SEC Filings

10-K
INTUITIVE SURGICAL INC filed this Form 10-K on 02/02/2018
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INTUITIVE SURGICAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN MILLIONS)


  
Years Ended December 31,
  
2017
 
2016
 
2015
Operating activities:
 
 
 
 
 
Net income
$
660.0

 
$
735.9

 
$
588.8

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and loss on disposal of property, plant, and equipment, net
86.2

 
73.9

 
65.1

Amortization of intangible assets
12.9

 
18.2

 
24.4

Loss on investment, accretion of discounts, and amortization of premiums on investments, net
21.2

 
35.9

 
26.4

Deferred income taxes
62.9

 
18.7

 
4.6

Income tax benefits from employee stock plans

 
29.8

 
21.5

Share-based compensation expense
209.1

 
177.6

 
167.9

Changes in operating assets and liabilities, net of effects of acquisition:
 
 
 
 
 
Accounts receivable
(81.7
)
 
(35.9
)
 
(79.2
)
Inventory
(115.5
)
 
(46.7
)
 
(10.7
)
Prepaids and other assets
(28.5
)
 
(28.7
)
 
(10.5
)
Accounts payable
14.0

 
15.9

 
(11.3
)
Accrued compensation and employee benefits
31.2

 
18.7

 
21.5

Deferred revenue
52.8

 
19.9

 
8.2

Other liabilities
219.3

 
53.8

 
(10.5
)
Net cash provided by operating activities (1)
1,143.9

 
1,087.0

 
806.2

Investing activities:
 
 
 
 
 
Purchase of investments
(1,995.0
)
 
(2,585.5
)
 
(1,827.4
)
Proceeds from sales of investments
1,861.3

 
389.9

 
233.1

Proceeds from maturities of investments
703.1

 
970.1

 
825.8

Purchase of property, plant and equipment, and intellectual property
(190.7
)
 
(53.9
)
 
(81.0
)
Net cash provided by (used in) investing activities
378.7

 
(1,279.4
)
 
(849.5
)
Financing activities:
 
 
 
 
 
Proceeds from issuance of common stock relating to employee stock plans
415.5

 
580.9

 
361.1

Taxes paid related to net share settlement of equity awards
(56.6
)
 
(24.0
)
 
(11.0
)
Repurchase and retirement of common stock
(2,274.0
)
 
(42.5
)
 
(183.7
)
Other financing activities
2.0

 

 
(7.3
)
Net cash provided by (used in) financing activities (1)
(1,913.1
)
 
514.4

 
159.1

Effect of exchange rate changes on cash and cash equivalents
2.1

 

 
(1.5
)
Net increase (decrease) in cash and cash equivalents
(388.4
)
 
322.0

 
114.3

Cash and cash equivalents, beginning of year
1,036.6

 
714.6

 
600.3

Cash and cash equivalents, end of year
$
648.2

 
$
1,036.6

 
$
714.6

(1) The Company adopted ASU No. 2016-09, Improvements to Employee Share-based Payment Accounting, during the first quarter of 2017. This ASU eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the consolidated statements of cash flows. The Company adopted this provision retrospectively by reclassifying $44.1 million and $34.3 million of excess tax benefits from financing activities to operating activities for the year ended December 31, 2016, and 2015, respectively.
See accompanying Notes to Consolidated Financial Statements.

66

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