Walgreens 2008 Annual Report Download - page 28

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Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the years ended August 31, 2008, 2007 and 2006 (In millions)
2008 2007 2006
Cash Flows from Net earnings $ 2,157 $ 2,041 $ 1,751
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities –
Depreciation and amortization 840 676 572
Deferred income taxes (61) 23 (104)
Stock compensation expense 68 74 103
Income tax savings from employee stock plans 368
Other 11 3 (20)
Changes in operating assets and liabilities –
Accounts receivable, net (365) (40) (619)
Inventories (412) (676) (376)
Other assets (24) (28) (9)
Trade accounts payable 550 (128) 876
Accrued expenses and other liabilities 84 277 205
Income taxes 80 25 (68)
Other non-current liabilities 108 104 121
Net cash provided by operating activities 3,039 2,357 2,440
Cash Flows from Purchases of short-term investments
Investing Activities – available for sale —(6,397) (12,282)
Proceeds from sale of short-term investments
– available for sale —6,826 12,388
Additions to property and equipment (2,225) (1,786) (1,338)
Proceeds from sale of assets 17 41 23
Business and intangible asset acquisitions,
net of cash received (620) (1,086) (485)
Net proceeds from corporate-owned life insurance policies 10 610
Net cash used for investing activities (2,818) (2,396) (1,684)
Cash Flows from Net (payment) proceeds from short-term borrowings (802) 850 —
Financing Activities Net proceeds from issuance of long-term debt 1,286 ——
Payments of long-term debt (28) (141) —
Stock purchases (294) (1,064) (669)
Proceeds related to employee stock plans 210 266 319
Cash dividends paid (376) (310) (263)
Bank overdrafts —(214) 214
Other (29) (13) (14)
Net cash used for financing activities (33) (626) (413)
Changes in Cash and Net increase (decrease) in cash and cash equivalents 188 (665) 343
Cash Equivalents Cash and cash equivalents, September 1 255 920 577
Cash and cash equivalents, August 31 $ 443 $ 255 $ 920
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
Page 26 2008 Walgreens Annual Report