Sources and Uses of Funds 25
TABLE 2.5 Sources and Uses of Funds, Johnson & Johnson, 1999–2003
($ millions)
Dec-03 Dec-02 Dec-01 Dec-00 Dec-99Net Income/Starting Line 7,197.00 6,597.00 5,668.00 4,800.00 4,167.00
Depreciation, Depletion, 1,869.00 1,662.00 1,605.00 1,515.00 1,444.00
and Amortization
Depreciation and 1,415.00 1,662.00 1,605.00 1,515.00 1,444.00
Depletion
Amortization of 454.00 0.00 0.00 0.00 0.00
Intangible Assets
Deferred Income Taxes (720.00) (74.00) (106.00) (167.00) (7.00)
and Investment Tax
Credit
Deferred Income (720.00) (74.00) (106.00) (167.00) (7.00)
Taxes
Investment Tax 0.00 0.00 0.00 0.00 0.00
Credit
Other Cash Flow 924.00 183.00 204.00 87.00 11.00
Funds from Operations 9,270.00 8,368.00 7,371.00 6,235.00 5,615.00
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Funds from/for Other 1,325.00 (192.00) 1,493.00 328.00 62.00
Operating Activities
Decrease (Increase) (691.00) (510.00) (258.00) (451.00) (671.00)
in Receivables
Decrease (Increase) 39.00 (109.00) (167.00) 125.00 (333.00)
in Inventories
Increase (Decrease) 2,192.00 1,420.00 1,401.00 57.00 242.00
in Accounts
Payable
Increase (Decrease) 0.00 0.00 0.00 0.00 0.00
in Income Taxes
Payable
Increase (Decrease) 0.00 0.00 0.00 0.00 0.00
in Other Accruals
Decrease (Increase) (215.00) (993.00) 517.00 597.00 824.00
in Other Assets/
Liabilities
Net Cash Flow— 10,595.00 8,176.00 8,864.00 6,563.00 5,677.00
Operating Activities
Capital Expenditures 2,262.00 2,099.00 1,731.00 1,646.00 1,728.00
(Additions to Fixed
Assets)
Additions to Other 0.00 0.00 0.00 0.00 0.00
Assets
Net Assets from 2,812.00 478.00 225.00 68.00 271.00
Acquisitions
Increase in Investments 7,590.00 6,923.00 8,188.00 5,383.00 3,538.00
Decrease in Investments 8,062.00 7,353.00 5,967.00 4,670.00 2,817.00
Disposal of Fixed Assets 335.00 156.00 163.00 161.00 35.00
Other Uses—Investing 259.00 206.00 79.00 102.00 257.00
Other Sources— 0.00 0.00 0.00 0.00 0.00
Investing
Net Cash Flow— 4,526.00 2,197.00 4,093.00 2,368.00 2,942.00
Investing
Proceeds from 311.00 390.00 514.00 292.00 263.00
Stock Options
Other Proceeds 0.00 0.00 0.00 0.00 0.00
from Sale/Issue
of Stock
(Continued)