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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 1,046.9 $ 722.2 $ 583.6
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 89.3 77.4 81.9
Non-cash operating lease cost 25.3    
Stock-based compensation (Notes 2 and 14) 81.3 71.0 61.6
Inventory write off 73.1 0.0 0.0
Impairment charges (Note 4) 40.6 118.8 31.0
Change in fair value of contingent consideration liabilities (6.1) (5.7) (9.9)
Deferred income taxes 12.1 (27.3) 17.8
Purchased in-process research and development 24.0 0.0 6.7
Other (2.8) 13.0 (6.2)
Changes in operating assets and liabilities:      
Accounts and other receivables, net (88.0) (28.7) (27.8)
Inventories (105.4) (65.7) (124.0)
Accounts payable and accrued liabilities (63.5) 192.5 93.8
Income taxes 43.2 (157.8) 293.7
Prepaid expenses and other current assets (6.8) 15.7 (9.9)
Other 16.2 1.4 8.4
Net cash provided by operating activities 1,179.4 926.8 1,000.7
Cash flows from investing activities      
Capital expenditures (254.4) (238.7) (168.1)
Deposit of cash in escrow 0.0 0.0 (25.0)
Purchases of held-to-maturity investments (Note 7) (130.2) (210.0) (804.9)
Proceeds from sales and maturities of held-to-maturity investments (Note 7) 50.0 578.1 654.7
Purchases of available-for-sale investments (Note 7) (437.9) (249.3) (529.8)
Proceeds from sales and maturities of available-for-sale investments (Note 7) 359.9 223.2 448.7
Acquisitions (Notes 8 and 9) (100.2) 0.0 (192.9)
Payment for acquisition option (35.0) 0.0 0.0
Investments in intangible assets and in-process research and development (24.0) (3.0) (7.4)
Other (24.0) (23.6) (22.5)
Net cash (used in) provided by investing activities (595.8) 76.7 (647.2)
Cash flows from financing activities      
Proceeds from issuance of debt 18.9 688.0 994.7
Payments on debt and finance lease obligations (28.9) (1,125.3) (818.4)
Purchases of treasury stock (263.3) (795.5) (763.3)
Proceeds from stock plans 160.5 147.0 113.8
Payment of contingent consideration 0.0 (15.1) 0.0
Other (2.8) (0.3) 0.0
Net cash used in financing activities (115.6) (1,101.2) (473.2)
Effect of currency exchange rate changes on cash and cash equivalents (3.0) (6.5) 7.9
Net increase (decrease) in cash and cash equivalents 465.0 (104.2) (111.8)
Cash and cash equivalents at beginning of year 714.1 818.3 930.1
Cash and cash equivalents at end of year $ 1,179.1 $ 714.1 $ 818.3