American Eagle Outfitters 2014 Annual Report Download - page 42

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Table of Contents
AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Refer to Notes to Consolidated Financial Statements
42
For the Years Ended
(In thousands)
January 31,
2015
February 1,
2014
February 2,
2013
Operating activities:
Net income
$
80,322
$
82,983
$
232,108
Loss from discontinued operations, net of tax
8,465
—
31,990
Income from continuing operations
$
88,787
$
82,983
$
264,098
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
142,351
134,047
128,397
Share
-
based compensation
16,070
(6,541
)
66,349
Deferred income taxes
(2,279
)
20,100
(30,647
)
Foreign currency transaction loss (gain)
(495
)
1,378
100
Loss on impairment of assets
33,468
44,465
34,869
Changes in assets and liabilities:
Merchandise inventory
8,586
40,148
35,202
Accounts receivable
3,084
(29,511
)
(6,664
)
Prepaid expenses and other
14,282
(10,844
)
404
Other assets
6,612
(36,089
)
(8,165
)
Accounts payable
(5,280
)
28,568
(10,468
)
Unredeemed gift cards and gift certificates
1,238
1,269
1,473
Deferred lease credits
(4,528
)
583
(11,073
)
Accrued compensation and payroll taxes
20,716
(42,465
)
23,018
Accrued income and other taxes
24,826
(25,840
)
(7,408
)
Accrued liabilities
(9,012
)
27,605
20,186
Total adjustments
249,639
146,873
235,573
Net cash provided by operating activities from continuing operations
338,426
229,856
499,671
Investing activities:
Capital expenditures for property and equipment
(245,002
)
(278,499
)
(93,939
)
Purchase of long
-
lived assets in a business combination
—
(
20,751
)
—
Acquisition of intangible assets
(1,264
)
(6,835
)
(1,125
)
Purchase of available
-
for
-
sale securities
—
(
52,065
)
(111,086
)
Sale of available
-
for
-
sale securities
10,002
162,785
15,500
Net cash (used for) provided by investing activities from continuing operations
(236,264
)
(195,365
)
(190,650
)
Financing activities:
Payments on capital leases and other
(7,143
)
(2,839
)
(3,066
)
Repurchase of common stock as part of publicly announced programs
—
(
33,051
)
(173,554
)
Repurchase of common stock from employees
(7,464
)
(23,386
)
(4,125
)
Net proceeds from stock options exercised
7,305
6,197
76,401
Excess tax benefit from share
-
based payments
742
8,833
13,279
Cash used to net settle equity awards
—
—
—
Cash dividends paid
(97,224
)
(72,280
)
(403,490
)
Net cash used for financing activities from continuing operations
(103,784
)
(116,526
)
(494,555
)
Effect of exchange rates on cash
(7,578
)
(8,151
)
504
Cash flows of discontinued operations
Net cash provided by (used for) operating activities
963
—
(
24,616
)
Net cash used for investing activities
—
—
(
780
)
Net cash used for financing activities
—
—
—
Effect of exchange rates on cash
—
—
—
Net cash provided by (used for) discontinued operations
963
—
(
25,396
)
Net decrease in cash and cash equivalents
(8,237
)
(90,186
)
(210,426
)
Cash and cash equivalents
—
beginning of period
$
418,933
$
509,119
719,545
Cash and cash equivalents
—
end of period
$
410,697
$
418,933
$
509,119