STRYKER

Stryker 2015 FORM 10-K

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Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS 2015 2014 2013 Operating activities Net earnings $ 1,439 $ 515 $ 1,006 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 187 190 169 Amortization of intangible assets 210 188 138 Share-based compensation 86 77 76 Gross recall charges 349 940 622 Sale of inventory stepped up to fair value at acquisition 7 27 28 Deferred income tax benefit 87 60 23 Changes in operating assets and liabilities: Accounts receivable (151 ) (89 ) (89 ) Inventories (115 ) (173 ) (77 ) Accounts payable 35 13 1 Accrued expenses and other liabilities 73 92 41 Recall-related payments (1,206 ) (98 ) (6 ) Income taxes (290 ) 133 (124 ) Other 188 (93 ) 78 Net cash provided by operating activities $ 899 $ 1,782 $ 1,886 Investing activities Acquisitions, net of cash acquired (153 ) (916 ) (2,320 ) Purchases of marketable securities (1,715 ) (4,365 ) (4,558 ) Proceeds from sales of marketable securities 4,094 3,636 4,856 Purchases of property, plant and equipment (270 ) (233 ) (195 ) Net cash provided by (used in) investing activities $ 1,956 $ (1,878 ) $ (2,217 ) Financing activities Proceeds from borrowings 1,576 1,601 369 Payments on borrowings (2,272 ) (1,428 ) (355 ) Proceeds from issuance of long-term debt, net 744 986 991 Dividends paid (521 ) (462 ) (401 ) Repurchase of common stock (700 ) (100 ) (317 ) Other financing 32 32 13 Net cash (used in) provided by financing activities $ (1,141 ) $ 629 $ 300 Effect of exchange rate changes on cash and cash equivalents (130 ) (77 ) (25 ) Change in cash and cash equivalents $ 1,584 $ 456 $ (56 ) Cash and cash equivalents at beginning of year 1,795 1,339 1,395 Cash and cash equivalents at end of year $ 3,379 $ 1,795 $ 1,339 Supplemental cash flow disclosure: Cash paid for income taxes, net of refunds $ 497 $ 437 $ 321 Cash paid for interest on debt $ 101 $ 102 $ 88 See accompanying notes to Consolidated Financial Statements. STRYKER CORPORATION 2015 Form 10-K 21 Dollar amounts in millions except per share amounts or as otherwise specified.

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