| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||
Net income | ||||||||
1,500,000 | 1,424,000 | 862,000 | 819,000 | 339,000 | 587,000 | 503,000 | 436,000 | 248,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | ||||||||
412,000 | 308,000 | 242,000 | 240,000 | 199,000 | 204,000 | 209,000 | 200,000 | 205,000 |
Share-based compensation expense | ||||||||
67,000 | 53,000 | 44,000 | 37,000 | 43,000 | 32,000 | 43,000 | 28,000 | 19,000 |
Restructuring | ||||||||
- | - | - | - | 203,000 | -2,000 | -53,000 | - | - |
Asset write-offs and asset impairments | ||||||||
7,000 | 4,000 | 3,000 | 5,000 | 60,000 | 10,000 | 15,000 | 10,000 | 78,000 |
Net gain on sale of assets | ||||||||
20,000 | 42,000 | -11,000 | 26,000 | 0 | 0 | - | - | - |
Provision for losses on inventory | ||||||||
68,000 | 54,000 | 54,000 | 105,000 | 94,000 | 94,000 | 74,000 | - | - |
Deferred taxes | ||||||||
-79,000 | -112,000 | 127,000 | -55,000 | -85,000 | -49,000 | 23,000 | -74,000 | 65,000 |
Foreign currency loss related to Venezuela Revaluation, excluding impact on cash | ||||||||
- | - | - | - | -6,000 | 0 | 0 | - | - |
Employee benefit plan contribution from Pfizer Inc. | ||||||||
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,000 | 0 | 0 |
Other non-cash adjustments | ||||||||
12,000 | 14,000 | -10,000 | -19,000 | -10,000 | 3,000 | 10,000 | -3,000 | 1,000 |
Other changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||
Accounts receivable | ||||||||
69,000 | 67,000 | 50,000 | -15,000 | 58,000 | -69,000 | 99,000 | 65,000 | 85,000 |
Inventories | ||||||||
104,000 | -61,000 | -19,000 | 101,000 | 262,000 | 110,000 | 178,000 | 318,000 | -40,000 |
Other assets | ||||||||
51,000 | 42,000 | 16,000 | 50,000 | 9,000 | 2,000 | 24,000 | 5,000 | -11,000 |
Accounts payable | ||||||||
-10,000 | 37,000 | -10,000 | -28,000 | 17,000 | -210,000 | -82,000 | 96,000 | -16,000 |
Other liabilities | ||||||||
91,000 | 56,000 | -38,000 | -290,000 | 70,000 | 13,000 | 249,000 | 62,000 | -15,000 |
Other tax accounts, net | ||||||||
-8,000 | 67,000 | 85,000 | 20,000 | 34,000 | -9,000 | 9,000 | 81,000 | -52,000 |
Net cash provided by operating activities | ||||||||
1,795,000 | 1,790,000 | 1,346,000 | 713,000 | 664,000 | 626,000 | 681,000 | 454,000 | 497,000 |
Investing Activities | ||||||||
Capital expenditures | ||||||||
460,000 | 338,000 | 224,000 | 216,000 | 224,000 | 180,000 | 184,000 | 126,000 | 135,000 |
Milestone payment related to previously acquired intangibles | ||||||||
- | - | - | - | - | 15,000 | 0 | - | - |
Acquisition of Abaxis, net of cash acquired | ||||||||
0 | 1,884,000 | 0 | - | 883,000 | 0 | 0 | 0 | 345,000 |
Other acquisitions | ||||||||
195,000 | 114,000 | 82,000 | 88,000 | - | - | 0 | - | - |
Proceeds from maturities and redemptions of investments | ||||||||
101,000 | 28,000 | 0 | - | - | - | - | - | - |
Net proceeds on swaps designated as net investment hedges | ||||||||
37,000 | 0 | 0 | - | - | - | - | - | - |
Net proceeds from sale of assets | ||||||||
21,000 | 56,000 | 37,000 | 90,000 | 2,000 | 9,000 | 9,000 | 3,000 | 34,000 |
Other investing activities | ||||||||
8,000 | 7,000 | 1,000 | 0 | 10,000 | 1,000 | 4,000 | 12,000 | 3,000 |
Net cash used in investing activities | ||||||||
-504,000 | -2,259,000 | -270,000 | -214,000 | -1,115,000 | -187,000 | -179,000 | -135,000 | -449,000 |
Financing Activities | ||||||||
Decrease in short-term borrowings, net | ||||||||
-9,000 | 8,000 | 0 | -5,000 | -2,000 | -8,000 | 16,000 | 0 | 0 |
Principal payments on long-term debt | ||||||||
0 | 0 | 750,000 | 400,000 | 0 | 0 | - | - | 143,000 |
Proceeds from issuance of long-term debt—senior notes, net of discount and fees | ||||||||
0 | 1,485,000 | 1,231,000 | 0 | 1,236,000 | 0 | 2,625,000 | 0 | 0 |
Payment of contingent consideration related to previously acquired assets | ||||||||
9,000 | 12,000 | 7,000 | 32,000 | 0 | 0 | - | - | - |
Share-based compensation-related proceeds, net of taxes paid on withholding shares | ||||||||
7,000 | 19,000 | 24,000 | 25,000 | 11,000 | 2,000 | 0 | 0 | - |
Purchases of treasury stock | ||||||||
626,000 | 698,000 | 500,000 | 300,000 | 203,000 | 0 | 0 | - | - |
Consideration paid to Pfizer Inc. in connection with the Separation | ||||||||
- | - | - | - | - | - | 2,559,000 | 0 | 0 |
Cash dividends paid | ||||||||
314,000 | 243,000 | 206,000 | 188,000 | 168,000 | 146,000 | 98,000 | 63,000 | 416,000 |
Cash paid to settle Pharmaq debt | ||||||||
- | - | - | - | 119,000 | 0 | 0 | - | - |
Acquisition of a noncontrolling interest | ||||||||
0 | 26,000 | 43,000 | 0 | - | - | - | - | - |
Payment of debt issuance costs | ||||||||
- | - | - | 3,000 | 0 | 0 | - | - | - |
Other net financing activities with Pfizer Inc. | ||||||||
- | - | - | - | - | -2,000 | -184,000 | -15,000 | 529,000 |
Net cash used in financing activities | ||||||||
-951,000 | 533,000 | -251,000 | -903,000 | 755,000 | -154,000 | -200,000 | -78,000 | -30,000 |
Effect of exchange-rate changes on cash and cash equivalents | ||||||||
-8,000 | -26,000 | 12,000 | -23,000 | -32,000 | -13,000 | -9,000 | -3,000 | -2,000 |
Net increase in cash and cash equivalents | ||||||||
332,000 | 38,000 | 837,000 | -427,000 | 272,000 | 272,000 | 293,000 | 238,000 | 16,000 |
Supplemental cash flow information | ||||||||
Cash paid during the period for: | ||||||||
Income taxes | ||||||||
418,000 | 336,000 | 455,000 | 408,000 | 224,000 | 278,000 | 134,000 | 276,000 | 142,000 |
Interest, net of capitalized interest | ||||||||
247,000 | 190,000 | 167,000 | 165,000 | 117,000 | 118,000 | 60,000 | 31,000 | 37,000 |
Intangible asset acquisition | ||||||||
- | - | - | - | - | 8,000 | 0 | 0 | - |
Non-cash transactions: | ||||||||
Capital expenditures | ||||||||
7,000 | 7,000 | 5,000 | 8,000 | 11,000 | 9,000 | 16,000 | 14,000 | - |
Other Significant Noncash Transaction, Value of Consideration Given | ||||||||
23,000 | 0 | 29,000 | 27,000 | 23,000 | 0 | 3,000 | 0 | 0 |
Zoetis Inc. senior notes transferred to Pfizer Inc. in connection with the Separation | ||||||||
- | - | - | - | - | - | 992,000 | 0 | 0 |