STRYKER

2016 FORM 10-K

Issue link: http://catalog.e-digitaleditions.com/i/801339

Contents of this Issue

Navigation

Page 21 of 43

STRYKER CORPORATION 2016 Form 10-K Dollar amounts in millions except per share amounts or as otherwise specified. 20 Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS 2016 2015 2014 Operating activities Net earnings $ 1,647 $ 1,439 $ 515 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 227 187 190 Amortization of intangible assets 319 210 188 Share-based compensation 97 86 77 Recall charges 158 349 940 Sale of inventory stepped up to fair value at acquisition 36 7 27 Deferred income tax (expense) benefit (46) 87 60 Excess income tax benefits from stock issued under employee stock plans (36) (26) (21) Changes in operating assets and liabilities: Accounts receivable (192) (151) (89) Inventories (299) (115) (173) Accounts payable (16) 35 13 Accrued expenses and other liabilities 174 73 92 Recall-related payments (243) (1,206) (98) Income taxes (190) (290) 133 Other 176 214 (72) Net cash provided by operating activities $ 1,812 $ 899 $ 1,782 Investing activities Acquisitions, net of cash acquired (4,332) (153) (916) Purchases of marketable securities (151) (1,715) (4,365) Proceeds from sales of marketable securities 785 4,094 3,636 Purchases of property, plant and equipment (490) (270) (233) Other investing, net (3) — — Net cash (used in) provided by investing activities $ (4,191) $ 1,956 $ (1,878) Financing activities Proceeds from borrowings 1,094 1,576 1,601 Payments on borrowings (1,635) (2,272) (1,428) Proceeds from issuance of long-term debt, net 3,453 744 986 Dividends paid (568) (521) (462) Repurchase of common stock (13) (700) (100) Excess income tax benefits from stock issued under employee stock plans 36 26 21 Other financing (6) 6 11 Net cash provided by (used in) financing activities $ 2,361 $ (1,141) $ 629 Effect of exchange rate changes on cash and cash equivalents (45) (130) (77) Change in cash and cash equivalents $ (63) $ 1,584 $ 456 Cash and cash equivalents at beginning of year 3,379 1,795 1,339 Cash and cash equivalents at end of year $ 3,316 $ 3,379 $ 1,795 Supplemental cash flow disclosure: Cash paid for income taxes, net of refunds $ 510 $ 497 $ 437 Cash paid for interest on debt $ 180 $ 101 $ 102 See accompanying notes to Consolidated Financial Statements.

Articles in this issue

view archives of STRYKER - 2016 FORM 10-K