Nordstrom 2005 Annual Report Download - page 39

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Nordstrom, Inc. and subsidiaries 31
Nordstrom, Inc.
Consolidated Statements of Cash Flows
Amounts in thousands
Fiscal year 2005 2004 2003
Operating Activities
Net earnings $551,339 $393,450 $242,841
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization of buildings and equipment 276,328 264,769 250,683
Amortization of deferred property incentives and other, net (33,350) (31,378) (27,712)
Stock-based compensation expense 13,285 8,051 17,894
Deferred income taxes, net (11,238) (8,040) (1)
Tax benefit of stock option exercises and employee stock purchases 41,092 25,442 10,199
Provision for bad debt 20,918 24,639 27,975
Change in operating assets and liabilities:
Accounts receivable (15,140) (2,950) (30,677)
Investment in asset backed securities (135,790) (149,970) (141,264)
Merchandise inventories (20,804) (11,771) 28,213
Prepaid expenses (1,035) (3,163) 86
Other assets (3,473) (8,143) (10,109)
Accounts payable 31,721 23,930 75,736
Accrued salaries, wages and related benefits (11,284) 15,055 42,885
Other current liabilities 38,755 58,471 38,970
Income taxes payable (33,877) (18,999) 21,319
Property incentives 49,480 19,837 46,007
Other liabilities 19,305 7,116 6,237
Net cash provided by operating activities 776,232 606,346 599,282
Investing Activities
Capital expenditures (271,659) (246,851) (258,314)
Proceeds from sale of assets 107 5,473 —
Purchases of short-term investments (542,925) (3,232,250) (2,144,909)
Sales of short-term investments 530,750 3,366,425 2,090,175
Other, net (8,366) (2,830) 3,451
Net cash used in investing activities (292,093) (110,033) (309,597)
Financing Activities
Principal payments on long-term debt (101,047) (205,252) (111,436)
Increase (decrease) in cash book overdrafts 4,946 (2,680) 33,832
Proceeds from exercise of stock options 73,023 87,061 48,598
Proceeds from employee stock purchase plan 15,600 12,892 8,861
Cash dividends paid (87,196) (67,240) (55,853)
Repurchase of common stock (287,080) (300,000) —
Other, net (352) (752) 2,341
Net cash used in financing activities (382,106) (475,971) (73,657)
Net increase in cash and cash equivalents 102,033 20,342 216,028
Cash and cash equivalents at beginning of year 360,623 340,281 124,253
Cash and cash equivalents at end of year $462,656 $360,623 $340,281
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.