Danaher 2011 Annual Report Download - page 68

Table of Contents
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
  
Cash flows from operating activities:
Net earnings $2,172,264 $1,793,000 $1,151,704
Less earnings from discontinued operations, net of income taxes 236,977 74,817 64,660
Net earnings from continuing operations 1,935,287 1,718,183 1,087,044
Non-cash items:
Depreciation 350,660 189,670 175,365
Amortization 284,274 198,592 156,427
Stock compensation expense 95,603 88,122 87,350
Earnings from unconsolidated joint venture, net of cash dividends received (18,413) (22,768) —
Pre-tax gain on contribution of businesses to joint venture — (291,037) —
Consideration received in shares — — (84,749)
Change in deferred income taxes 271,395 37,632 (156,210)
Change in trade accounts receivable, net (135,279) (250,946) 103,311
Change in inventories 162,019 (161,699) 197,572
Change in trade accounts payable 36,602 217,230 (86,581)
Change in prepaid expenses and other assets (111,010) 67,550 137,026
Change in accrued expenses and other liabilities (139,102) 228,169 106,283
Total operating cash provided by continuing operations 2,732,036 2,018,698 1,722,838
Total operating cash (used in) provided by discontinued operations (105,769) 65,653 77,996
Net cash provided by operating activities 2,626,267 2,084,351 1,800,834
Cash flows from investing activities:
Payments for additions to property, plant and equipment (334,471) (191,110) (175,438)
Proceeds from disposals of property, plant and equipment 8,645 1,551 5,015
Proceeds from contribution of businesses to joint venture and other 14,770 56,542 —
Cash paid for acquisitions (6,210,837) (2,129,652) (703,511)
Cash paid for other investments — — (66,768)
Proceeds from divestitures — — 9,795
Total investing cash used in continuing operations (6,521,893) (2,262,669) (930,907)
Total investing cash used in discontinued operations (5,466) (26,210) (12,034)
Proceeds from sale of discontinued operations 680,105 — —
Net cash used in investing activities (5,847,254) (2,288,879) (942,941)
Cash flows from financing activities:
Proceeds from issuance of common stock 1,112,551 178,406 174,233
Payment of dividends (61,323) (52,214) (41,717)
Net proceeds (repayments) of borrowings (maturities of 90 days or less) 854,022 — (445,711)
Proceeds of borrowings (maturities longer than 90 days) 1,785,763 — 744,615
Repayments of borrowings (maturities longer than 90 days) (1,602,379) (9,388) (24,188)
Net cash provided by financing activities 2,088,634 116,804 407,232
Effect of exchange rate changes on cash and equivalents 36,374 (1,216) 63,941
Net change in cash and equivalents (1,095,979) (88,940) 1,329,066
Beginning balance of cash and equivalents 1,632,980 1,721,920 392,854
Ending balance of cash and equivalents $537,001 $1,632,980 $1,721,920
See the accompanying Notes to the Consolidated Financial Statements.
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Source: DANAHER CORP /DE/, 10-K, February 24, 2012 Powered by Morningstar® Document Research℠
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