Walmart 2005 Annual Report Download - page 38

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36 WAL-MART 2005 ANNUAL REPORT
(Amounts in millions)
Fiscal years ended January 31, 2005 2004 2003
Cash flows from operating activities
Income from continuing operations $ 10,267 $ 8,861 $ 7,818
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,405 3,852 3,364
Deferred income taxes 263 177 474
Other operating activities 378 173 685
Changes in certain assets and liabilities, net of effects of acquisitions:
Decrease (increase) in accounts receivable (304) 373 (159)
Increase in inventories (2,635) (1,973) (2,219)
Increase in accounts payable 1,694 2,587 1,748
Increase in accrued liabilities 976 1,896 1,212
Net cash provided by operating activities of continuing operations 15,044 15,946 12,923
Net cash provided by operating activities of discontinued operation – 50 82
Net cash provided by operating activities 15,044 15,996 13,005
Cash flows from investing activities
Payments for property and equipment (12,893) (10,308) (9,245)
Investment in international operations (315) (38) (749)
Proceeds from the disposal of fixed assets 953 481 311
Proceeds from the sale of McLane – 1,500 –
Other investing activities (96) 78 (73)
Net cash used in investing activities of continuing operations (12,351) (8,287) (9,756)
Net cash used in investing activities of discontinued operation – (25) (83)
Net cash used in investing activities (12,351) (8,312) (9,839)
Cash flows from financing activities
Increase in commercial paper 544 688 1,836
Proceeds from issuance of long-term debt 5,832 4,099 2,044
Purchase of company stock (4,549) (5,046) (3,383)
Dividends paid (2,214) (1,569) (1,328)
Payment of long-term debt (2,131) (3,541) (1,261)
Payment of capital lease obligations (204) (305) (216)
Other financing activities 113 111 (62)
Net cash used in financing activities (2,609) (5,563) (2,370)
Effect of exchange rate changes on cash 205 320 (199)
Net increase in cash and cash equivalents 289 2,441 597
Cash and cash equivalents at beginning of year
(1) 5,199 2,758 2,161
Cash and cash equivalents at end of year $ 5,488 $ 5,199 $ 2,758
Supplemental disclosure of cash flow information
Income tax paid $ 5,593 $ 4,358 $ 4,539
Interest paid 1,163 1,024 1,085
Capital lease obligations incurred 377 252 381
(1) Includes cash and cash equivalents of discontinued operation of $22 million for 2003.
See accompanying notes.
Consolidated Statements of Cash Flows
W A L -M A R T