Abercrombie & Fitch 2003 Annual Report Download - page 27

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Abercrombie &Fitch
25
CONSOLIDATED STATEMENTS OF CASH F LOWS
(Thousands)2003 2002 2001
Operating Activities
Net Income $205,102 $194,935 $168,672
Impact of Other Operating Activities on Cash Flows
Depreciation and Amortization 66,604 56,925 41,155
Non-cash Charge for Deferred Compensation 5,310 2,295 3,936
Deferred Taxes 7,308 21,213 (3,849)
Non-cash Charge for Asset Impairment –1,251 –
Change in Assets and Liabilities
Inventories (27,397) (34,430) 11,734
Accounts Payable and Accrued Expenses 5,761 40,964 5,659
Income Taxes 10,459 17,022 17,636
Other Assets and Liabilities 8,749 (7,029) (11,741)
Net Cash Provided by Operating Activities 281,896 293,146 233,202
Investing Activities
Capital Expenditures (99,128) (92,976) (126,515)
Purchase of Marketable Securities (10,000) (10,000) (71,220)
Proceeds from Maturities of Marketable Securities 10,000 71,220 –
Collection (Issuances) of Notes Receivable –4,954 (454)
Net Cash Used for Investing Activities (99,128) (26,802) (198,189)
Financing Activities
Change in Cash Overdraft 4,145 4,047 6,765
Purchase of Treasury Stock (115,670) (42,691) (11,069)
Stock Option Excercises and Other 19,767 (282) 6,139
Net Cash Provided By (Used For) Financing Activities (91,758) (38,926) 1,835
Net Increase in Cash and Equivalents 91,010 227,418 36,848
Cash and Equivalents, Beginning of Year 420,063 192,645 155,797
Cash and Equivalents, End of Period $511,073 $420,063 $192,645
Significant Non-cash Investing Activities
Construction Allowance Receivables $5,730 $ 8,778 $ 14,030
Accrual for Construction in Progress $31,269 $ 12,680 $ 25,338
The accompanying Notes are an integral part of these Consolidated Financial Statements.