Medtronic 2007 Annual Report Download - page 57

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Fiscal Year
ZebbWhi_dc_bb_edi 2007 2006 2005
Operating Activities:
Net earnings $ 2,802 $ 2,547 $ 1,804
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 583 544 463
Special charges 98 ÑÑ
IPR&D charges Ñ364 654
Provision for doubtful accounts 31 39 43
Stock-based compensation 185 25 19
Excess tax benefit from exercise of stock-based awards (36) 99 61
Deferred income taxes (236) 105 (143)
Change in operating assets and liabilities:
Accounts receivable (326) (217) (271)
Inventories (24) (257) (51)
Prepaid expenses and other assets (45) (86) (107)
Accounts payable and accrued liabilities 17 (981) 409
Other long-term liabilities (70) 38 (57)
Net cash provided by operating activities 2,979 2,220 2,824
Investing Activities:
Acquisitions, net of cash acquired (8) (285) (108)
Purchases of intellectual property (121) (837) (10)
Additions to property, plant and equipment (573) (407) (452)
Purchases of marketable securities (11,837) (8,065) (1,805)
Sales and maturities of marketable securities 10,894 6,627 803
Other investing activities, net (56) 100 (31)
Net cash used in investing activities (1,701) (2,867) (1,603)
Financing Activities:
Change in short-term borrowings, net 45 (18) 90
Payments on long-term debt (1,880) Ñ(2)
Issuance of long-term debt Ñ5,428 Ñ
Purchase of call options Ñ(1,075) Ñ
Sale of warrants Ñ517 Ñ
Dividends to shareholders (504) (465) (405)
Repurchase of common stock (1,039) (3,589) (511)
Issuance of common stock 331 506 334
Excess tax benefit from exercise of stock-based awards 36 ÑÑ
Net cash (used in) provided by financing activities (3,011) 1,304 (494)
Effect of exchange rate changes on cash and cash equivalents (5) 105 (89)
Net change in cash and cash equivalents (1,738) 762 638
Cash and cash equivalents at beginning of period 2,994 2,232 1,594
Cash and cash equivalents at end of period $ 1,256 $ 2,994 $ 2,232
Supplemental Cash Flow Information:
Cash paid during the year for:
Income taxes $ 1,034 $ 860 $ 559
Interest 230 109 55
Supplemental noncash investing and financing activities:
Reclassification of debentures from short-term to long-term debt $ 94 $ Ñ $ 1,973
Reclassification of debentures from long-term to short-term debt Ñ1,971 Ñ
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