Johnson and Johnson 2011 Annual Report Download - page 42

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Consolidated Statements of Cash Flows Johnson & Johnson and Subsidiaries
(Dollars in Millions) (Note 1) 2011 2010 2009
40 JOHNSON & JOHNSON 2011 ANNUAL REPORT
Cash flows from operating activities
Net earnings $ 9,672 13,334 12,266
Adjustments to reconcile net earnings to cash flows from
operating activities:
Depreciation and amortization of property and intangibles 3,158 2,939 2,774
Stock based compensation 621 614 628
Deferred tax provision (836) 356 (436)
Accounts receivable allowances 32 12 58
Changes in assets and liabilities, net of effects from acquisitions:
(Increase)/decrease in accounts receivable (915) (207) 453
(Increase)/decrease in inventories (715) (196) 95
Increase/(decrease) in accounts payable and accrued liabilities 493 20 (507)
(Increase)/decrease in other current and non-current assets (1,625) (574) 1,209
Increase in other current and non-current liabilities 4,413 87 31
Net cash flows from operating activities 14,298 16,385 16,571
Cash flows from investing activities
Additions to property, plant and equipment (2,893) (2,384) (2,365)
Proceeds from the disposal of assets 1,342 524 154
Acquisitions, net of cash acquired (Note 20) (2,797) (1,269) (2,470)
Purchases of investments (29,882) (15,788) (10,040)
Sales of investments 30,396 11,101 7,232
Other (primarily intangibles) (778) (38) (109)
Net cash used by investing activities (4,612) (7,854) (7,598)
Cash flows from financing activities
Dividends to shareholders (6,156) (5,804) (5,327)
Repurchase of common stock (2,525) (2,797) (2,130)
Proceeds from short-term debt 9,729 7,874 9,484
Retirement of short-term debt (11,200) (6,565) (6,791)
Proceeds from long-term debt 4,470 1,118 9
Retirement of long-term debt (16) (32) (219)
Proceeds from the exercise of stock options/excess tax benefits 1,246 1,226 882
Net cash used by financing activities (4,452) (4,980) (4,092)
Effect of exchange rate changes on cash and cash equivalents (47) (6) 161
Increase in cash and cash equivalents 5,187 3,545 5,042
Cash and cash equivalents, beginning of year (Note 1) 19,355 15,810 10,768
Cash and cash equivalents, end of year (Note 1) $ 24,542 19,355 15,810
Supplemental cash flow data
Cash paid during the year for:
Interest $ 576 491 533
Income taxes 2,970 2,442 2,363
Treasury stock issued for employee compensation and
stock option plans, net of cash proceeds $ 433 673 541
Conversion of debt 112
Acquisitions
Fair value of assets acquired $ 3,025 1,321 3,345
Fair value of liabilities assumed and non-controlling interests (228) (52) (875)
Net cash paid for acquisitions $ 2,797 1,269 2,470
See Notes to Consolidated Financial Statements
Supplemental schedule of non-cash investing and financing activities