Cardinal Health 2012 Annual Report Download - page 30

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Cardinal Health, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
28
(in millions) 2012 2011 2010
Cash flows from operating activities:
Net earnings $1,069 $959 $642
(Earnings)/loss from discontinued operations 17 (55)
Earnings from continuing operations 1,070 966 587
Adjustments to reconcile earnings from continuing operations to net cash from operations:
Depreciation and amortization 325 313 254
Loss on extinguishment of debt ——40
Gain on sale of investment in CareFusion —(75) (45)
Impairments and loss on disposal of assets 21 929
Share-based compensation 85 80 100
Provision for deferred income taxes 158 128 120
Provision for bad debts 22 27 27
Change in fair value of contingent consideration obligation (71)(7)—
Change in operating assets and liabilities, net of effects from acquisitions:
Decrease/(increase) in trade receivables (129) (457) 21
Decrease/(increase) in inventories (495) (665) 477
Increase in accounts payable 319 1,356 451
Other accrued liabilities and operating items, net (129) (280) (74)
Net cash provided by operating activities—continuing operations 1,176 1,395 1,987
Net cash provided by operating activities—discontinued operations —— 147
Net cash provided by operating activities 1,176 1,395 2,134
Cash flows from investing activities:
Acquisition of subsidiaries, net of cash acquired (174) (2,300) (32)
Purchase of held-to-maturity securities and other investments (35)(156) —
Additions to property and equipment (263) (291) (260)
Proceeds from divestitures and sale of property and equipment 33158
Proceeds from sale of CareFusion common stock —706 271
Proceeds from maturities of held-to-maturity securities 92 10 —
Net cash provided by/(used in) investing activities—continuing operations (377) (2,028) 137
Net cash used in investing activities—discontinued operations ——(10)
Net cash provided by/(used in) investing activities (377) (2,028) 127
Cash flows from financing activities:
Payment of contingent consideration —(10)—
Net change in short-term borrowings 13 46 —
Reduction of long-term obligations (251) (229) (1,486)
Proceeds from long-term obligations, net of issuance costs 496 495 —
Payment of premiums for debt extinguishment ——(66)
Proceeds from issuance of Common Shares 42 63 40
Tax disbursements from exercises of stock options (4)(14) (16)
Dividends on Common Shares (300) (274) (253)
Purchase of treasury shares (450) (270) (230)
Net cash used in financing activities—continuing operations (454) (193) (2,011)
Net cash provided by financing activities—discontinued operations —— 1,284
Net cash used in financing activities (454) (193) (727)
Net increase/(decrease) in cash and equivalents 345 (826) 1,534
Cash and equivalents at beginning of year 1,929 2,755 1,221
Cash and equivalents at end of year $ 2,274 $1,929 $2,755
Supplemental information:
Cash payments for interest $118 $116 $158
Cash payments for income taxes $513 $588 $514
Non-cash investing and financing transactions for:
Retained investment in CareFusion at date of Spin-Off $—$—$863
Non-cash dividend in connection with Spin-Off $—$—$3,689
The accompanying notes are an integral part of these consolidated statements.