Best Buy 2011 Annual Report Download - page 72

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Consolidated Statements of Cash Flows
$ in millions
February 26, February 27, February 28,
Fiscal Years Ended 2011 2010 2009
Operating Activities
Net earnings including noncontrolling interests $ 1,366 $ 1,394 $ 1,033
Adjustments to reconcile net earnings to total cash provided by operating
activities:
Depreciation 896 838 730
Amortization of definite-lived intangible assets 82 88 63
Asset impairments 10 4 177
Restructuring charges 222 52 78
Stock-based compensation 121 118 110
Deferred income taxes (134) (30) (43)
Excess tax benefits from stock-based compensation (11) (7) (6)
Other, net 1(4)12
Changes in operating assets and liabilities, net of acquired assets and
liabilities:
Receivables (371) (63) (419)
Merchandise inventories (400) (609) 258
Other assets 40 (98) (175)
Accounts payable (443) 141 139
Other liabilities (156) 279 (75)
Income taxes (33) 103 (5)
Total cash provided by operating activities 1,190 2,206 1,877
Investing Activities
Additions to property and equipment, net of $81, $9 and $42 non-cash
capital expenditures in fiscal 2011, 2010 and 2009, respectively (744) (615) (1,303)
Purchases of investments (267) (16) (81)
Sales of investments 415 56 246
Acquisition of businesses, net of cash acquired — (7) (2,170)
Proceeds from sale of business, net of cash transferred 21 — —
Change in restricted assets (2) 18 (97)
Settlement of net investment hedges 12 40 —
Other, net (4) (16) (22)
Total cash used in investing activities (569) (540) (3,427)
Financing Activities
Repurchase of common stock (1,193) — —
Issuance of common stock under employee stock purchase plan and for the
exercise of stock options 179 138 83
Dividends paid (237) (234) (223)
Repayments of debt (3,120) (5,342) (4,712)
Proceeds from issuance of debt 3,021 5,132 5,606
Acquisition of noncontrolling interests (21) (34) (146)
Excess tax benefits from stock-based compensation 11 7 6
Other, net 3 (15) (23)
Total cash (used in) provided by financing activities (1,357) (348) 591
Effect of Exchange Rate Changes on Cash 13 10 19
(Decrease) Increase in Cash and Cash Equivalents (723) 1,328 (940)
Cash and Cash Equivalents at Beginning of Year 1,826 498 1,438
Cash and Cash Equivalents at End of Year $ 1,103 $ 1,826 $ 498
Supplemental Disclosure of Cash Flow Information
Income taxes paid $ 882 $ 732 $ 766
Interest paid 68 78 83
See Notes to Consolidated Financial Statements.
72