Cardinal Health 2009 Annual Report Download - page 88

Download and view the complete annual report

Please find page 88 of the 2009 Cardinal Health annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 154

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154

CARDINAL HEALTH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended June 30,
2009 2008 2007
(In millions)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings .......................................................... $1,151.6 $ 1,300.6 $ 1,931.1
Earnings from discontinued operations ................................. (8.8) (4.6) (1,110.4)
Earnings from continuing operations .............................. 1,142.8 1,296.0 820.7
Adjustments to reconcile earnings from continuing operations to net cash from
operations:
Depreciation and amortization ............................................ 399.4 374.8 314.9
Asset impairments and (gain)/loss on sale of assets, net ........................ 25.0 (31.4) 19.2
Acquired in-process research and development .............................. — 18.0 84.5
Equity compensation ................................................... 122.8 122.3 138.1
Provision for deferred income taxes ....................................... 69.5 25.8 11.8
Provision for bad debts ................................................. 62.1 26.1 24.0
Change in operating assets and liabilities, net of effects from acquisitions:
Increase in trade receivables ......................................... (648.8) (313.1) (780.6)
(Increase)/decrease in inventories ..................................... (341.8) 614.3 219.6
Increase in net investment in sales-type leases ........................... (28.2) (124.9) (130.8)
Increase/(decrease) in accounts payable ................................ 749.0 (859.9) 224.4
Other accrued liabilities and operating items, net ......................... 6.5 405.6 29.3
Net cash provided by operating activities—continuing operations ............ 1,558.3 1,553.6 975.1
Net cash provided by/(used in) operating activities—discontinued operations . . 9.0 (36.0) 258.6
Net cash provided by operating activities ................................... 1,567.3 1,517.6 1,233.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of subsidiaries, net of divestitures and cash acquired ................ (5.3) (514.9) (1,629.8)
Proceeds from sale of property and equipment ............................... 13.5 32.6 9.2
Additions to property and equipment ...................................... (533.4) (366.0) (355.8)
Sale of investment securities available for sale ............................... — 132.0 366.5
Net cash used in investing activities—continuing operations ................ (525.2) (716.3) (1,609.9)
Net cash provided by/(used in) investing activities—discontinued operations . . . (17.7) (10.1) 3,147.1
Net cash provided by/(used in) investing activities ............................ (542.9) (726.4) 1,537.2
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in commercial paper and short-term borrowings .................... — (0.5) (38.9)
Reduction of long-term obligations ........................................ (304.6) (21.5) (784.0)
Proceeds from long-term obligations, net of issuance costs ..................... 0.4 303.5 1,453.4
Proceeds from issuance of Common Shares ................................. 39.3 227.9 552.6
Tax benefit/(expense) from exercises of stock options ......................... (2.9) 42.1 29.9
Dividends on Common Shares ........................................... (200.4) (173.1) (144.4)
Purchase of treasury shares .............................................. — (1,181.6) (3,662.0)
Net cash used in financing activities—continuing operations ................ (468.2) (803.2) (2,593.4)
Net cash used in financing activities—discontinued operations .............. — — (45.4)
Net cash used in financing activities ....................................... (468.2) (803.2) (2,638.8)
NET INCREASE/(DECREASE) IN CASH AND EQUIVALENTS ............... 556.2 (12.0) 132.1
CASH AND EQUIVALENTS AT BEGINNING OF YEAR ...................... 1,291.3 1,303.3 1,171.2
CASH AND EQUIVALENTS AT END OF YEAR ............................. $1,847.5 $ 1,291.3 $ 1,303.3
SUPPLEMENTAL INFORMATION:
Cash payments for:
Interest .......................................................... $ 201.8 $ 239.8 $ 189.8
Income taxes ..................................................... $ 429.3 $ 116.0 $ 394.4
The accompanying notes are an integral part of these consolidated statements
66