Coach 2012 Annual Report Download - page 56

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COACH, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Fiscal Year Ended
June 30,
2012
July 2,
2011
July 3,
2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income ................................ $1,038,910 $ 880,800 $ 734,940
Adjustments to reconcile net income to net cash from
operating activities:
Depreciation and amortization ................ 132,909 125,106 126,744
Provision for bad debt ..................... 595 2,014 (698)
Share-based compensation ................... 107,511 95,830 81,420
Excess tax benefit from share-based compensation . . (68,057) (58,164) (27,616)
Deferred income taxes ..................... 27,568 39,724 (17,129)
Other noncash credits and (charges), net ......... 217 9,790 (10,449)
Changes in operating assets and liabilities:
(Increase) decrease in trade accounts receivable . . (26,565) (31,831) 4,344
Increase in inventories ................... (71,680) (64,720) (33,878)
(Increase) decrease in other assets ............ (22,812) (42,174) 35,640
(Decrease) increase in other liabilities ......... (17,581) 13,421 28,477
Increase in accounts payable ............... 36,494 9,742 1,019
Increase in accrued liabilities ............... 84,180 53,733 68,063
Net cash provided by operating activities ............ 1,221,689 1,033,271 990,877
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of interest in equity method investment ..... — (9,559) —
Acquisitions of distributors ..................... (53,235) — (1,200)
Purchases of property and equipment ............... (184,309) (147,744) (81,116)
Loans to related parties ........................ (24,138) — —
Purchases of investments ....................... — (224,007) (229,860)
Proceeds from sales and maturities of investments ...... 2,256 321,679 129,932
Net cash used in investing activities ............... (259,426) (59,631) (182,244)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend payments ........................... (260,276) (178,115) (94,324)
Repurchase of common stock .................... (700,000) (1,098,000) (1,149,998)
Repayment of long-term debt .................... (795) (746) (679)
Repayments on revolving credit facility ............. — — (7,496)
Proceeds from share-based awards ................ 185,071 362,157 213,296
Taxes paid to net settle share-based awards .......... (33,938) (18,586) (8,314)
Excess tax benefit from share-based compensation ...... 68,057 58,164 27,616
Net cash used in financing activities ............... (741,881) (875,126) (1,019,899)
Effect of exchange rate changes on cash and cash
equivalents ................................ (2,949) 4,798 7,374
Increase (decrease) in cash and cash equivalents ......... 217,433 103,312 (203,892)
Cash and cash equivalents at beginning of year ......... 699,782 596,470 800,362
Cash and cash equivalents at end of year ............. $ 917,215 $ 699,782 $ 596,470
Supplemental information:
Cash paid for income taxes ....................... $ 438,884 $ 364,493 $ 364,156
Cash paid for interest ........................... $ 1,793 $ 1,233 $ 1,499
Noncash investing activity − property and equipment
obligations ................................ $ 31,363 $ 23,173 $ 16,526
See accompanying Notes to Consolidated Financial Statements.
53