Medtronic 2015 Annual Report Download - page 69

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Summary of Cash Flows
Fiscal Year
(in millions) 2015 2014 2013
Cash provided by (used in):
Operating activities $ 4,902 $ 4,959 $ 4,942
Investing activities (17,058) (3,594) (3,101)
Financing activities 15,949 (918) (2,101)
Effect of exchange rate changes on cash and cash equivalents (353) 37 7
Net change in cash and cash equivalents $ 3,440 $ 484 $ (253)
Operating Activities Our net cash provided by operating activities was $4.902 billion, decreasing $57 million for the fiscal
year ended April 24, 2015 compared to $4.959 billion for the prior year. The slight year-over-year decrease is primarily the
result of certain Covidien acquisition impacts, including acquisition-related items, accrued liabilities, and deferred income taxes,
offset by the $750 million settlement payment made to Edwards in May 2014.
Our net cash provided by operating activities was $4.959 billion for the fiscal year ended April 25, 2014 increasing $17 million
compared to $4.942 billion for the fiscal year ended April 26, 2013.
Investing Activities Our net cash used in investing activities was $17.058 billion for the fiscal year ended April 24, 2015
compared to $3.594 billion for the prior year. The $13.464 billion increase in net cash used in investing activities was primarily
attributable to higher levels of cash used in the current year for acquisitions, primarily related to the Covidien acquisition net of
cash acquired, partially offset by a decrease in net purchases and sales and maturities of marketable securities.
Our net cash provided in investing activities was $3.594 billion for the fiscal year ended April 25, 2014 compared to $3.101
billion for the prior year. The $493 million increase in cash used in investing activities was primarily attributable to increased
net purchases of marketable securities compared to the prior fiscal year partially offset by higher levels of cash used in the prior
year for acquisitions, primarily related to Kanghui.
Financing Activities We had net cash provided by financing activities of $15.949 billion for the fiscal year ended April 24,
2015 compared to $918 million used in financing activities the prior year. The $16.867 billion increase in financing activities
primarily resulted from a net increase in issuances of long-term debt net of payments on long-term debt and short-term
borrowings, partially offset by a decrease in net issuance and repurchases of ordinary shares compared to the prior fiscal year.
We had net cash used in financing activities of $918 million for the fiscal year ended April 25, 2014 compared to $2.101 billion
for the prior fiscal year. The $1.183 billion decrease in cash used in financing activities primarily resulted from a $1.457 billion
decrease in net payments in excess of issuances on long-term debt and short-term borrowings, partially offset by a $266 million
increase in ordinary share repurchases net of issuances compared to the prior fiscal year.
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