Eli Lilly 2008 Annual Report Download - page 24

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FINANCIALS
22
Consolidated Statements of Cash Flows
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions) Year Ended December 31 2008 2007 2006
Cash Flows From Operating Activities
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(2,071.9) $ 2,953.0 $ 2,662.7
Adjustments To Reconcile Net Income To Cash Flows
From Operating Activities
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122.6 1,047.9 801.8
Change in deferred taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 442.6 60.7 346.8
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . 255.3 282.0 359.3
Acquired in-process research and development, net of tax . . . . . 4,792.7 692.6 —
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406.5 172.1 600.6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,947.8 5,208.3 4,771.2
Changes in operating assets and liabilities, net of acquisitions
Receivables—(increase) decrease . . . . . . . . . . . . . . . . . . . . . . . . 799.1 (842.7) 243.9
Inventories—(increase) decrease. . . . . . . . . . . . . . . . . . . . . . . . . 84.8 154.3 (60.2)
Other assets—(increase) decrease . . . . . . . . . . . . . . . . . . . . . . . 1,648.6 (355.8) (43.0)
Accounts payable and other liabilities—increase (decrease) . . (184.7) 990.4 (936.0)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,347.8 (53.8) (795.3)
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . 7,295.6 5,154.5 3,975.9
Cash Flows From Investing Activities
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . (947.2) (1,082.4) (1,077.8)
Disposals of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7 32.3 65.2
Net change in short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . 957.6 (376.9) 1,247.5
Proceeds from sales and maturities of noncurrent investments . . . 1,597.3 800.1 1,507.7
Purchases of noncurrent investments . . . . . . . . . . . . . . . . . . . . . . . . . (2,412.4) (750.7) (1,313.2)
Purchases of in-process research and development . . . . . . . . . . . . . (122.0) (111.0) —
Cash paid for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . (6,083.0) (2,673.2) —
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (284.8) (166.3) 179.0
Net Cash Provided by (Used for) Investing Activities . . . . . . . . . . . . (7,268.8) (4,328.1) 608.4
Cash Flows From Financing Activities
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,056.7) (1,853.6) (1,736.3)
Net change in short-term borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . 5,060.5 (468.5) (8.4)
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . 0.1 2,512.6 —
Repayments of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (649.8) (1,059.5) (2,781.5)
Purchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (122.1)
Issuances of common stock under stock plans . . . . . . . . . . . . . . . . . . — 24.7 59.6
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8.1) (0.6) 9.9
Net Cash Provided by (Used for) Financing Activities . . . . . . . . . . . 2,346.0 (844.9) (4,578.8)
Effect of exchange rate changes on cash and cash equivalents . . . . (96.6) 129.7 97.1
Net increase in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . 2,276.2 111.2 102.6
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . 3,220.5 3,109.3 3,006.7
Cash and Cash Equivalents at End of Year . . . . . . . . . . . . . . . . . . . . . $ 5,496.7 $ 3,220.5 $ 3,109.3
See notes to consolidated fi nancial statements.