Walgreens 2006 Annual Report Download - page 27

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2006 Walgreens Annual Report Page 25
Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the Years Ended August 31, 2006, 2005 and 2004 (In Millions)
2006 2005 2004
Cash Flows from Net earnings $ 1,750.6 $ 1,559.5 $ 1,349.8
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities –
Depreciation and amortization 572.2 482.1 403.1
Deferred income taxes (104.0) (70.8) 66.0
Stock compensation expense 102.5 ——
Income tax savings from employee stock plans 8.1 33.9 50.3
Other 67.3 74.5 38.8
Changes in operating assets and liabilities –
Inventories (375.7) (854.0) (536.0)
Trade accounts payable 875.6 276.7 233.7
Accounts receivable, net (618.5) (224.9) (171.6)
Accrued expenses and other liabilities 197.2 97.8 207.6
Income taxes (68.4) 5.0 (39.9)
Other 32.7 (8.6) 42.2
Net cash provided by operating activities 2,439.6 1,371.2 1,644.0
Cash Flows from Purchases of short-term investments
Investing Activities – available for sale (12,282.4) (10,742.0) (11,938.2)
Proceeds from sale of short-term investments
– available for sale 12,388.4 11,519.9 10,695.4
Additions to property and equipment (1,337.8) (1,237.5) (939.5)
Disposition of property and equipment 23.0 15.5 6.2
Net proceeds from corporate-owned life insurance 10.7 10.1 10.2
Business acquisitions, net of cash received (485.4) ——
Net cash used for investing activities (1,683.5) (434.0) (2,165.9)
Cash Flows from Stock purchases (668.8) (781.8) (299.2)
Financing Activities Proceeds from employee stock plans 319.1 177.5 145.1
Cash dividends paid (262.9) (214.5) (176.9)
Bank overdrafts 213.9 ——
Other (14.3) 14.4 28.9
Net cash used for financing activities (413.0) (804.4) (302.1)
Changes in Cash and Net increase (decrease) in cash and cash equivalents 343.1 132.8 (824.0)
Cash Equivalents Cash and cash equivalents at beginning of year 576.8 444.0 1,268.0
Cash and cash equivalents at end of year $ 919.9 $ 576.8 $ 444.0
The accompanying Summary of Major Accounting Policies and the Notes to Consolidated Financial Statements
are integral parts of these statements.