Cardinal Health 2014 Annual Report Download - page 28

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Cardinal Health, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
26
(in millions) 2014 2013 2012
Cash flows from operating activities:
Net earnings $ 1,166 $ 334 $ 1,069
(Earnings)/loss from discontinued operations, net of tax (3)1 1
Earnings from continuing operations 1,163 335 1,070
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities:
Depreciation and amortization 459 397 325
Gain on sale of investments (32) — —
Impairments and loss on disposal of assets 15 859 21
Share-based compensation 96 93 85
Provision for deferred income taxes 26 21 158
Provision for bad debts 42 31 22
Change in fair value of contingent consideration obligation — — (71)
Change in operating assets and liabilities, net of effects from acquisitions:
Decrease/(increase) in trade receivables 925 216 (129)
Decrease/(increase) in inventories 142 (370) (495)
Increase/(decrease) in accounts payable (196) 426 319
Other accrued liabilities and operating items, net (116) (281) (129)
Net cash provided by operating activities 2,524 1,727 1,176
Cash flows from investing activities:
Acquisition of subsidiaries, net of cash acquired (519) (2,239) (174)
Additions to property and equipment (249) (195) (260)
Purchase of available-for-sale securities, held-to-maturity securities and other investments (129) (12) (35)
Proceeds from sale of investments 47 — —
Proceeds from maturities of held-to-maturity securities —71 92
Net cash used in investing activities (850) (2,375) (377)
Cash flows from financing activities:
Payment of contingent consideration obligation —(4)—
Net change in short-term borrowings 114 (1)13
Reduction of long-term obligations (2)(305) (251)
Proceeds from long-term obligations, net of issuance costs —1,286 496
Net proceeds from issuance of common shares 227 121 42
Tax proceeds/(disbursements) from share-based compensation 39 (19) (4)
Dividends on common shares (415) (353) (300)
Purchase of treasury shares (673) (450) (450)
Net cash provided by/(used in) financing activities (710) 275 (454)
Net increase/(decrease) in cash and equivalents 964 (373) 345
Cash and equivalents at beginning of period 1,901 2,274 1,929
Cash and equivalents at end of period $ 2,865 $ 1,901 $ 2,274
Supplemental information:
Cash payments for interest $ 152 $ 128 $ 118
Cash payments for income taxes 632 899 513
The accompanying notes are an integral part of these consolidated statements.