CVS 2002 Annual Report Download - page 27

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Consolidated Statements of Cash Flows
December 28, December 29, December 30,
In millions 2002 2001 2000
Cash flows from operating activities:
Net earnings $716.6 $ 413.2 $ 746.0
Adjustments required to reconcile net earnings to net cash
provided by operating activities:
Restructuring charge —352.5 —
Depreciation and amortization 310.3 320.8 296.6
Deferred income taxes and other noncash items 71.8 (83.5) 43.8
Change in operating assets and liabilities providing/(requiring) cash, net of
effects from acquisitions:
Accounts receivable, net (53.1) (141.7) (86.7)
Inventories (95.3) (366.8) (98.1)
Other current assets 12 . 5 4.1 7.0
Other assets (35.3) (13.9) (50.1)
Accounts payable 172 . 0 184.4 (133.6)
Accrued expenses 105.0 11.6 59.6
Other long-term liabilities 0.3 (0.1) (4.3)
Net cash provided by operating activities 1,204.8 680.6 780.2
Cash flows from investing activities:
Additions to property and equipment (1,108.8) (713.6) (695.3)
Proceeds from sale-leaseback transactions 448.8 323.3 299.3
Acquisitions, net of cash (93.5) (159.1) (263.3)
Proceeds from sale or disposal of assets 17. 7 12.6 18.8
Net cash used in investing activities (735.8) (536.8) (640.5)
Cash flows from financing activities:
Additions to (reductions in) long-term debt 296.9 295.9 (0.9)
Proceeds from exercise of stock options 34.0 47.3 97.8
Dividends paid (104.9) (105.2) (104.8)
Purchase of treasury shares —(129.0) (163.2)
(Reductions in) additions to short-term borrowings (230.9) (353.8) 138.7
Net cash used in financing activities (4.9) (244.8) (32.4)
Net increase (decrease) in cash and cash equivalents 464.1 (101.0) 107.3
Cash and cash equivalents at beginning of year 236.3 337.3 230.0
Cash and cash equivalents at end of year $ 700.4 $ 236.3 $ 337.3
See accompanying notes to consolidated financial statements.
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2002 Annual Report