Walmart 2006 Annual Report Download - page 35

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Consolidated Statements of Cash Flows
WAL-MART
33
(Amounts in millions)
Fiscal Year Ended January 31, 2006 2005 2004
Cash fl ows from operating activities
Income from continuing operations $ 11,231 $ 10,267 $ 8,861
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,717 4,264 3,852
Deferred income taxes (129) 263 177
Other operating activities 620 378 173
Changes in certain assets and liabilities, net of effects of acquisitions:
Decrease (increase) in accounts receivable (456) (304) 373
Increase in inventories (1,733) (2,494) (1,973)
Increase in accounts payable 2,390 1,694 2,587
Increase in accrued liabilities 993 976 1,896
Net cash provided by operating activities of continuing operations 17,633 15,044 15,946
Net cash provided by operating activities of discontinued operation – – 50
Net cash provided by operating activities 17,633 15,044 15,996
Cash fl ows from investing activities
Payments for property and equipment (14,563) (12,893) (10,308)
Investment in international operations, net of cash acquired (601) (315) (38)
Proceeds from the disposal of fi xed assets 1,049 953 481
Proceeds from the sale of McLane – – 1,500
Other investing activities (68) (96) 78
Net cash used in investing activities of continuing operations (14,183) (12,351) (8,287)
Net cash used in investing activities of discontinued operation – – (25)
Net cash used in investing activities (14,183) (12,351) (8,312)
Cash fl ows from fi nancing activities
Increase (decrease) in commercial paper (704) 544 688
Proceeds from issuance of long-term debt 7,691 5,832 4,099
Purchase of Company stock (3,580) (4,549) (5,046)
Dividends paid (2,511) (2,214) (1,569)
Payment of long-term debt (2,724) (2,131) (3,541)
Payment of capital lease obligations (245) (204) (305)
Other fi nancing activities (349) 113 111
Net cash used in fi nancing activities (2,422) (2,609) (5,563)
Effect of exchange rate changes on cash (102) 205 320
Net increase in cash and cash equivalents 926 289 2,441
Cash and cash equivalents at beginning of year 5,488 5,199 2,758
Cash and cash equivalents at end of year $ 6,414 $ 5,488 $ 5,199
Supplemental disclosure of cash fl ow information
Income tax paid $ 5,962 $ 5,593 $ 4,538
Interest paid 1,390 1,163 1,024
Capital lease obligations incurred 286 377 252
See accompanying notes.
Consolidated Statements of Cash Flows
WAL-MART
33