Banana Republic 2009 Annual Report Download - page 55

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year
($ in millions) 2009 2008 2007
Cash flows from operating activities:
Netincome ............................................................................... $1,102 $ 967 $ 833
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciationandamortization......................................................... 655 653 635
Amortizationofleaseincentives ....................................................... (82) (85) (88)
Share-basedcompensation ............................................................ 64 55 52
Taxbenefitfromexerciseofstockoptionsandvestingofstockunits ...................... (2) 5 8
Excesstaxbenefitfromexerciseofstockoptionsandvestingofstockunits................ (4) (6) (7)
Non-cashandotheritems ............................................................. 16 61 54
Deferredincometaxes ................................................................ (50) 10 (51)
Changes in operating assets and liabilities:
Merchandiseinventory ........................................................... 43 51 252
Othercurrentassetsandotherlong-termassets .................................... 83 34 18
Accountspayable................................................................. 40 (4) 199
Accrued expenses and other current liabilities ...................................... (23) (284) 32
Incometaxespayable,netofprepaidandothertax-relateditems .................... 64 (94) (4)
Lease incentives and other long-term liabilities ..................................... 22 49 148
Netcashprovidedbyoperatingactivities.................................................... 1,928 1,412 2,081
Cash flows from investing activities:
Purchasesofpropertyandequipment....................................................... (334) (431) (682)
Proceedsfromsaleofpropertyandequipment .............................................. 1111
Purchasesofshort-terminvestments ....................................................... (350) (75) (894)
Maturitiesofshort-terminvestments ....................................................... 125 251 1,287
Acquisitionofbusiness,netofcashacquired ................................................ — (142) —
Changeinrestrictedcash .................................................................. 21 (1) 7
Changeinotherlong-termassets .......................................................... — (1) (3)
Netcashusedforinvestingactivities........................................................ (537) (398) (274)
Cash flows from financing activities:
Paymentsoflong-termdebt ............................................................... (50) (138) (326)
Proceedsfromshare-basedcompensation,netofwithholdingtaxpayments ................... 56 75 125
Repurchasesofcommonstock ............................................................. (547) (705) (1,700)
Excesstaxbenefitfromexerciseofstockoptionsandvestingofstockunits .................... 467
Cashdividendspaid ....................................................................... (234) (243) (252)
Netcashusedforfinancingactivities ....................................................... (771) (1,005) (2,146)
Effectofforeignexchangeratefluctuationsoncash ......................................... 13 (18) 33
Netincrease(decrease)incashandcashequivalents ......................................... 633 (9) (306)
Cashandcashequivalentsatbeginningofperiod............................................ 1,715 1,724 2,030
Cashandcashequivalentsatendofperiod .................................................. $2,348 $ 1,715 $ 1,724
Non-cash investing activities:
Purchasesofpropertyandequipment,notyetpaidatendofperiod ........................... $ 37 $ 35 $ 55
Supplemental disclosure of cash flow information:
Cashpaidforinterestduringtheperiod ..................................................... $3$17$39
Cashpaidforincometaxesduringtheperiod................................................ $ 702 $ 674 $ 535
See Accompanying Notes to Consolidated Financial Statements
39