Consolidated Statement of Cash Flows
(dollars in thousands)
Year Ended December 31 |
2011 |
2010 |
2009 |
Cash Flow From (Used in) Operating Activities: |
|||
Net earnings |
$4,728,449 |
$4,626,172 |
$5,745,838 |
Adjustments to reconcile earnings to net cash from operating activities — Depreciation |
1,395,371 |
1,207,450 |
1,210,977 |
Amortization of intangible assets |
1,648,523 |
1,416,855 |
878,533 |
Derecognition of a contingent liability associated with the conclusion of the TAP Pharmaceutical Products Inc. joint venture |
— |
— |
(797,130) |
Share-based compensation |
382,602 |
387,183 |
366,357 |
Acquired in-process and collaborations research and development |
672,500 |
313,200 |
170,000 |
Investing and financing (gains) losses, net |
141,565 |
126,337 |
41,967 |
Trade receivables |
(670,152) |
(394,665) |
(387,749) |
Inventories |
(129,621) |
139,857 |
230,555 |
Prepaid expenses and other assets |
413,266 |
553,145 |
(386,889) |
Trade accounts payable and other liabilities |
1,789,652 |
572,533 |
(374,715) |
Income taxes |
(1,402,078) |
(212,086) |
577,416 |
Net Cash From Operating Activities |
8,970,077 |
8,735,981 |
7,275,160 |
Cash Flow From (Used in) Investing Activities: |
|||
Acquisitions of businesses and technologies, net of cash acquired |
(672,500) |
(9,433,243) |
(2,370,630) |
Acquisitions of property and equipment |
(1,491,500) |
(1,015,075) |
(1,089,048) |
Purchases of investment securities |
(5,109,987) |
(805,932) |
(248,970) |
Proceeds from sales of investment securities |
5,648,720 |
954,361 |
16,306 |
Release of (deposit of) restricted funds |
1,870,000 |
(1,870,000) |
— |
Other |
16,099 |
(18,426) |
(6,368) |
Net Cash From (Used in) Investing Activities |
260,832 |
(12,188,315) |
(3,698,710) |
Cash Flow From (Used in) Financing Activities: |
|||
(Repayments of) proceeds from issuance of short-term debt and other |
(1,964,685) |
(203,854) |
3,217,331 |
Proceeds from issuance of long-term debt and debt with maturities over 3 months |
1,000,000 |
4,000,000 |
3,000,000 |
Repayments of long-term debt and debt with maturities over 3 months |
(3,012,426) |
(1,673,998) |
(2,483,176) |
Purchases of common shares |
(77,007) |
(866,825) |
(826,345) |
Proceeds from stock options exercised, including income tax benefit |
968,759 |
328,411 |
508,669 |
Dividends paid |
(2,938,096) |
(2,671,475) |
(2,414,460) |
Net Cash (Used in) From Financing Activities |
(6,023,455) |
(1,087,741) |
1,002,019 |
Effect of exchange rate changes on cash and cash equivalents |
(43,005) |
(620,893) |
118,848 |
Net Increase (Decrease) in Cash and Cash Equivalents |
3,164,449 |
(5,160,968) |
4,697,317 |
Cash and Cash Equivalents, Beginning of Year |
3,648,371 |
8,809,339 |
4,112,022 |
Cash and Cash Equivalents, End of Year |
$6,812,820 |
$3,648,371 |
$8,809,339 |
Supplemental Cash Flow Information: |
|||
Income taxes paid |
$1,781,602 |
$809,710 |
$635,445 |
Interest paid |
544,559 |
580,168 |
514,326 |
The accompanying notes to consolidated financial statements are an integral part of this statement.
