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30’04฀Annual฀Report
Consolidated฀Statements฀of฀Cash฀Flows
฀ Year฀Ended
(in฀thousands)
August฀28,฀
2004฀
(52฀Weeks) ฀
August฀30,฀
2003฀
(52฀Weeks) ฀
August฀31,฀
2002฀
(53฀Weeks)
Cash฀flows฀from฀operating฀activities:
Net฀income $฀566,202 $฀517,604 $฀428,148
Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀provided฀by฀operating฀activities:
Depreciation฀and฀amortization฀of฀property฀and฀equipment 106,891 109,748 118,255
Amortization฀of฀debt฀origination฀fees 4,230 7,334 2,283
Income฀tax฀benefit฀realized฀from฀exercise฀of฀options 24,339 37,402 42,159
Gains฀from฀warranty฀negotiations (42,094) (8,695) —
Changes฀in฀operating฀assets฀and฀liabilities:
Deferred฀income฀taxes 44,498 65,701 28,483
Accounts฀receivable฀and฀prepaid฀expenses (26,101) (27,468) (12,879)
Merchandise฀inventories (119,539) (135,732) (168,150)
Accounts฀payable฀and฀accrued฀expenses 60,154 176,702 282,408
Income฀taxes฀payable 32,118 (3,460) 13,743
Other,฀net (12,319) ฀ (18,329)฀ 1,720
Net฀cash฀provided฀by฀operating฀activities 638,379 720,807 736,170
Cash฀flows฀from฀investing฀activities:
Capital฀expenditures (184,870) (182,242) (117,239)
Acquisition (11,441) — —
Proceeds฀from฀sale฀of฀business —— 25,723
Proceeds฀from฀disposal฀of฀capital฀assets 2,590 14,443 25,094
Notes฀receivable฀from฀officers —฀ — ฀ 1,911
Net฀cash฀used฀in฀investing฀activities (193,721) (167,799) (64,511)
Cash฀flows฀from฀financing฀activities:
Net฀change฀in฀commercial฀paper 254,400 44,800 (162,247)
Proceeds฀from฀issuance฀of฀debt 500,000 500,000 150,000
Repayment฀of฀debt (431,995) (215,000) (15,000)
Net฀proceeds฀from฀sale฀of฀common฀stock 33,552 45,303 55,676
Purchase฀of฀treasury฀stock (848,102) (891,095) (698,983)
Settlement฀of฀interest฀rate฀hedge฀instruments 32,166 (28,524) —
Other (929) ฀ 14,304 ฀ (4,814)
Net฀cash฀used฀in฀financing฀activities (460,908) ฀ (530,212)฀ (675,368)
Net฀increase฀(decrease)฀in฀cash฀and฀cash฀equivalents (16,250) 22,796 (3,709)
Cash฀and฀cash฀equivalents฀at฀beginning฀of฀year 93,102 ฀ 70,306 ฀ 74,015
Cash฀and฀cash฀equivalents฀at฀end฀of฀year $฀ 76,852 ฀ $฀ 93,102 ฀ $฀ 70,306
Supplemental฀cash฀flow฀information:
Interest฀paid,฀net฀of฀interest฀cost฀capitalized $฀ 77,871 ฀ $฀ 77,533 ฀ $฀ 77,935
Income฀taxes฀paid $฀237,010 ฀ $฀215,760 ฀ $฀178,417
See฀Notes฀to฀Consolidated฀Financial฀Statements.