Walgreens 2012 Annual Report Download - page 31

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Consolidated Statements of Cash Flows
Walgreen Co. and Subsidiaries for the years ended August 31, 2012, 2011 and 2010 (In millions)
2012 2011 2010
Cash Flows from Net earnings $ 2,127 $ 2,714 $ 2,091
Operating Activities Adjustments to reconcile net earnings to net
cash provided by operating activities –
Depreciation and amortization 1,166 1,086 1,030
Gain on sale of business — (434) —
Deferred income taxes 265 132 63
Stock compensation expense 99 135 84
Other 43 53 60
Changes in operating assets and liabilities –
Accounts receivable, net 394 (243) 124
Inventories 1,083 (592) (307)
Other current assets (4) (24) 50
Trade accounts payable (439) 384 167
Accrued expenses and other liabilities (184) 218 262
Income taxes (228) 102 10
Other non-current assets and liabilities 109 112 110
Net cash provided by operating activities 4,431 3,643 3,744
Cash Flows from Additions to property and equipment (1,550) (1,213) (1,014)
Investing Activities Purchases of short-term investments
– held to maturity — — (3,000)
Proceeds from short-term investments
– held to maturity — — 3,500
Return of (investment in) restricted cash 191 (191) —
Proceeds from sale of assets 123 79 51
Business and intangible asset acquisitions,
net of cash received (491) (630) (779)
(Payments) proceeds from sale of business (45) 442 —
Investment in Alliance Boots (4,025) — —
Other (63) (12) (32)
Net cash used for investing activities (5,860) (1,525) (1,274)
Cash Flows from Payments of long-term debt — (17) (576)
Financing Activities Issuance of long-term debt 3,000 — —
Stock purchases (1,191) (2,028) (1,756)
Proceeds related to employee stock plans 165 235 233
Cash dividends paid (787) (647) (541)
Other (17) 15 (37)
Net cash provided by (used for) financing activities 1,170 (2,442) (2,677)
Changes in Cash and Net decrease in cash and cash equivalents (259) (324) (207)
Cash Equivalents Cash and cash equivalents at beginning of year 1,556 1,880 2,087
Cash and cash equivalents at end of year $ 1,297 $ 1,556 $ 1,880
The accompanying Notes to Consolidated Financial Statements are integral parts of these statements.
2012 Walgreens Annual Report 29