McKesson 2009 Annual Report Download - page 73

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McKESSON CORPORATION
See Financial Notes
67
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years Ended March 31,
2009 2008 2007
Operating Activities
Net income $ 823 $ 990 $ 913
Discontinued operations, net of income taxes - (1) 55
Adjustments to reconcile to net cash provided by (used in)
operating activities:
Depreciation 133 124 112
Amortization 308 247 183
Provision for bad debts 29 41 24
Litigation charge (credits), net 493 (5) (6)
Deferred taxes (benefits) on Litigation charge (credits), net (172) 2 2
Impairment of investments 63 - -
Other deferred taxes 320 196 165
Income tax reserve reversals (87) - (83)
Share-based compensation expense 99 91 60
Excess tax benefit from share-based payment arrangements (8) (83) (70)
Other non-cash items (4) (24) (66)
Changes in operating assets and liabilities, net of business
acquisitions:
Receivables (708) (288) (209)
Inventories 370 (676) (928)
Drafts and accounts payable (189) 762 872
Deferred revenue (55) 98 181
Taxes (47) 336 227
Consolidated Securities Litigation Action settlement payments - (962) (25)
Other (17) 21 132
Net cash provided by operating activities 1,351 869 1,539
Investing Activities
Property acquisitions (195) (195) (126)
Capitalized software expenditures (197) (161) (180)
Acquisitions of businesses, less cash and cash equivalents
acquired (358) (610) (1,938)
Proceeds from sale of businesses 63 - 179
Restricted cash for Litigation charges (55) 962 -
Other 15 (1) (43)
Net cash used in investing activities (727) (5) (2,108)
Financing Activities
Proceeds from short-term borrowings 3,630 260 1,000
Repayments of short-term borrowings (3,630) (260) (1,000)
Proceeds from issuances of long-term debt, net 699 - 997
Repayment of long-term debt (4) (162) (31)
Capital stock transactions:
Issuances 97 354 399
Share repurchases, including shares surrendered for tax
withholding (298) (1,698) (1,003)
Share repurchases, retirements (204) - -
Excess tax benefits from share-based payment arrangements 8 83 70
Dividends paid (116) (70) (72)
Other (4) 23 19
Net cash provided by (used in) financing activities 178 (1,470) 379
Effect of exchange rate changes on cash and cash equivalents (55) 14 5
Net increase (decrease) in cash and cash equivalents 747 (592) (185)
Cash and cash equivalents at beginning of year 1,362 1,954 2,139
Cash and cash equivalents at end of year $ 2,109 $ 1,362 $ 1,954