Walgreens 2010 Annual Report Download - page 29

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Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the years ended August 31, 2010, 2009 and 2008 (In millions)
2010 2009 2008
Cash Flows from Net earnings $ 2,091 $ 2,006 $ 2,157
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities —
Depreciation and amortization 1,030 975 840
Deferred income taxes 63 260 (61)
Stock compensation expense 84 84 68
Income tax savings from employee stock plans 3 1 3
Other 57 12 11
Changes in operating assets and liabilities —
Accounts receivable, net 124 6 (365)
Inventories (307) 533 (412)
Other assets 50 7 (24)
Trade accounts payable 167 11 550
Accrued expenses and other liabilities 262 66 84
Income taxes 10 105 80
Other non-current liabilities 110 45 108
Net cash provided by operating activities 3,744 4,111 3,039
Cash Flows from Purchases of short-term investments
Investing Activities — held to maturity (3,000) (2,600) —
Proceeds from short-term investments
— held to maturity 3,500 2,100 —
Additions to property and equipment (1,014) (1,927) (2,225)
Proceeds from sale of assets 51 51 17
Business and intangible asset acquisitions,
net of cash received (779) (405) (620)
Other (32) 5 10
Net cash used for investing activities (1,274) (2,776) (2,818)
Cash Flows from Net payment from short-term borrowings — (70) (802)
Financing Activities Net proceeds from issuance of long-term debt — 987 1,286
Payments of long-term debt (576) — (28)
Stock purchases (1,756) (279) (294)
Proceeds related to employee stock plans 233 138 210
Cash dividends paid (541) (446) (376)
Other (37) (21) (29)
Net cash (used for) provided by financing activities (2,677) 309 (33)
Changes in Cash and Net (decrease) increase in cash and cash equivalents (207) 1,644 188
Cash Equivalents Cash and cash equivalents, September 1 2,087 443 255
Cash and cash equivalents, August 31 $ 1,880 $ 2,087 $ 443
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
2010 Walgreens Annual Report Page 27