270) 441 (607)
Accounts receivable allowances 18 (28) (131)
Changes in assets and liabilities, net of effects from acquisitions and divestitures:
Increase in accounts receivable (433) (247) (632)
Increase in inventories (449) (1,120) (622)
(Decrease)/Increase in accounts payable and accrued liabilities (3) 955 1,821
Decrease/(Increase) in other current and non-current assets 65 442 (1,693)
Increase/(Decrease) in other current and non-current liabilities 2,159 (1,096) 298
Net cash flows from operating activities 19,279 18,471 17,414
Cash flows from investing activities
Additions to property, plant and equipment (3,463) (3,714) (3,595)
Proceeds from the disposal of assets/businesses, net 3,464 4,631 458
Acquisitions, net of cash acquired (Note 20) (954) (2,129) (835)
Purchases of investments (40,828) (34,913) (18,923)
Sales of investments 34,149 24,119 18,058
Other (primarily intangibles) (103) (299) (266)
Net cash used by investing activities (7,735) (12,305) (5,103)
Cash flows from financing activities
Dividends to shareholders (8,173) (7,768) (7,286)
Repurchase of common stock (5,290) (7,124) (3,538)
Proceeds from short-term debt 2,416 1,863 1,411
Retirement of short-term debt (1,044) (1,267) (1,397)
Proceeds from long-term debt 75 2,098 3,607
Retirement of long-term debt (68) (1,844) (1,593)
Proceeds from the exercise of stock options/excess tax benefits 1,295 1,782 2,649
Other (57) – 56
Net cash used by financing activities (10,846) (12,260) (6,091)
Effect of exchange rate changes on cash and cash equivalents (1,489) (310) (204)
(Decrease)/Increase in cash and cash equivalents (791) (6,404) 6,016
Cash and cash equivalents, beginning of year (Note 1) 14,523 20,927 14,911
Cash and cash equivalents, end of year (Note 1) $13,732 14,523 20,927
Supplemental cash flow data
Cash paid during the year for:
Interest $617 603 596
Interest, net of amount capitalized 515 488 491
Income taxes 2,865 3,536 3,155
Supplemental schedule of non-cash investing and financing activities
Treasury stock issued for employee compensation and stock option plans, net of cash proceeds 1,196 1,170 743
Conversion of debt 16 17 22
Acquisitions
Fair value of assets acquired $1,174 2,167 1,028
Fair value of liabilities assumed and noncontrolling interests (220) (38) (193)
Net cash paid for acquisitions $954 2,129 835
See Notes to Consolidated Financial Statements
Johnson & Johnson 2015 Annual Report •35