Staples 2007 Annual Report Download - page 114

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STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
February 2, February 3, January 28,
2008 2007 2006
Operating activities:
Net income ..................................................... $ 995,670 $ 973,677 $ 784,117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ...................................... 388,895 339,299 303,900
Stock-based compensation ......................................... 173,343 168,736 129,806
Deferred income tax benefit ........................................ (8,788) (65,401) (96,189)
Excess tax benefits from stock-based compensation arrangements .............. (18,557) (36,069) (36,748)
Other ........................................................ 4,831 (365) (6,513)
Change in assets and liabilities, net of companies acquired:
Increase in receivables .......................................... (64,293) (128,010) (80,166)
Increase in merchandise inventories ................................. (30,175) (191,957) (97,538)
Increase in prepaid expenses and other assets .......................... (89,558) (44,298) (15,646)
Increase in accounts payable ...................................... 295 34,379 187,402
(Decrease) increase in accrued expenses and other current liabilities .......... (90,054) 79,187 105,274
Increase in other long-term obligations ............................... 99,407 21,823 20,922
Net cash provided by operating activities ................................ 1,361,016 1,151,001 1,198,621
Investing activities:
Acquisition of property and equipment .................................. (470,377) (528,475) (456,103)
Acquisition of businesses and investments in joint ventures, net of cash acquired ..... (178,077) (31,750) (57,196)
Proceeds from the sale of short-term investments ........................... 4,579,460 8,358,384 8,097,199
Purchase of short-term investments ..................................... (4,148,716) (8,223,063) (8,218,049)
Net cash used in investing activities .................................... (217,710) (424,904) (634,149)
Financing activities:
Proceeds from the exercise of stock options and the sale of stock under employee
stock purchase plans ............................................. 178,504 195,263 181,997
Proceeds from borrowings ........................................... 11,796 13,988 535
Payments on borrowings ............................................ (206,515) (5,191) (16,735)
Cash dividends paid ............................................... (207,552) (160,883) (123,402)
Excess tax benefits from stock-based compensation arrangements ............... 18,557 36,069 36,748
Purchase of treasury stock, net ........................................ (760,977) (775,822) (663,145)
Net cash used in financing activities .................................... (966,187) (696,576) (584,002)
Effect of exchange rate changes on cash ................................. 50,658 10,328 42
Net increase (decrease) in cash and cash equivalents ......................... 227,777 39,849 (19,488)
Cash and cash equivalents at beginning of period ............................ 1,017,671 977,822 997,310
Cash and cash equivalents at end of period ................................ $1,245,448 $1,017,671 $ 977,822
See notes to consolidated financial statements.
C-6