Banana Republic 2005 Annual Report Download - page 41

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G A P I N C . F I N A N C I A L S 2 0 0 5
gap inc. 2005 annual report 39
CONSOLIDATED STATEMENTS OF CASH FLOWS
52 Weeks Ended 52 Weeks Ended 52 Weeks Ended
($ in millions) January 28, 2006 January 29, 2005 January 31, 2004
Cash Flows from Operating Activities
Net earnings $ 1,113 $ 1,150 $ 1,031
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization (a) 625 615 675
Other non-cash reconciling adjustments (28) 57 79
Deferred income taxes (46) (80) 101
Change in operating assets and liabilities:
Merchandise inventory 114 (90) 385
Other assets (104) (18) 5
Accounts payable (102) 39 (10)
Accrued expenses and other current liabilities (121) (23) (42)
Income taxes payable, net (19) (112) (38)
Lease incentives and other liabilities 119 59 (26)
Net cash provided by operating activities 1,551 1,597 2,160
Cash Flows from Investing Activities
Purchase of property and equipment (600) (419) (261)
Proceeds from sale of property and equipment 27 - 1
Purchase of short-term investments (1,768) (1,813) (1,202)
Maturities of short-term investments 1,645 2,072 442
Purchase of long-term investments (100) - -
Maturities of long-term investments 100 - -
Change in restricted cash 959 337 (1,303)
Change in other assets 23 6 5
Net cash provided by (used for) investing activities 286 183 (2,318)
Cash Flows from Financing Activities
Payments of long-term debt (b) - (871) (668)
Issuance of common stock (b) 110 130 85
Purchase of treasury stock, net of reissuances (1,971) (976) 26
Cash dividends paid (179) (79) (79)
Net cash used for financing activities (2,040) (1,796) (636)
Effect of exchange rate fluctuations on cash (7) - 28
Net decrease in cash and equivalents (210) (16) (766)
Cash and equivalents at beginning of period 2,245 2,261 3,027
Cash and equivalents at end of period $ 2,035 $ 2,245 $ 2,261
Supplemental disclosure of cash flow information:
Cash paid for interest $ 79 $ 168 $ 235
Cash paid for income taxes 738 891 616
(a) Depreciation and amortization includes the amortization of lease incentives.
(b) Does not include the non-cash conversion of our senior convertible debt of $1.4 billion to 85 million shares of common stock in March 2005.
See Note B to the Consolidated Financial Statements.
See Notes to the Consolidated Financial Statements