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56
CVS Caremark
YEAR ENDED DECEMBER 31,
In millions
2013 2012 2011
Cash flows from operating activities:
Cash receipts from customers
$ 114,993
$ 113,205 $ 97,688
Cash paid for inventory and prescriptions dispensed
by retail network pharmacies
(91,178)
(90,032) (75,148)
Cash paid to other suppliers and employees
(14,295)
(13,643) (13,635)
Interest received
8
4 4
Interest paid
(534)
(581) (647)
Income taxes paid
(3,211)
(2,282) (2,406)
Net cash provided by operating activities
5,783
6,671 5,856
Cash flows from investing activities:
Purchases of property and equipment
(1,984)
(2,030) (1,872)
Proceeds from sale-leaseback transactions
600
529 592
Proceeds from sale of property and equipment and other assets
54
23 4
Acquisitions (net of cash acquired) and other investments
(415)
(378) (1,441)
Purchase of available-for-sale investments
(226)
— (3)
Maturity of available-for-sale investments
136
— 60
Proceeds from sale of subsidiary
—
7 250
Net cash used in investing activities
(1,835)
(1,849) (2,410)
Cash flows from financing activities:
Increase (decrease) in short-term debt
(690)
(60) 450
Proceeds from issuance of long-term debt
3,964
1,239 1,463
Repayments of long-term debt
—
(1,718) (2,122)
Purchase of noncontrolling interest in subsidiary
—
(26) —
Dividends paid
(1,097)
(829) (674)
Derivative settlements
—
— (19)
Proceeds from exercise of stock options
500
836 431
Excess tax benefits from stock-based compensation
62
28 21
Repurchase of common stock
(3,976)
(4,330) (3,001)
Other
—
— (9)
Net cash used in financing activities
(1,237)
(4,860) (3,460)
Effect of exchange rate changes on cash and cash equivalents
3
— —
Net increase (decrease) in cash and cash equivalents
2,714
(38) (14)
Cash and cash equivalents at the beginning of the year
1,375
1,413 1,427
Cash and cash equivalents at the end of the year
$ 4,089
$ 1,375 $ 1,413
Reconciliation of net income to net cash provided by
operating activities:
Net income
$ 4,592
$ 3,862 $ 3,458
Adjustments required to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization
1,870
1,753 1,568
Stock-based compensation
141
132 135
Loss on early extinguishment of debt
—
348 —
Gain on sale of subsidiary
—
— (53)
Deferred income taxes and other noncash items
(86)
(111) 144
Change in operating assets and liabilities, net of effects
from acquisitions:
Accounts receivable, net
(2,210)
(387) (748)
Inventories
12
(853) 586
Other current assets
105
3 (420)
Other assets
(135)
(99) (49)
Accounts payable and claims and discounts payable
1,024
1,147 1,128
Accrued expenses
471
766 105
Other long-term liabilities
(1)
110 2
Net cash provided by operating activities
$ 5,783
$ 6,671 $ 5,856
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows