Ross 2011 Annual Report Download - page 38

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36
Consolidated Statements of Cash Flows
Year ended Year ended Year ended
($000) January 28, 2012 January 29, 2011 January 30, 2010
Cash Flows From Operating Activities
Net earnings $ 657,170 $ 554,797 $ 442,757
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization 159,892 160,693 159,043
Stock-based compensation 40,404 36,551 25,746
Deferred income taxes 21,722 (17,977) 16,113
Tax benefit from equity issuance 19,040 15,412 8,582
Excess tax benefit from stock-based compensation (18,180) (14,746) (7,291)
Change in assets and liabilities:
Merchandise inventory (43,153) (214,419) 8,560
Other current assets (10,329) (6,339) (6,441)
Accounts payable (11,614) 102,851 115,893
Other current liabilities (2,109) 52,594 118,980
Other long-term, net 7,262 3,649 6,442
Net cash provided by operating activities 820,105 673,066 888,384
Cash Flows From Investing Activities
Additions to property and equipment (416,271) (198,651) (158,487)
Increase in restricted cash and investments (60,086) — —
Proceeds from sales of property and equipment — — 10
Purchases of investments — (6,842) (2,904)
Proceeds from investments 4,589 8,648 24,548
Net cash used in investing activities (471,768) (196,845) (136,833)
Cash Flows From Financing Activities
Excess tax benefit from stock-based compensation 18,180 14,746 7,291
Issuance of common stock related to stock plans 17,290 36,479 49,393
Treasury stock purchased (15,854) (9,544) (6,045)
Repurchase of common stock (450,000) (375,000) (300,000)
Dividends paid (102,042) (77,321) (55,202)
Net cash used in financing activities (532,426) (410,640) (304,563)
Net (decrease) increase in cash and cash equivalents (184,089) 65,581 446,988
Cash and cash equivalents:
Beginning of year 833,924 768,343 321,355
End of year $ 649,835 $ 833,924 $ 768,343
Supplemental Cash Flow Disclosures
Interest paid $ 9,668 $ 9,668 $ 9,668
Income taxes paid $ 370,074 $ 330,589 $ 201,232
Non-Cash Investing Activities
Increase in fair value of investment securities $ 226 $ 490 $ 1,435
The accompanying notes are an integral part of these consolidated financial statements.