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33Wal-Mart 2009 Annual Report
Consolidated Statements of Cash Flows
Fiscal Year Ended January 31,
(Amounts in millions) 2009 2008 2007
Cash  ows from operating activities:
Net income $ 13,400 $ 12,731 $ 11,284
(Income) loss from discontinued operations, net of tax (146) 132 905
Income from continuing operations 13,254 12,863 12,189
Adjustments to reconcile income from continuing operations
to net cash provided by operating activities:
Depreciation and amortization 6,739 6,317 5,459
Deferred income taxes 581 (8) 89
Other operating activities 1,268 910 1,311
Changes in certain assets and liabilities, net of e ects of acquisitions:
(Increase) in accounts receivable (101) (564) (214)
(Increase) in inventories (220) (775) (1,274)
(Decrease) increase in accounts payable (410) 865 2,132
Increase in accrued liabilities 2,036 1,034 588
Net cash provided by operating activities of continuing operations 23,147 20,642 20,280
Net cash used in operating activities of discontinued operations — — (45)
Net cash provided by operating activities 23,147 20,642 20,235
Cash  ows from investing activities:
Payments for property and equipment (11,499) (14,937) (15,666)
Proceeds from disposal of property and equipment 714 957 394
Proceeds from (payments for) disposal of certain international operations, net 838 (257) 610
Investment in international operations, net of cash acquired (1,576) (1,338) (68)
Other investing activities 781 (95) 223
Net cash used in investing activities of continuing operations (10,742) (15,670) (14,507)
Net cash provided by investing activities of discontinued operations — — 44
Net cash used in investing activities (10,742) (15,670) (14,463)
Cash  ows from  nancing activities:
(Decrease) increase in commercial paper (3,745) 2,376 (1,193)
Proceeds from issuance of long-term debt 6,566 11,167 7,199
Payment of long-term debt (5,387) (8,723) (5,758)
Dividends paid (3,746) (3,586) (2,802)
Purchase of Company stock (3,521) (7,691) (1,718)
Payment of capital lease obligations (352) (343) (340)
Other nancing activities 267 (622) (510)
Net cash used in  nancing activities (9,918) (7,422) (5,122)
E ect of exchange rates on cash (781) 252 97
Net increase (decrease) in cash and cash equivalents 1,706 (2,198) 747
Cash and cash equivalents at beginning of year (1) 5,569 7,767 7,020
Cash and cash equivalents at end of year (2) $ 7,275 $ 5,569 $ 7,767
Supplemental disclosure of cash  ow information:
Income tax paid $ 6,596 $ 6,299 $ 6,665
Interest paid 1,787 1,622 1,553
Capital lease obligations incurred 284 447 159
(1) Includes cash and cash equivalents of discontinued operations of $77 million, $51 million and $19 million at January 31, 2008, 2007 and 2006, respectively.
(2) Includes cash and cash equivalents of discontinued operations of $77 million and $51 million at January 31, 2008 and 2007, respectively.
See accompanying notes.