Walmart 2004 Annual Report Download - page 38

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Consolidated Statements of Cash Flows
(Amounts in millions)
Fiscal years ended January 31, 2004 2003 2002
Cash flows from operating activities
Income from continuing operations $ 8,861 $ 7,818 $ 6,448
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 3,852 3,364 3,228
Decrease/(increase) in accounts receivable 373 (159) (212)
Increase in inventories (1,973) (2,219) (1,125)
Increase in accounts payable 2,658 1,848 416
Increase in accrued liabilities 1,800 1,088 1,120
Deferred income taxes 177 474 140
Other 198 709 468
Net cash provided by operating activities of continuing operations 15,946 12,923 10,483
Net cash provided by operating activities of discontinued operation 50 82 36
Net cash provided by operating activities 15,996 13,005 10,519
Cash flows from investing activities
Payments for property, plant and equipment (10,308) (9,245) (8,285)
Investment in international operations (38) (749) –
Proceeds from the disposal of fixed assets 481 311 248
Proceeds from the sale of McLane 1,500 ––
Proceeds from termination or sale of net investment hedges –– 1,134
Other investing activities 78 (73) (231)
Net cash used in investing activities of continuing operations (8,287) (9,756) (7,134)
Net cash used in investing activities of discontinued operation (25) (83) (89)
Net cash used in investing activities (8,312) (9,839) (7,223)
Cash flows from financing activities
Increase/(decrease) in commercial paper 688 1,836 (1,533)
Proceeds from issuance of long-term debt 4,099 2,044 4,591
Purchase of Company stock (5,046) (3,383) (1,214)
Dividends paid (1,569) (1,328) (1,249)
Payment of long-term debt (3,541) (1,261) (3,519)
Payment of capital lease obligations (305) (216) (167)
Other financing activities 111 (62) 113
Net cash used in financing activities (5,563) (2,370) (2,978)
Effect of exchange rate changes on cash 320 (199) (211)
Net increase in cash and cash equivalents 2,441 597 107
Cash and cash equivalents at beginning of year* 2,758 2,161 2,054
Cash and cash equivalents at end of year** $ 5,199 $ 2,758 $ 2,161
Supplemental disclosure of cash flow information
Income tax paid $ 4,358 $ 4,539 $ 2,613
Interest paid 1,024 1,085 1,332
Capital lease obligations incurred 252 381 225
*Includes cash and cash equivalents of discontinued operation of $22, $23 and $77 million for 2004, 2003 and 2002, respectively.
**Includes cash and cash equivalents of discontinued operation of $22 and $23 million for 2003 and 2002, respectively.
See accompanying notes.
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