| Financial Statements |
Becton, Dickinson and Company
|
| Consolidated Statements of Cash Flows |
Years Ended September 30
Thousands of dollars |
| |
2006 |
2005 |
2004 |
|
| Operating Activities |
|
|
|
|
|
|
|
|
|
| Net income |
$ |
752,280 |
|
$ |
722,263 |
|
$ |
467,402 |
|
| Loss (income) from discontinued operations, net |
|
3,311 |
|
|
(29,980 |
) |
|
115,102 |
|
|
| Income from continuing operations, net |
|
755,591 |
|
|
692,283 |
|
|
582,504 |
|
| Adjustments to income from continuing operations to derive net cash |
|
|
|
|
|
|
|
|
|
| provided by continuing operating activities, net of amounts acquired: |
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
405,095 |
|
|
387,496 |
|
|
357,224 |
|
| Share-based compensation |
|
108,613 |
|
|
70,199 |
|
|
2,466 |
|
| Deferred income taxes |
|
(129,259 |
) |
|
63,229 |
|
|
(31,345 |
) |
| Acquired in-process research and development related to GeneOhm |
|
53,300 |
|
|
— |
|
|
— |
|
| BGM related non-cash charges |
|
63,414 |
|
|
— |
|
|
— |
|
| Change in operating assets: |
|
|
|
|
|
|
|
|
|
| Trade receivables |
|
(27,313 |
) |
|
(41,050 |
) |
|
(15,854 |
) |
| Inventories |
|
(103,897 |
) |
|
(53,319 |
) |
|
22,534 |
|
| Prepaid expenses, deferred taxes and other |
|
(118,371 |
) |
|
3,603 |
|
|
(10,028 |
) |
| Accounts payable, income taxes and other liabilities |
|
94,784 |
|
|
117,091 |
|
|
99,447 |
|
| Pension obligation |
|
(64,971 |
) |
|
(58,842 |
) |
|
48,045 |
|
| Other, net |
|
39,414 |
|
|
35,105 |
|
|
9,182 |
|
|
| Net Cash Provided by Continuing Operating Activities |
|
1,076,400 |
|
|
1,215,795 |
|
|
1,102,726 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Investing Activities |
|
|
|
|
|
|
|
|
|
| Capital expenditures |
|
(459,308 |
) |
|
(317,628 |
) |
|
(265,718 |
) |
| Capitalized software |
|
(22,793 |
) |
|
(18,922 |
) |
|
(39,190 |
) |
| Change in short-term investments |
|
(18,633 |
) |
|
(43,775 |
) |
|
(31,298 |
) |
| Purchases of long-term investments |
|
(9,672 |
) |
|
(1,171 |
) |
|
(10,149 |
) |
| Acquisition of business, net of cash acquired |
|
(231,464 |
) |
|
— |
|
|
(24,251 |
) |
| Proceeds from discontinued operations |
|
— |
|
|
62,051 |
|
|
— |
|
| Other, net |
|
(44,656 |
) |
|
(62,566 |
) |
|
(24,628 |
) |
|
| Net Cash Used for Continuing Investing Activities |
|
(786,526 |
) |
|
(382,011 |
) |
|
(395,234 |
) |
|
| |
|
|
|
|
|
|
|
|
|
| Financing Activities |
|
|
|
|
|
|
|
|
|
| Change in short-term debt |
|
121,563 |
|
|
157,211 |
|
|
(56,509 |
) |
| Payment of long-term debt |
|
(828 |
) |
|
(104,522 |
) |
|
(21,682 |
) |
| Repurchase of common stock |
|
(448,882 |
) |
|
(549,999 |
) |
|
(449,930 |
) |
| Issuance of common stock |
|
147,796 |
|
|
123,494 |
|
|
173,606 |
|
| Excess tax benefit from stock option exercises |
|
50,609 |
|
|
40,594 |
|
|
— |
|
| Dividends paid |
|
(212,431 |
) |
|
(182,236 |
) |
|
(152,376 |
) |
|
| Net Cash Used for Continuing Financing Activities |
|
(342,173 |
) |
|
(524,507 |
) |
|
(506,891 |
) |
|
| Discontinued Operations (revised-see Note 3): |
|
|
|
|
|
|
|
|
| Net cash provided by (used for) operating activities |
|
— |
|
|
1,000 |
|
|
(1,063 |
) |
| Net cash provided by (used for) investing activities |
|
— |
|
|
1,260 |
|
|
(1,601 |
) |
| Net cash used for financing activities |
|
— |
|
|
(15 |
) |
|
(62 |
) |
|
| Net Cash Provided by (Used for) Discontinued Operations |
|
— |
|
|
2,245 |
|
|
(2,726 |
) |
|
| Effect of exchange rate changes on cash and equivalents |
|
9,698 |
|
|
3,049 |
|
|
1,617 |
|
|
| Net (Decrease) Increase in Cash and Equivalents |
|
(42,601 |
) |
|
323,512 |
|
|
199,492 |
|
|
| Opening Cash and Equivalents |
|
1,042,890 |
|
|
719,378 |
|
|
519,886 |
|
|
| Closing Cash and Equivalents |
$ |
1,000,289 |
|
$ |
1,042,890 |
|
$ |
719,378 |
|
|
See notes to consolidated financial statements
|
