Walgreens 2011 Annual Report Download - page 29

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Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the years ended August 31, 2011, 2010 and 2009 (In millions)
2011 2010 2009
Cash Flows from Net earnings $ 2,714 $ 2,091 $ 2,006
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities –
Depreciation and amortization 1,086 1,030 975
Gain on sale of business (434) — —
Deferred income taxes 132 63 260
Stock compensation expense 135 84 84
Other 53 60 13
Changes in operating assets and liabilities –
Accounts receivable, net (243) 124 6
Inventories (592) (307) 533
Other assets (24) 50 7
Trade accounts payable 384 167 11
Accrued expenses and other liabilities 218 262 66
Income taxes 102 10 105
Other non-current liabilities 112 110 45
Net cash provided by operating activities 3,643 3,744 4,111
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
Investment in restricted cash (191) — —
Additions to property and equipment (1,213) (1,014) (1,927)
Proceeds from sale of assets 79 51 51
Business and intangible asset acquisitions,
net of cash received (630) (779) (405)
Proceeds from sale of business 442 — —
Other (12) (32) 5
Net cash used for investing activities (1,525) (1,274) (2,776)
Cash Flows from Net payment from short-term borrowings — — (70)
Financing Activities Net proceeds from issuance of long-term debt — — 987
Payments of long-term debt (17) (576) —
Stock purchases (2,028) (1,756) (279)
Proceeds related to employee stock plans 235 233 138
Cash dividends paid (647) (541) (446)
Other 15 (37) (21)
Net cash (used for) provided by financing activities (2,442) (2,677) 309
Changes in Cash and Net (decrease) increase in cash and cash equivalents (324) (207) 1,644
Cash Equivalents Cash and cash equivalents at beginning of year 1,880 2,087 443
Cash and cash equivalents at end of year $ 1,556 $ 1,880 $ 2,087
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
2011 Walgreens Annual Report Page 27