Johnson and Johnson 2013 Annual Report Download - page 34

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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Millions) (Note 1)
2013 2012 2011
Cash flows from operating activities
Net earnings $13,831 10,514 9,672
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation and amortization of property and intangibles 4,104 3,666 3,158
Stock based compensation 728 662 621
Noncontrolling interest – 339 –
Venezuela currency devaluation 108 – –
Asset write-downs 739 2,131 160
Net gain on equity investment transactions (417) – –
Deferred tax provision (607) (39) (836)
Accounts receivable allowances (131) 92 32
Changes in assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable (632) (9) (915)
Increase in inventories (622) (1) (715)
Increase in accounts payable and accrued liabilities 1,821 2,768 493
Increase in other current and non-current assets (1,806) (2,172) (1,785)
Increase/(decrease) in other current and non-current liabilities 298 (2,555) 4,413
Net cash flows from operating activities 17,414 15,396 14,298
Cash flows from investing activities
Additions to property, plant and equipment (3,595) (2,934) (2,893)
Proceeds from the disposal of assets 458 1,509 1,342
Acquisitions, net of cash acquired (Note 20) (835) (4,486) (2,797)
Purchases of investments (18,923) (13,434) (29,882)
Sales of investments 18,058 14,797 30,396
Other (primarily intangibles) (266) 38 (778)
Net cash used by investing activities (5,103) (4,510) (4,612)
Cash flows from financing activities
Dividends to shareholders (7,286) (6,614) (6,156)
Repurchase of common stock (3,538) (12,919) (2,525)
Proceeds from short-term debt 1,411 3,268 9,729
Retirement of short-term debt (1,397) (6,175) (11,200)
Proceeds from long-term debt 3,607 45 4,470
Retirement of long-term debt (1,593) (804) (16)
Proceeds from the exercise of stock options/excess tax benefits 2,649 2,720 1,246
Other 56 (83) –
Net cash used by financing activities (6,091) (20,562) (4,452)
Effect of exchange rate changes on cash and cash equivalents (204) 45 (47)
Increase/(decrease) in cash and cash equivalents 6,016 (9,631) 5,187
Cash and cash equivalents, beginning of year (Note 1) 14,911 24,542 19,355
Cash and cash equivalents, end of year (Note 1) $20,927 14,911 24,542
Supplemental cash flow data
Cash paid during the year for:
Interest $596 616 576
Interest, net of amount capitalized 491 501 492
Income taxes 3,155 2,507 2,970
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 743 615 433
Conversion of debt 22 – 1
Acquisitions
Fair value of assets acquired $1,028 19,025 3,025
Fair value of liabilities assumed and noncontrolling interests (193) (1,204) (228)
Net fair value of acquisitions 835 17,821 2,797
Less: Issuance of common stock associated with the acquisition of Synthes, Inc. – 13,335 –
Net cash paid for acquisitions $835 4,486 2,797
See Notes to Consolidated Financial Statements
24 •Johnson & Johnson 2013 Annual Report