Best Buy 2002 Annual Report Download - page 39

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Consolidated Statements of Cash Flows 37
$ in millions
March 2, March 3, Feb. 26,
For the Fiscal Years Ended 2002 2001 2000
Operating Activities
Net earnings $ 570 $ 396 $ 347
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 289 167 104
Deferred income taxes 23 43 30
Amortization of goodwill 20 2 —
Other 46 18 4
Changes in operating assets and liabilities,
net of acquired assets and liabilities:
Receivables (18) (7) (57)
Merchandise inventories (330) (144) (137)
Other assets (39) (16) (7)
Accounts payable 529 16 302
Other liabilities 278 199 92
Accrued income taxes 210 134 98
Total cash provided by operating activities 1,578 808
77
6
Investing Activities
Additions to property and equipment (627) (658) (361)
Acquisitions of businesses, net of cash acquired (368) (326) —
Decrease (increase) in recoverable costs from
developed properties 30 (31) (21)
Increase in other assets —(15) (34)
Total cash used in investing activities (965) (1,030) (416)
Financing Activities
Net proceeds from issuance of long-term debt 726 ——
Long-term debt payments (279) (17 ) (30)
Issuance of common stock 48 235 32
Repurchase of common stock —— (397)
Total cash provided by (used in) financing activities 495 218 ( 395)
Increase (Decrease) in Cash and Cash Equivalents 1,108 (4) (35)
Cash and Cash Equivalents at Beginning of Year 747 751 786
Cash and Cash Equivalents at End of Year $ 1,855 $747 $751
Supplemental Disclosure of Cash Flow Information
Income tax paid $139 $62 $83
Interest paid 25 75
Capital lease obligations 39 ——
See Notes to Consolidated Financial Statements.
Consolidated Statements of Cash Flows