Coach 2009 Annual Report Download - page 50

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TABLE OF CONTENTS
COACH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Fiscal Year Ended
July 3,
2010
June 27,
2009
June 28,
2008
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 734,940 $ 623,369 $ 783,055
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization 126,744 123,014 100,704
Provision for bad debt (698) 909 286
Share-based compensation 81,420 67,542 66,979
Excess tax (benefit) deficit from share-based compensation (27,616) 871 (23,253)
Deferred income taxes (17,129) 13,660 (16,907)
Other noncash (charges) and credits, net (10,449) 10,151 6,845
Changes in operating assets and liabilities:
Decrease in trade accounts receivable 4,344 3,309 8,213
(Increase) decrease in inventories (33,878) 4,070 (32,080)
Decrease (increase) in other assets 35,640 31,155 (94,535)
Increase in other liabilities 28,477 211 28,529
Increase (decrease) in accounts payable 1,019 (37,017) 20,423
Increase (decrease) in accrued liabilities 68,063 (32,092) 75,102
Net cash provided by operating activities 990,877 809,152 923,361
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of distributor (1,200) (24,400) —
Purchases of property and equipment (81,116) (137,029) (174,720)
Purchase of corporate headquarters building — (103,300) —
Purchases of investments (229,860) — (162,300)
Proceeds from sales and maturities of investments 129,932 — 782,460
Net cash (used in) provided by investing activities (182,244) (264,729) 445,440
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payments (94,324) — —
Repurchase of common stock (1,149,998) (453,786) (1,336,599)
Repayment of long-term debt (679) (285) (235)
(Repayments) borrowings on revolving credit facility, net (7,496) 7,496 —
Proceeds from share-based awards, net 204,982 7,363 83,320
Excess tax benefit (deficit) from share-based compensation 27,616 (871) 23,253
Net cash used in financing activities (1,019,899) (440,083) (1,230,261)
Effect of exchange rate changes on cash and cash equivalents 7,374 (2,883) 3,409
(Decrease) increase in cash and cash equivalents (203,892) 101,457 141,949
Cash and cash equivalents at beginning of year 800,362 698,905 556,956
Cash and cash equivalents at end of year $ 596,470 $ 800,362 $ 698,905
Supplemental information:
Cash paid for income taxes $ 364,156 $ 336,091 $ 463,687
Cash paid for interest $ 1,499 $ 2,014 $ 1,171
Noncash investing activity – property and equipment obligations $ 16,526 $ 20,520 $ 44,260
Noncash financing activity – mortgage debt assumed $ — $ 23,000 $ —
See accompanying Notes to Consolidated Financial Statements.
46