STRYKER

2013 Form 10-K

Issue link: http://catalog.e-digitaleditions.com/i/275023

Contents of this Issue

Navigation

Page 24 of 50

23 Dollar amounts in millions except per share amounts or as otherwise specified Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31 2013 2012 2011 Operating activities Net earnings $ 1,006 $ 1,298 $ 1,345 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 169 154 160 Intangible asset amortization 138 123 122 Share-based compensation 76 75 75 Restructuring charges 50 75 76 Sale of inventory stepped up to fair value at acquisition 28 18 143 Deferred income tax benefit 23 (39) (164) Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable (89) (20) (152) Inventories (77) 18 (166) Accounts payable 1 (48) 44 Accrued expenses and other liabilities 657 180 158 Income taxes (124) (159) (95) Other 28 (18) (112) Net cash provided by operating activities 1,886 1,657 1,434 Investing activities Acquisitions, net of cash acquired (2,320) (154) (2,066) Purchases of marketable securities (4,558) (3,480) (6,779) Proceeds from sales of marketable securities 4,856 3,108 6,869 Purchases of property, plant and equipment (195) (210) (226) Proceeds from sales of property, plant and equipment — — 67 Net cash used in investing activities (2,217) (736) (2,135) Financing activities Proceeds from borrowings 369 178 178 Payments on borrowings (355) (182) (190) Proceeds from issuance of long-term debt, net 991 — 749 Dividends paid (401) (324) (279) Repurchase and retirement of common stock (317) (108) (622) Other 13 (13) 3 Net cash provided by (used in) financing activities 300 (449) (161) Effect of exchange rate changes on cash and cash equivalents (25) 18 9 Change in cash and cash equivalents (56) 490 (853) Cash and cash equivalents at beginning of year 1,395 905 1,758 Cash and cash equivalents at end of year $ 1,339 $ 1,395 $ 905 Supplemental cash flow disclosure: Cash paid for income taxes, net of refunds $ 321 $ 599 $ 574 See accompanying notes to Consolidated Financial Statements.

Articles in this issue

view archives of STRYKER - 2013 Form 10-K