Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Eli Lilly & Co., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Gain related to disposition of Elanco	—)	—)	—)	—)	(3,680,500)
Gain on sale of antibiotic business in China	—)	—)	—)	—)	(309,800)
Depreciation and amortization	1,527,300)	1,522,500)	1,547,600)	1,323,900)	1,232,600)
Debt extinguishment loss	—)	—)	405,200)	—)	252,500)
Change in deferred income taxes	(2,341,000)	(2,185,200)	(802,300)	(134,500)	62,400)
Stock-based compensation expense	628,500)	371,100)	342,800)	308,100)	312,400)
Net investment (gains) losses	23,500)	420,000)	(178,000)	(1,438,500)	(403,100)
Gains on sale of product rights	(1,878,900)	(156,500)	(216,000)	—)	—)
Acquired in-process research and development	3,799,800)	420,900)	874,900)	660,400)	239,600)
Other operating activities, net	295,500)	461,300)	727,400)	333,900)	499,300)
Receivables, (increase) decrease	(2,451,000)	(299,600)	(1,278,300)	(1,350,200)	(127,200)
Inventories, (increase) decrease	(1,425,000)	(599,700)	(235,900)	(533,400)	(258,700)
Other assets, (increase) decrease	(3,453,400)	(793,500)	1,515,400)	(457,100)	(602,300)
Accounts payable and other liabilities, increase (decrease)	4,274,400)	1,678,300)	(1,023,800)	1,593,300)	(699,000)
Other changes in operating assets and liabilities, net of acquisitions and divestitures	(3,055,000)	(14,500)	(1,022,600)	(747,400)	(1,687,200)
Adjustments to reconcile net income to cash flows from operating activities	(1,000,300)	839,600)	1,679,000)	305,900)	(3,481,800)
Net cash provided by operating activities	4,240,100)	7,084,400)	7,260,700)	6,499,600)	4,836,600)
Purchases of property and equipment	(3,447,600)	(1,854,300)	(1,309,800)	(1,387,900)	(1,033,900)
Proceeds from sales and maturities of short-term investments	192,200)	121,400)	47,400)	129,700)	136,600)
Purchases of short-term investments	(98,200)	(107,400)	(83,500)	(11,400)	(42,700)
Proceeds from sales of and distributions from noncurrent investments	508,100)	342,200)	800,000)	757,100)	609,800)
Purchases of noncurrent investments	(730,800)	(600,200)	(929,900)	(358,700)	(247,500)
Proceeds from sale of product rights	1,604,300)	95,800)	216,000)	—)	—)
Purchases of in-process research and development	(3,944,500)	(629,700)	(563,400)	(641,200)	(319,600)
Cash paid for acquisitions, net of cash acquired	(1,044,300)	(327,200)	(747,400)	(849,300)	(6,917,700)
Cash distributed to Elanco upon disposition	—)	—)	—)	—)	(374,000)
Cash received for sale of antibiotic business in China	—)	—)	—)	—)	354,800)
Other investing activities, net	(191,900)	(302,200)	(191,700)	102,800)	(248,700)
Net cash used for investing activities	(7,152,700)	(3,261,600)	(2,762,300)	(2,258,900)	(8,082,900)
Dividends paid	(4,069,300)	(3,535,800)	(3,086,800)	(2,687,100)	(2,409,800)
Net change in short-term borrowings	4,691,400)	1,498,000)	(4,000)	(1,494,200)	995,400)
Proceeds from issuance of long-term debt	3,958,500)	—)	2,410,800)	2,062,300)	6,556,400)
Repayments of long-term debt	—)	(1,560,000)	(1,905,400)	(276,500)	(2,866,400)
Purchases of common stock	(750,000)	(1,500,000)	(1,250,000)	(500,000)	(4,400,000)
Other financing activities, net	(335,000)	(308,900)	(295,900)	(241,600)	(200,100)
Net cash provided by (used for) financing activities	3,495,600)	(5,406,700)	(4,131,300)	(3,137,100)	(2,324,500)
Effect of exchange rate changes on cash and cash equivalents	168,600)	(167,600)	(205,700)	216,000)	(89,900)
Net increase (decrease) in cash and cash equivalents	751,600)	(1,751,500)	161,400)	1,319,600)	(5,660,700)
Cash and cash equivalents at beginning of year	2,067,000)	3,818,500)	3,657,100)	2,337,500)	7,998,200)
Cash and cash equivalents at end of year	2,818,600)	2,067,000)	3,818,500)	3,657,100)	2,337,500)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Eli Lilly & Co. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used for investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Eli Lilly & Co. net cash used for investing activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash provided by (used for) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Eli Lilly & Co. net cash provided by (used for) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Eli Lilly & Co. (NYSE:LLY)

Cash Flow Statement