Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 317.8	$ 275.4
Adjustments to reconcile net income to net cash provided by operating activities, net of acquired businesses:
Depreciation and amortization	103.3	107.5
Litigation charges, net	75.5	48.9
Restructuring and productivity initiative costs, net of payments	3.0	7.6
Acquired in-process research and development	1.5	0.0
Asset impairment	0.0	1.2
Deferred income taxes	(2.3)	(3.4)
Share-based compensation	50.8	49.3
Inventory reserves and provision for doubtful accounts	15.9	14.0
Other items	5.6	1.9
Changes in assets and liabilities, net of acquired businesses:
Accounts receivable	9.1	(3.9)
Inventories	(44.0)	(53.8)
Current liabilities	(169.5)	(233.0)
Taxes	(23.2)	(40.3)
Other, net	(26.5)	(15.3)
Net cash provided by operating activities	317.0	156.1
Cash flows from investing activities:
Capital expenditures	(47.3)	(38.4)
Payments made for purchases of businesses, net of cash acquired	0.0	(202.8)
Payments made for intangibles	(17.7)	(0.4)
Net cash used in investing activities	(65.0)	(241.6)
Cash flows from financing activities:
Change in short-term borrowings, net	14.0	0.0
Proceeds from issuance of long-term debt, net	0.0	495.6
Payment of long-term debt	0.0	(250.0)
Proceeds from exercises under share-based compensation plans, net	17.0	19.5
Excess tax benefit relating to share-based compensation plans	0.0	24.7
Purchases of common stock	(232.3)	(190.0)
Dividends paid	(38.3)	(35.8)
Payments of contingent consideration	(0.6)	(1.6)
Net cash (used in) provided by financing activities	(240.2)	62.4
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	11.7	9.8
Increase (decrease) in cash, cash equivalents, and restricted cash during the period	23.5	(13.3)
Balance at January 1	1,106.5	1,030.9
Balance at June 30	1,130.0	1,017.6
Cash paid for:
Interest	27.9	22.3
Income taxes	78.0	94.2
Non-cash transactions:
Purchases of businesses and related costs	0.0	17.1
Dividends declared, not paid	$ 19.2	$ 19.4

BARD C R INC /NJ/ 10-Q