Walmart 2010 Annual Report Download - page 35

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Fiscal Years Ended January 31,
(Amounts in millions) 2010 2009 2008
Cash flows from operating activities:
Consolidated net income $ 14,848 $ 13,899 $ 13,137
Loss (income) from discontinued operations, net of tax 79 (146) 132
Income from continuing operations 14,927 13,753 13,269
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
Depreciation and amortization 7,157 6,739 6,317
Deferred income taxes (504) 581 (8)
Other operating activities 301 769 504
Changes in certain assets and liabilities, net of effects of acquisitions:
Increase in accounts receivable (297) (101) (564)
Decrease (increase) in inventories 2,265 (220) (775)
Increase (decrease) in accounts payable 1,052 (410) 865
Increase in accrued liabilities 1,348 2,036 1,034
Net cash provided by operating activities 26,249 23,147 20,642
Cash flows from investing activities:
Payments for property and equipment (12,184) (11,499) (14,937)
Proceeds from disposal of property and equipment 1,002 714 957
Proceeds from (payments for) disposal of certain international operations, net — 838 (257)
Investment in international operations, net of cash acquired — (1,576) (1,338)
Other investing activities (438) 781 (95)
Net cash used in investing activities (11,620) (10,742) (15,670)
Cash flows from financing activities:
Increase (decrease) in short-term borrowings, net (1,033) (3,745) 2,376
Proceeds from issuance of long-term debt 5,546 6,566 11,167
Payment of long-term debt (6,033) (5,387) (8,723)
Dividends paid (4,217) (3,746) (3,586)
Purchase of company stock (7,276) (3,521) (7,691)
Purchase of redeemable noncontrolling interest (436) — —
Payment of capital lease obligations (346) (352) (343)
Other financing activities (396) 267 (622)
Net cash used in financing activities (14,191) (9,918) (7,422)
Effect of exchange rates on cash and cash equivalents 194 (781) 252
Net increase (decrease) in cash and cash equivalents 632 1,706 (2,198)
Cash and cash equivalents at beginning of year
(1)
7,275 5,569 7,767
Cash and cash equivalents at end of year
(2)
$ 7,907 $ 7,275 $ 5,569
Supplemental disclosure of cash flow information
Income tax paid $ 7,389 $ 6,596 $ 6,299
Interest paid 2,141 1,787 1,622
Capital lease obligations incurred 61 284 447
(1) Includes cash and cash equivalents of discontinued operations of $51 million at February 1, 2007.
(2) Includes cash and cash equivalents of discontinued operations of $77 million at January 31, 2008.
See accompanying notes.
Consolidated Statements of Cash Flows
Walmart 2010 Annual Report 33