UNITED STATES SURGICAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||||
| In thousands | 1996 | 1995 | 1994 | ||
| Cash flows from operating activities: | |||||
| Cash received from customers | $1,071,600 | $1,000,000 | $913,100 | ||
| Cash paid to vendors, suppliers, and employees | (892,400) | (784,100) | (749,300) | ||
| Interest paid (net) | (9,500) | (17,500) | (24,800) | ||
| Income taxes paid | (15,500) | (10,300) | (14,900) | ||
| Net cash provided by operating activities | 154,200 | 188,100 | 124,100 | ||
| Cash flows from investing activities: | |||||
| Additions to property, plant and equipment | (42,300) | (33,600) | (47,000) | ||
| Acquisitions | (15,000) | (84,000) | |||
| Other assets | (51,600) | (18,100) | 13,900 | ||
| Net cash used in investing activities | (108,900) | (135,700) | (33,100) | ||
| Cash flows from financing activities: | |||||
| Long-term debt borrowings under credit agreements | 1,080,300 | 2,407,300 | 3,483,900 | ||
| Long-term debt repayments under credit agreements | (1,184,900) | (2,445,800) | (3,753,800) | ||
| Long-term debt issuance fees | (1,700) | (3,300) | |||
| Issuance of common stock, net | 141,800 | ||||
| Issuance of preferred stock, net | 191,500 | ||||
| Common stock issued from stock plans | 39,300 | 5,300 | 13,400 | ||
| Dividends paid | (24,300) | (24,100) | (14,500) | ||
| Net cash provided by (used in) financing activities | 52,200 | (59,000) | (82,800) | ||
| Effect of exchange rate changes | (1,300) | 5,800 | 2,200 | ||
| Net increase (decrease) in cash and cash equivalents | 96,200 | (800) | 10,400 | ||
| Cash and cash equivalents, beginning of year | 10,500 | 11,300 | 900 | ||
| Cash and cash equivalents, end of year |
$106,700 |
$10,500 |
$11,300 |
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Reconciliation of net income to net cash provided by operating activities: |
|||||
| Net income | $109,100 | $79,200 | $19,200 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation | 65,400 | 71,000 | 69,800 | ||
| Amortization | 21,300 | 20,700 | 19,600 | ||
| Adjustment of property, plant, and equipment reserves | 20,600 | 18,600 | 22,300 | ||
| Receivables -- (increase) | (44,300) | (23,900) | (3,300) | ||
| Inventories -- (increase) decrease | (40,100) | (2,600) | 7,400 | ||
| Adjustment of inventory reserves | 9,700 | 26,600 | 39,200 | ||
| Other current assets -- (increase) | (19,200) | (26,200) | (13,000) | ||
| Accounts payable and accrued liabilities -- (increase) decrease | 14,000 | 13,500 | (42,500) | ||
| Income taxes payable and deferred -- (decrease) increase | (31,600) | 3,100 | (2,900) | ||
| Income tax benefit from stock options exercised | 49,200 | 8,200 | 1,100 | ||
| Other assets -- net | 100 | (100) | 7,200 | ||
| Total adjustments | 45,100 | 108,900 | 104,900 | ||
| Net cash provided by operating activities |
$154,200 |
$188,100 |
$124,100 |
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Trademarks of United States Surgical Corporation and its subsidiaries throughout this publication are italicized.
Copyright © 1997 United States Surgical Corporation. All Rights Reserved.
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