Waters corp /de/ (WAT)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07
Cash flows from operating activities:
Net income

592,198

593,794

20,311

521,503

469,053

431,620

450,003

461,443

432,968

381,763

323,313

322,479

268,072

Adjustments to reconcile net income to net cash provided by operating activities:
Provisions for doubtful accounts on accounts receivable

-

-

-

-

-

2,037

3,656

2,256

3,265

2,926

3,124

3,924

1,382

Provisions on inventory

-

-

-

-

-

-

-

-

-

10,897

9,952

10,632

6,024

Stock-based compensation

38,577

37,541

39,436

40,998

33,368

32,998

31,708

29,183

27,579

24,852

28,255

30,782

28,855

Deferred income taxes

9,620

2,405

45,510

1,204

6,581

1,583

169

-52,219

-5,824

-15,037

36,276

-19,626

5,946

Depreciation

53,839

57,952

61,450

51,684

45,287

46,393

38,165

37,422

36,531

34,421

31,805

29,071

27,467

Amortization of intangibles

51,457

50,456

44,552

44,765

44,700

47,838

41,530

31,409

29,856

28,137

25,467

36,200

25,850

Excess tax benefit related to stock option plans

-

-

-

-13,844

-12,955

15,703

15,842

10,568

32,239

10,809

5,083

6,669

16,999

Building impairment

-

-

-

-

-

4,718

-

-

-

-

-

-

-

Gain on sale of assets

-

-

-

1,500

1,377

-

-

-

-

-

-

-

-

In-process research and development and other non-cash charges

-

-

-5,000

-

-4,638

16,481

-

-

-

-

-

-

-

Change in operating assets and liabilities:
Decrease in accounts receivable

22,195

47,921

24,013

31,721

49,888

29,435

35,233

39,836

12,528

43,286

16,905

-21,739

-26,266

Increase in inventories

31,854

25,396

-731

20,147

19,967

15,984

11,389

10,930

8,707

37,036

6,823

20,618

-6,368

Increase in other current assets

10,918

12,446

16,323

2,436

17,206

5,784

-5,033

7,136

-4,309

-2,402

-5,925

4,633

-3,032

Decrease in other assets

16,470

-6,047

24,098

1,076

9,634

14,409

11,467

-1,473

12,071

-2,472

689

-5,180

-6,600

Decrease in accounts payable and other current liabilities

9,784

-81,663

3,175

6,842

27,451

-13,687

-28,127

563

-11,845

52,017

-10,830

-19,970

32,309

Increase in deferred revenue and customer advances

12,189

2,721

10,386

9,974

16,172

9,566

8,512

11,005

2,630

9,433

2,613

1,976

6,244

Effect of the 2017 Tax Cuts & Jobs Act

-3,229

-6,059

530,383

-

-

-

-

-

-

-

-

-

-

Increase (decrease) in other liabilities

-39,911

27,015

1,140

8,986

11,115

-2,287

-7,684

-15,353

11,211

3,895

-13,220

21,112

10,624

Net cash provided by operating activities

643,087

604,446

697,640

642,920

573,248

511,648

484,876

449,280

497,374

457,856

418,263

418,248

370,507

Cash flows from investing activities:
Additions to property, plant, equipment and software capitalization

163,823

96,079

85,473

94,967

100,012

91,122

118,450

104,749

85,436

62,740

93,796

69,065

-60,342

Business acquisitions, net of cash acquired

-

31,486

-

5,609

23,494

27,008

41,395

31,016

11,100

0

36,086

7,805

-9,076

Investment in unaffiliated company

8,843

7,615

7,000

-

-

-

-

-

-

-

-

-

-3,532

Payments for intellectual property licenses

-

-

5,000

-

3,000

15,126

-

-

-

-

-

-

-

Purchases of investments

36,951

1,006,080

2,960,379

2,396,032

2,010,368

2,196,153

2,972,116

1,815,988

1,749,161

1,234,671

518,390

19,738

-390,542

Maturities and sales of investments

978,419

2,824,562

2,522,100

2,004,690

1,731,981

1,925,816

2,667,232

1,655,359

1,489,721

885,896

229,244

115,419

294,861

Proceeds from sale of assets

-

-

-

4,000

5,154

1,563

-

-

-

-

-

-

-

Cash received from escrow related to business acquisition

-

-

-

-

-

-

-

-

-

-

-

-

724

Net cash provided by (used in) investing activities

768,802

1,683,302

-535,752

-487,918

-399,739

-402,030

-464,729

-296,394

-355,976

-411,515

-419,028

18,811

-167,907

Cash flows from financing activities:
Proceeds from debt issuances

925,670

274

1,480,190

485,298

325,219

381,673

1,032,209

218,324

598,528

315,641

184,309

469,407

1,131,834

Payments on debt

390,482

850,435

1,310,214

325,323

120,140

239,776

886,644

32,107

373,751

181,358

92,556

817,463

-1,151,119

Payments of debt issuance costs

2,932

-

2,984

1,705

2,382

1,400

2,039

497

4,523

1,498

0

501

-1,081

Proceeds from stock plans

53,715

52,429

97,789

62,189

52,060

73,849

68,958

28,869

60,153

100,584

19,099

28,646

91,427

Purchases of treasury shares

2,469,258

1,315,106

332,544

325,759

334,705

337,444

301,580

295,878

370,835

296,292

211,377

237,500

-200,648

Proceeds from derivative contracts

-10,609

6,684

-3,894

10,401

2,601

-174

-8,666

-4,186

2,233

8,138

-5,162

22,196

-7,098

Net cash used in financing activities

-1,872,678

-2,119,522

-63,869

-115,701

-82,549

-107,221

-64,588

-66,535

-60,422

-60,252

-90,280

-572,938

-119,686

Effect of exchange rate changes on cash and cash equivalents

224

-14,265

38,669

-21,335

-25,472

-21,016

4,202

10,694

-5,484

-18,702

3,634

-32,932

253

Increase (decrease) in cash and cash equivalents

-460,565

153,961

136,688

17,966

65,488

-18,619

-40,239

97,045

75,492

-32,613

-87,411

-168,811

83,167

Supplemental cash flow information:
Income taxes paid

87,998

159,397

70,583

50,007

51,750

60,971

55,928

59,446

50,313

39,688

23,818

40,571

29,294

Interest paid

42,843

50,798

56,503

43,595

37,396

34,332

29,563

28,305

19,658

10,564

13,020

44,081

49,224