Walgreens 2005 Annual Report Download - page 27

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2005 Annual Report 25
Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the Years Ended August 31, 2005, 2004 and 2003 (In Millions)
2005 2004 2003
Cash Flows from Net earnings $ 1,559.5 $ 1,349.8 $ 1,165.1
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities –
Depreciation and amortization 482.1 403.1 346.1
Deferred income taxes (70.8) 66.0 52.5
Income tax savings from employee stock plans 33.9 50.3 24.4
Other 74.5 38.8 44.8
Changes in operating assets and liabilities –
Inventories (854.0) (536.0) (557.5)
Trade accounts payable 276.7 233.7 294.7
Accounts receivable, net (224.9) (171.6) (56.7)
Accrued expenses and other liabilities 97.8 207.6 136.0
Income taxes 5.0 (39.9) 4.9
Other (8.6) 42.2 48.3
Net cash provided by operating activities 1,371.2 1,644.0 1,502.6
Cash Flows from Purchases of short-term investments
Investing Activities – available for sale (10,742.0) (11,938.2) (3,291.5)
Proceeds from sale of short-term investments
– available for sale 11,519.9 10,695.4 3,292.9
Additions to property and equipment (1,237.5) (939.5) (795.1)
Disposition of property and equipment 15.5 6.2 84.5
Net proceeds from corporate-owned life insurance 10.1 10.2 8.4
Net cash used for investing activities (434.0) (2,165.9) (700.8)
Cash Flows from Cash dividends paid (214.5) (176.9) (152.4)
Financing Activities Stock purchases (781.8) (299.2) (149.2)
Proceeds from employee stock plans 177.5 145.1 82.0
Other 14.4 28.9 (2.5)
Net cash used for financing activities (804.4) (302.1) (222.1)
Changes in Cash and Net increase (decrease) in cash and cash equivalents 132.8 (824.0) 579.7
Cash Equivalents Cash and cash equivalents at beginning of year 444.0 1,268.0 688.3
Cash and cash equivalents at end of year $ 576.8 $ 444.0 $ 1,268.0
The accompanying Summary of Major Accounting Policies and the Notes to Consolidated Financial Statements
are integral parts of these statements.