CVS 1999 Annual Report Download - page 25

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Consolidated Statements of Cash Flows
23
Fiscal Year Ended
January 1, December 26, December 27,
2000 1998 1997
In millions (53 weeks) (52 weeks) (52 weeks)
Cash flows from operating activities:
Net earnings $ 635.1 $ 384.5 $ 88.8
Adjustments required to reconcile net earnings to net cash
provided by (used in) operating activities:
Depreciation and amortization 277.9 249.7 242.6
Merger, restructuring and other nonrecurring charges —188.6 466.4
Deferred income taxes and other noncash items 124.8 80.6 (140.4)
Extraordinary item, net of income tax benefit —— 17.1
Change in assets and liabilities, excluding acquisitions:
Increase in accounts receivable, net (48.9) (197.9) (82.5)
Increase in inventories (255.0) (315.0) (566.1)
Increase in other current assets (16.7) (18.5) (18.3)
Increase in accounts payable 166.8 52.6 174.7
Decrease in accrued expenses (37.7) (134.5) (232.3)
Decrease in other assets and other long-term liabilities (187.5) (69.1) (55.8)
Net cash provided by (used in) operating activities 658.8 221.0 (105.8)
Cash flows from investing activities:
Additions to property and equipment (493.5) (502.3) (341.6)
Acquisitions, net of cash (33.6) (62.2) —
Proceeds from sale of businesses and other property and equipment 28.2 50.5 192.7
Proceeds from sale of investments —— 309.7
Net cash (used in) provided by investing activities (498.9) (514.0) 160.8
Cash flows from financing activities:
(Reductions in) additions to short-term borrowings (324.5) 304.6 466.4
Proceeds from exercise of stock options 20.4 121.1 169.1
Additions to (reductions in) long-term debt 298.1 (41.9) (917.2)
Dividends paid (104.7) (102.5) (87.6)
Net cash (used in) provided by financing activities (110.7) 281.3 (369.3)
Net increase (decrease) in cash and cash equivalents 49.2 (11.7) (314.3)
Cash and cash equivalents at beginning of year 180.8 192.5 506.8
Cash and cash equivalents at end of year $ 230.0 $ 180.8 $ 192.5
See accompanying notes to consolidated financial statements.