Banana Republic 2010 Annual Report Download - page 46

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year
($ in millions) 2010 2009 2008
Cash flows from operating activities:
Netincome ............................................................................... $ 1,204 $1,102 $ 967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciationandamortization......................................................... 648 655 653
Amortizationofleaseincentives ....................................................... (86) (82) (85)
Share-basedcompensation ............................................................ 77 64 55
Taxbenefitfromexerciseofstockoptionsandvestingofstockunits ...................... 11 (2) 5
Excesstaxbenefitfromexerciseofstockoptionsandvestingofstockunits................ (11) (4) (6)
Non-cashandotheritems ............................................................. 55 16 61
Deferredincometaxes ................................................................ 93 (50) 10
Changes in operating assets and liabilities:
Merchandiseinventory ........................................................... (127) 43 51
Othercurrentassetsandotherlong-termassets .................................... (87) 83 34
Accountspayable................................................................. (7) 40 (4)
Accrued expenses and other current liabilities ...................................... (141) (23) (284)
Incometaxespayable,netofprepaidandothertax-relateditems .................... 66 64 (94)
Lease incentives and other long-term liabilities ..................................... 49 22 49
Netcashprovidedbyoperatingactivities.................................................... 1,744 1,928 1,412
Cash flows from investing activities:
Purchasesofpropertyandequipment....................................................... (557) (334) (431)
Proceedsfromsaleofpropertyandequipment .............................................. —11
Purchasesofshort-terminvestments ....................................................... (475) (350) (75)
Maturitiesofshort-terminvestments ....................................................... 600 125 251
Acquisitionofbusiness,netofcashacquired ................................................ — — (142)
Changeinrestrictedcash .................................................................. 4 21 (1)
Changeinotherlong-termassets .......................................................... (1) — (1)
Netcashusedforinvestingactivities........................................................ (429) (537) (398)
Cash flows from financing activities:
Paymentsoflong-termdebt ............................................................... — (50) (138)
Proceedsfromissuanceofshort-termdebt .................................................. 6— —
Paymentsofshort-termdebt............................................................... (3) — —
Proceedsfromshare-basedcompensation,netofwithholdingtaxpayments ................... 70 56 75
Repurchasesofcommonstock ............................................................. (1,959) (547) (705)
Excesstaxbenefitfromexerciseofstockoptionsandvestingofstockunits .................... 11 4 6
Cashdividendspaid ....................................................................... (252) (234) (243)
Netcashusedforfinancingactivities ....................................................... (2,127) (771) (1,005)
Effectofforeignexchangeratefluctuationsoncash ......................................... 25 13 (18)
Netincrease(decrease)incashandcashequivalents ......................................... (787) 633 (9)
Cashandcashequivalentsatbeginningofperiod............................................ 2,348 1,715 1,724
Cashandcashequivalentsatendofperiod .................................................. $ 1,561 $2,348 $ 1,715
Non-cash investing activities:
Purchasesofpropertyandequipmentnotyetpaidatendofperiod............................ $59$37$35
Supplemental disclosure of cash flow information:
Cashpaidforinterestduringtheperiod ..................................................... $1$3$17
Cashpaidforincometaxesduringtheperiod................................................ $ 677 $ 702 $ 674
See Accompanying Notes to Consolidated Financial Statements
39