Walgreens 2004 Annual Report Download - page 24

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24
The accompanying Summary of Major Accounting Policies and the Notes to
Consolidated Financial Statements are integral parts of these statements.
Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries
For the Years Ended August 31, 2004, 2003 and 2002
(In Millions)
(Restated - See Restatement Note on Pages 29-30)
2004 2003 2002
Cash Flows from Operating Activities
Net earnings $1,349.8
$1,165.1
$ 1,008.1
Adjustments to reconcile net earnings to net cash provided
by operating activities –
Depreciation and amortization 403.1
346.1
307.3
Deferred income taxes 66.0
52.5
16.1
Income tax savings from employee stock plans 50.3
24.4
56.8
Other 38.8
44.8
8.9
Changes in operating assets and
liabilities -
Inventories (536.0)
(557.5)
(162.8)
Trade accounts payable 233.7
294.7
253.8
Accounts receivable, net (171.6)
(56.7)
(170.6)
Accrued expenses and other liabilities 207.6
136.0
140.7
Income taxes (39.9)
4.9
14.3
Other 42.2
48.3
30.7
Net cash provided by operating activities 1,644.0
1,502.6
1,503.3
Cash Flows from Investing Activities
Purchases of short term investments - available for sale (11,938.2)
(3,291.5)
(1,272.8)
Proceeds from sale of short term investments - avail for sale
10,695.4
3,292.9
1,273.2
Additions to property and equipment (939.5)
(795.1)
(934.4)
Disposition of property and equipment 6.2
84.5
368.1
Net proceeds from corporate-owned life insurance 10.2
8.4
14.4
Net cash used for investing activities (2,165.9)
(700.8)
(551.5)
Cash Flows from Financing Activities
Payments of short-term borrowings -
-
(440.7)
Cash dividends paid (176.9)
(152.4)
(147.0)
Stock purchases (299.2)
(149.2)
(25.4)
Proceeds from employee stock plans 145.1
82.0
136.5
Other 28.9
(2.5)
(12.3)
Net cash used for financing activities (302.1)
(222.1)
(488.9)
Changes in Cash and Cash Equivalents
Net increase (decrease) in cash and cash equivalents (824.0)
579.7
462.9
Cash and cash equivalents at beginning of year 1,268.0
688.3
225.4
Cash and cash equivalents at end of year $ 444.0
$1,268.0
$ 688.3