Johnson and Johnson 2012 Annual Report Download - page 32

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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Millions) (Note 1)
2012 2011 2010
Cash flows from operating activities
Net earnings $ 10,514 9,672 13,334
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property and intangibles 3,666 3,158 2,939
Stock based compensation 662 621 614
Noncontrolling interest 339 – –
Asset write-downs and impairments 2,131 160 –
Deferred tax provision (39) (836) 356
Accounts receivable allowances 92 32 12
Changes in assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable (9) (915) (207)
Increase in inventories (1) (715) (196)
Increase in accounts payable and accrued liabilities 2,768 493 20
Increase in other current and non-current assets (2,172) (1,785) (574)
(Decrease)/increase in other current and non-current liabilities (2,555) 4,413 87
Net cash flows from operating activities 15,396 14,298 16,385
Cash flows from investing activities
Additions to property, plant and equipment (2,934) (2,893) (2,384)
Proceeds from the disposal of assets 1,509 1,342 524
Acquisitions, net of cash acquired (Note 20) (4,486) (2,797) (1,269)
Purchases of investments (13,434) (29,882) (15,788)
Sales of investments 14,797 30,396 11,101
Other (primarily intangibles) 38 (778) (38)
Net cash used by investing activities (4,510) (4,612) (7,854)
Cash flows from financing activities
Dividends to shareholders (6,614) (6,156) (5,804)
Repurchase of common stock (12,919) (2,525) (2,797)
Proceeds from short-term debt 3,268 9,729 7,874
Retirement of short-term debt (6,175) (11,200) (6,565)
Proceeds from long-term debt 45 4,470 1,118
Retirement of long-term debt (804) (16) (32)
Proceeds from the exercise of stock options/excess tax benefits 2,720 1,246 1,226
Other (83) – –
Net cash used by financing activities (20,562) (4,452) (4,980)
Effect of exchange rate changes on cash and cash equivalents 45 (47) (6)
(Decrease)/increase in cash and cash equivalents (9,631) 5,187 3,545
Cash and cash equivalents, beginning of year (Note 1) 24,542 19,355 15,810
Cash and cash equivalents, end of year (Note 1) $ 14,911 24,542 19,355
Supplemental cash flow data
Cash paid during the year for:
Interest $ 616 576 491
Income taxes 2,507 2,970 2,442
Supplemental schedule of non-cash investing and financing activities
Issuance of common stock associated with the acquisition of Synthes, Inc. 13,335 – –
Treasury stock issued for employee compensation and stock option plans, net of cash proceeds 615 433 673
Conversion of debt –11
Acquisitions
Fair value of assets acquired $ 19,025 3,025 1,321
Fair value of liabilities assumed and noncontrolling interests (1,204) (228) (52)
Net fair value of acquisitions $ 17,821 2,797 1,269
Less: Issuance of common stock associated with the acquisition of Synthes, Inc. 13,335 – –
Net cash paid for acquisitions $ 4,486 2,797 1,269
See Notes to Consolidated Financial Statements
24 •Johnson & Johnson 2012 Annual Report