Walmart 2008 Annual Report Download - page 33

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Consolidated Statements of Cash Flows
Fiscal Year Ended January 31,
(Amounts in millions) 2008 2007 2006
Cash ows from operating activities
Net income $ 12,731 $ 11,284 $ 11,231
Loss from discontinued operations, net of tax 153 894 177
Income from continuing operations 12,884 12,178 11,408
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Depreciation and amortization 6,317 5,459 4,645
Deferred income taxes (8) 89 (129)
Other operating activities 601 1,039 613
Changes in certain assets and liabilities, net of eects of acquisitions:
Increase in accounts receivable (564) (214) (466)
Increase in inventories (775) (1,274) (1,761)
Increase in accounts payable 865 2,132 3,031
Increase in accrued liabilities 1,034 588 1,002
Net cash provided by operating activities of continuing operations 20,354 19,997 18,343
Net cash used in operating activities of discontinued operations — (45) (102)
Net cash provided by operating activities 20,354 19,952 18,241
Cash ows from investing activities
Payments for property and equipment (14,937) (15,666) (14,530)
Proceeds from disposal of property and equipment 957 394 1,042
(Payments for) proceeds from disposal of certain international operations, net (257) 610 —
Investment in international operations, net of cash acquired (1,338) (68) (601)
Other investing activities (95) 223 (67)
Net cash used in investing activities of continuing operations (15,670) (14,507) (14,156)
Net cash provided by (used in) investing activities of discontinued operations — 44 (30)
Net cash used in investing activities (15,670) (14,463) (14,186)
Cash ows from nancing activities
Increase (decrease) in commercial paper 2,376 (1,193) (704)
Proceeds from issuance of long-term debt 11,167 7,199 7,691
Payment of long-term debt (8,723) (5,758) (2,724)
Dividends paid (3,586) (2,802) (2,511)
Purchase of Company stock (7,691) (1,718) (3,580)
Payment of capital lease obligations (343) (340) (245)
Other nancing activities (334) (227) (349)
Net cash used in nancing activities (7,134) (4,839) (2,422)
Eect of exchange rate changes on cash 252 97 (101)
Net (decrease) increase in cash and cash equivalents (2,198) 747 1,532
Cash and cash equivalents at beginning of year(1) 7,767 7,020 5,488
Cash and cash equivalents at end of year(2) $ 5,569 $ 7,767 $ 7,020
Supplemental disclosure of cash ow information
Income tax paid $ 6,299 $ 6,665 $ 5,962
Interest paid 1,622 1,553 1,390
Capital lease obligations incurred 447 159 286
(1) Includes cash and cash equivalents of discontinued operations of $221 and $383 million at January 31, 2006 and 2005, respectively.
(2) Includes cash and cash equivalents of discontinued operations of $221 million at January 31, 2006.
See accompanying notes.
WAL-MART 2008 ANNUAL REPORT 31