Abercrombie & Fitch 2011 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2011 Abercrombie & Fitch annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 146

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146

ABERCROMBIE & FITCH CO.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2011 2010 2009
(Thousands)
OPERATING ACTIVITIES:
Net Income ..................................................... $127,658 $ 150,283 $ 254
Impact of Other Operating Activities on Cash Flows:
Depreciation and Amortization ................................... 232,956 229,153 238,752
Non-Cash Charge for Asset Impairment ............................ 68,022 50,631 84,754
Loss on Disposal / Write-off of Assets .............................. 22,460 7,064 10,646
Lessor Construction Allowances .................................. 41,509 35,281 47,329
Amortization of Deferred Lease Credits ............................ (48,258) (48,373) (47,182)
Deferred Taxes ................................................ (46,330) (27,823) 7,605
Share-Based Compensation ...................................... 51,093 40,599 36,109
Tax Benefit (Deficiency) from Share-Based Compensation ............. 2,973 (1,053) (5,454)
Excess Tax Benefit from Share-Based Compensation .................. (4,821) — —
Auction Rate Securities Loss ..................................... 13,442 — —
Changes in Assets and Liabilities:
Inventories ................................................... (184,784) (74,689) 62,720
Accounts Payable and Accrued Expenses ........................... 130,180 27,108 37,115
Income Taxes ................................................. 4,754 63,807 (7,386)
Other Assets and Liabilities ...................................... (45,635) (60,199) (69,775)
NET CASH PROVIDED BY OPERATING ACTIVITIES ................. 365,219 391,789 395,487
INVESTING ACTIVITIES:
Capital Expenditures .............................................. (318,598) (160,935) (175,472)
Purchase of Trust-Owned Life Insurance Policies ....................... — (16,583) (13,539)
Proceeds from Sales of Marketable Securities .......................... 2,650 84,542 77,450
Other Investing .................................................. (24,741) — —
NET CASH USED FOR INVESTING ACTIVITIES ...................... (340,689) (92,976) (111,561)
FINANCING ACTIVITIES:
Proceeds from Share-Based Compensation ............................ 46,530 13,941 2,048
Excess Tax Benefit from Share Based Compensation .................... 4,821 — —
Proceeds from Borrowings under Credit Agreement ..................... — — 48,056
Purchase of Common Stock ........................................ (196,605) (76,158) —
Dividends Paid .................................................. (60,956) (61,656) (61,500)
Repayment of Borrowings under Credit Agreement ..................... (45,002) (12,093) (100,000)
Change in Outstanding Checks and Other ............................. (14,117) (9,367) (24,654)
NET CASH USED FOR FINANCING ACTIVITIES ...................... (265,329) (145,333) (136,050)
EFFECT OF EXCHANGE RATES ON CASH ........................... (2,059) 2,923 3,402
NET (DECREASE) INCREASE IN CASH AND EQUIVALENTS: .......... (242,858) 156,403 151,278
Cash and Equivalents, Beginning of Period ............................ 826,353 669,950 518,672
CASH AND EQUIVALENTS, END OF PERIOD ........................ $583,495 $ 826,353 $ 669,950
SIGNIFICANT NON-CASH INVESTING ACTIVITIES:
Change in Accrual for Construction in Progress ........................ $ 23,040 $ 18,741 $ (21,882)
The accompanying Notes are an integral part of these Consolidated Financial Statements.
63