CVS 2011 Annual Report Download - page 51

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Consolidated Balance Sheets
CVS CAREMARK 49 2011 ANNUAL REPORT
Year Ended December 31,
in millions 2011 2010 2009
Cash flows from operating activities:
Cash receipts from customers $ 97,688 $ 94,503 $ 93,568
Cash paid for inventory and prescriptions dispensed
by retail network pharmacies (75,148) (73,143) (73,536)
Cash paid to other suppliers and employees (13,635) (13,778) (13,121)
Interest received 4 4 5
Interest paid (647) (583) (542)
Income taxes paid (2,406) (2,224) (2,339)
Net cash provided by operating activities 5,856 4,779 4,035
Cash flows from investing activities:
Purchases of property and equipment (1,872) (2,005) (2,548)
Proceeds from sale-leaseback transactions 592 507 1,562
Proceeds from sale of property and equipment 4 34 23
Acquisitions (net of cash acquired) and other investments (1,441) (177) (101)
Purchase of available-for-sale investments (3) — (5)
Sale or maturity of available-for-sale investments 60 1 —
Proceeds from sale of subsidiary 250 — —
Net cash used in investing activities (2,410) (1,640) (1,069)
Cash flows from financing activities:
Increase (decrease) in short-term debt 450 (15) (2,729)
Proceeds from issuance of long-term debt 1,463 991 2,800
Repayments of long-term debt (2,122) (2,103) (653)
Dividends paid (674) (479) (439)
Derivative settlements (19) (5) (3)
Proceeds from exercise of stock options 431 285 250
Excess tax benefits from stock-based compensation 21 28 19
Repurchase of common stock (3,001) (1,500) (2,477)
Other (9) — —
Net cash used in financing activities (3,460) (2,798) (3,232)
Net increase (decrease) in cash and cash equivalents (14) 341 (266)
Cash and cash equivalents at the beginning of the year 1,427 1,086 1,352
Cash and cash equivalents at the end of the year $ 1,413 $ 1,427 $ 1,086
Reconciliation of net income to net cash provided by operating activities:
Net income $ 3,457 $ 3,424 $ 3,696
Adjustments required to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,568 1,469 1,389
Stock-based compensation 135 150 165
Gain on sale of subsidiary (53) — —
Deferred income taxes and other noncash items 144 30 48
Change in operating assets and liabilities, net of effects
from acquisitions:
Accounts receivable, net (748) 532 (86)
Inventories 607 (352) (1,199)
Other current assets (420) (4) 48
Other assets (49) (210) (2)
Accounts payable 1,128 (40) 4
Accrued expenses 85 (176) (66)
Other long-term liabilities 2 (44) 38
Net cash provided by operating activities $ 5,856 $ 4,779 $ 4,035
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
CVS CAREMARK 49 2011 ANNUAL REPORT
127087_Financial.indd 49 3/9/12 9:42 PM