Compare the cash flows from operating activities for Walgreens with the net income for the most recent year. What factors have contributed to the difference between these two numbers?
Net Income: $4,065
Stockholders' Equity: $29,366
Interest Expense: $396
Total Assets: $90,124
Shares Common Stock Outstanding: 2,028
Sales Revenue: $132,703
Current Assets: $16,902
Current Liabilities: $22,583
Cash: $1,444
Short Term Investments: $1,114
Net Accounts Receivable: $5,017
Net Credit Sales: $132,703
COGS: $104,438
Inventory: $8,353
Income Tax Expense: -$30
Total Debt: $11,673
Total Liabilities: $59,716
Earnings per Share: $2.00443787
WALGREENS BOOTS ALLIANCE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended August 31, 2022, 2021, and 2020 (in millions)
2022
2021
2020
Cash flows from operating activities:
Net earnings: $4,065 $2,512 $424
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization: $1,990 $1,973 $1,927
Deferred income taxes: -$366 $233 -$43
Stock compensation expense: $391 $155 $137
(Earnings) loss from equity method investments: -$468 $498 -$382
Goodwill and intangible impairments: $824 $49 $2,016
Loss on early extinguishment of debt: $6 $414
Gain on previously held investment interests: -$2,576
Gain on sale of business: -$322
Gain on sale of equity method investments: -$559 -$321
Impairment of equity method investments and investments in debt and equity securities: $233
Other: -$146 -$64 $464
Changes in operating assets and liabilities:
Accounts receivable, net: $808 -$1,451 $163
Inventories: -$433 $165 $63
Other current assets: -$72 -$46 -$31
Trade accounts payable: $244 $842 -$25
Accrued expenses and other liabilities: -$138 $1,046 $1,008
Income taxes: -$51 $160 -$221
Other non-current assets and liabilities: $137 -$288 -$16
Net cash provided by operating activities: $3,899 $5,555 $5,484
Cash flows from investing activities:
Additions to property, plant and equipment: -$1,734 -$1,379 -$1,374
Proceeds from sale-leaseback transactions: $1,308 $856 $724
Proceeds from sale of business, net of cash disposed: $5,527
Proceeds from sale of other assets: $1,334 $453 $90
Business, investment, and asset acquisitions, net of cash acquired: -$2,189 -$1,431 -$718
Other: $216 $46 -$61
Net cash (used for) provided by investing activities: -$1,064 $4,072 -$1,297
Cash flows from financing activities:
Net change in short-term debt with maturities of 3 months or less: -$11 -$606 -$161
Proceeds from debt: $11,958 $12,726 $20,367
Payments of debt: -$8,360 -$15,257 -$21,414
Acquisition of non-controlling interests: -$2,108
Stock purchases: -$187 -$110 -$1,589
Proceeds related to employee stock plans, net: $27 $59 $55
Cash dividends paid: -$1,659 -$1,617 -$1,747
Early debt extinguishment: -$1,591 -$3,687
Other: $432 -$241 -$157
Net cash used for financing activities: -$1,499 -$9,036 -$4,647
Effect of exchange rate changes on cash, cash equivalents, marketable securities, and restricted cash: -$47 -$66 -$1
Changes in cash, cash equivalents, marketable securities, and restricted cash:
Net increase (decrease) in cash, cash equivalents, marketable securities, and restricted cash: $1,288 $525 -$460
Cash, cash equivalents, marketable securities, and restricted cash at the beginning of the period: $1,270 $746 $1,207
Cash, cash equivalents, marketable securities, and restricted cash at the end of the period: $2,558 $1,270 $746
The accompanying notes to Consolidated Financial Statements are an integral part of these Statements.