CVS 2005 Annual Report Download - page 31

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29
CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
fiscal year ended fiscal year ended fiscal year ended
In millions Dec. 31, 2005 (52 weeks) Jan. 1, 2005 (52 weeks) Jan. 3, 2004 (53 weeks)
Cash flows from operating activities:
Cash receipts from sales $ 36,923.1 $ 30,545.8 $ 26,276.9
Cash paid for inventory(26,403.9) (22,469.2) (19,262.9)
Cash paid to other suppliers and employees (8,186.7) (6,528.5) (5,475.5)
Interest and dividends received 6.5 5.7 5.7
Interest paid (135.9) (70.4) (64.9)
Income taxes paid (591.0) (569.2) (510.4)
Net cash provided by operating activities 1,612.1 914.2 968.9
Cash flows from investing activities:
Additions to property and equipment (1,495.4) (1,347.7) (1,121.7)
Proceeds from sale-leaseback transactions 539.9 496.6 487.8
Acquisitions, net of cash and investments 12.1 (2,293.7) (133.1)
Cash outflow from hedging activities —(32.8) —
Proceeds from sale or disposal of assets 31.8 14.3 13.4
Net cash used in investing activities (911.6) (3,163.3) (753.6)
Cash flows from financing activities:
Reductions in long-term debt (10.5) (301.5) (0.8)
Additions to long-term debt 16.5 1,204.1 —
Proceeds from exercise of stock options 178.4 129.8 38.3
Dividends paid (131.6) (119.8) (105.2)
Additions to/(reductions in) short-term debt (632.2) 885.6 (4.8)
Net cash (used in) provided by financing activities (579.4) 1,798.2 (72.5)
Net increase (decrease) in cash and cash equivalents 121.1 (450.9) 142.8
Cash and cash equivalents at beginning of year 392.3 843.2 700.4
Cash and cash equivalents at end of year $ 513.4 $ 392.3 $ 843.2
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings $ 1,224.7 $ 918.8 $ 847.3
Adjustments required to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 589.1 496.8 341.7
Deferred income taxes and other non-cash items 13.5 (23.6) 41.1
Change in operating assets and liabilities providing/(requiring) cash,
net of effects from acquisitions:
Accounts receivable, net (83.1) (48.4) (311.1)
Inventories (265.2) (509.8) 2.1
Other current assets (13.2) 35.7 (3.0)
Other assets (0.1) 8.5 (0.4)
Accounts payable 192.2 109.4 (41.5)
Accrued expenses (43.8) (144.2) 116.5
Other long-term liabilities (2.0) 71.0 (23.8)
Net cash provided by operating activities $ 1,612.1 $ 914.2 $ 968.9
See accompanying notes to consolidated financial statements.