Ross 2008 Annual Report Download - page 37

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35
Consolidated Statements Of Cash Flows
Year ended Year ended Year ended
($000)
January 31, 2009 February 2, 2008 February 3, 2007
Cash Flows From Operating Activities
Net earnings $ 305,441 $ 261,051 $ 241,634
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 141,802 122,801 111,855
Stock-based compensation 22,575 25,165 26,680
Deferred income taxes 23,804 (10,699) (10,684)
Tax benefit from equity issuance 8,532 6,535 12,090
Excess tax benefit from stock-based compensation (5,973) (5,140) (9,599)
Change in assets and liabilities:
Merchandise inventory 144,237 26,434 (113,638)
Other current assets, net (6,089) (15,039) (8,138)
Accounts payable (101,682) (63,199) 221,644
Other current liabilities 43,249 (18,716) 34,417
Other long-term, net 7,543 24,366 606
Net cash provided by operating activities 583,439 353,559 506,867
Cash Flows From Investing Activities
Purchase of assets under lease — — (87,329)
Additions to property and equipment (224,418) (236,121) (136,626)
Proceeds from sale of property and equipment 117 356 615
Purchases of investments (36,984) (146,082) (71,938)
Proceeds from investments 42,522 137,104 59,337
Net cash used in investing activities (218,763) (244,743) (235,941)
Cash Flows From Financing Activities
Payment of term debt — — (50,000)
Proceeds from issuance of long-term debt — — 150,000
Excess tax benefit from stock-based compensation 5,973 5,140 9,599
Issuance of common stock related to stock plans 47,873 20,753 32,517
Treasury stock purchased (4,909) (3,879) (3,787)
Repurchase of common stock (300,000) (200,000) (200,000)
Dividends paid (49,838) (40,638) (33,634)
Net cash used in financing activities (300,901) (218,624) (95,305)
Net increase (decrease) in cash and cash equivalents 63,775 (109,808) 175,621
Cash and cash equivalents:
Beginning of year 257,580 367,388 191,767
End of year $ 321,355 $ 257,580 $ 367,388
Supplemental Cash Flow Disclosures
Interest paid $ 9,676 $ 9,668 $ 759
Income taxes paid $ 167,478 $ 164,223 $ 147,122
Non-Cash Investing Activities
Change in fair value of investment securities – unrealized gain (loss) $ (2,514) $ 1,503 $ (183)
The accompanying notes are an integral part of these consolidated financial statements.