TJ Maxx 2004 Annual Report Download - page 59

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The TJX Companies, Inc.
Consolidated Statements of Cash Flows
Fiscal Year Ended
January 29, January 31, January 25,
In Thousands 2005 2004 2003
(53 Weeks)
Cash flows from operating activities:
Net income $ 664,144 $ 658,365 $ 578,388
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 279,059 238,385 207,876
Property disposals 4,908 5,679 8,699
Tax benefit of employee stock options 20,910 13,572 11,767
Amortization of unearned stock compensation 9,379 10,208 3,197
Deferred income tax provision 41,167 84,363 72,138
Changes in assets and liabilities:
(Increase) in accounts receivable (27,731) (11,818) (5,983)
(Increase) in merchandise inventories (390,655) (310,673) (85,644)
Decrease (increase) in prepaid expenses and other current assets 35,912 (51,413) (22,208)
Increase in accounts payable 305,344 118,832 45,559
Increase in accrued expenses and other liabilities 154,574 20,083 133,115
Other, net (17,180) (5,083) (38,344)
Net cash provided by operating activities 1,079,831 770,500 908,560
Cash flows from investing activities:
Property additions (429,133) (409,037) (396,724)
Acquisition of Bob’s Stores, net of cash acquired -(57,138) -
Proceeds from repayments on note receivable 652 606 564
Net cash (used in) investing activities (428,481) (465,569) (396,160)
Cash flows from financing activities:
Principal payments on long-term debt (5,002) (15,000) -
Payments on capital lease obligation (1,460) (1,348) (1,244)
Proceeds from sale and issuance of common stock 96,861 59,159 33,916
Cash payments for repurchase of common stock (594,580) (520,746) (481,734)
Cash dividends paid (83,418) (68,889) (60,025)
Net cash (used in) financing activities (587,599) (546,824) (509,087)
Effect of exchange rate changes on cash (2,967) (4,034) (3,759)
Net increase (decrease) in cash and cash equivalents 60,784 (245,927) (446)
Cash and cash equivalents at beginning of year 246,403 492,330 492,776
Cash and cash equivalents at end of year $ 307,187 $ 246,403 $ 492,330
The accompanying notes are an integral part of the financial statements.
F-5