TJ Maxx 2000 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2000 TJ Maxx annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 32

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32

Consolidated Statements of Cash Flows
Fiscal Year Ended
January 27, January 29, January 30,
In Thousands 2001 2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 538,066 $ 521,668 $ 424,154
Adjustments to reconcile net income to net cash
provided by operating activities:
Loss from discontinued operations ––9,048
Cumulative effect of accounting change –5,154 –
Depreciation and amortization 175,781 160,466 136,469
Property disposals and impairments 4,559 4,624 6,037
Tax benefit of employee stock options 15,941 11,736 13,821
Deferred income tax (benefit) provision (24,235) 1,790 (19,902)
Changes in assets and liabilities:
(Increase) in accounts receivable (6,501) (8,137) (6,639)
(Increase) decrease in merchandise inventories (232,031) (26,856) 2,340
(Increase) in prepaid expenses and other current assets (12,083) (15,519) (1,130)
Increase (decrease) in accounts payable 34,158 (2,747) 35,528
Increase (decrease) in accrued expenses
and other liabilities 69,134 (35,673) 49,174
Other, net (6,026) (21,282) (6,451)
Net cash provided by operating activities 556,763 595,224 642,449
CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions (257,005) (238,569) (207,742)
Issuance of note receivable (23,100) (5,848) –
Proceeds from sale of other assets 9,183 –9,421
Net cash (used in) investing activities (270,922) (244,417) (198,321)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings of short-term debt, net 39,000 ––
Proceeds from borrowings of long-term debt –198,060 –
Principal payments on long-term debt (100,203) (695) (23,360)
Proceeds from sale and issuance of common stock, net 26,101 9,312 13,942
Cash payments for repurchase of common stock (444,105) (604,560) (337,744)
Cash dividends paid (44,693) (42,739) (40,411)
Net cash (used in) financing activities (523,900) (440,622) (387,573)
Effect of exchange rate changes on cash (1,165) 330 320
Net (decrease) increase in cash and cash equivalents (239,224) (89,485) 56,875
Cash and cash equivalents at beginning of year 371,759 461,244 404,369
Cash and cash equivalents at end of year $ 132,535 $ 371,759 $ 461,244
The accompanying notes are an integral part of the financial statements.
THE TJX COMPANIES, INC.
20