Best Buy 2008 Annual Report Download - page 71

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Consolidated Statements of Cash Flows
$ in millions
March 1, March 3, February 25,
Fiscal Years Ended 2008 2007 2006
Operating Activities
Net earnings $ 1,407 $ 1,377 $ 1,140
Adjustments to reconcile net earnings to total cash provided by operating
activities:
Depreciation 580 509 456
Stock-based compensation 105 121 132
Deferred income taxes 74 82 (151)
Excess tax benefits from stock-based compensation (24) (50) (55)
Other, net (3) 21 1
Changes in operating assets and liabilities, net of acquired assets and
liabilities:
Receivables 12 (70) (43)
Merchandise inventories (562) (550) (457)
Other assets 42 (47) (11)
Accounts payable 221 320 385
Other liabilities 74 185 165
Income taxes 99 (136) 178
Total cash provided by operating activities 2,025 1,762 1,740
Investing Activities
Additions to property and equipment, net of $80, and $75 non-cash
capital expenditures in fiscal 2008 and 2006, respectively (797) (733) (648)
Purchases of investments (8,501) (4,789) (4,561)
Sales of investments 10,935 5,095 4,362
Acquisitions of businesses, net of cash acquired (89) (421) —
Change in restricted assets (85) 63 47
Other, net 15 46
Total cash provided by (used in) investing activities 1,464 (780) (754)
Financing Activities
Repurchase of common stock (3,461) (599) (772)
Issuance of common stock under employee stock purchase plan and for
the exercise of stock options 146 217 292
Dividends paid (204) (174) (151)
Repayments of debt (4,353) (84) (69)
Proceeds from issuance of debt 4,486 96 36
Excess tax benefits from stock-based compensation 24 50 55
Other, net (16) (19) (10)
Total cash used in financing activities (3,378) (513) (619)
Effect of Exchange Rate Changes on Cash 122 (12) 27
Increase in Cash and Cash Equivalents 233 457 394
Cash and Cash Equivalents at Beginning of Year 1,205 748 354
Cash and Cash Equivalents at End of Year $ 1,438 $ 1,205 $ 748
Supplemental Disclosure of Cash Flow Information
Income taxes paid $ 644 $ 804 $ 547
Interest paid 49 14 16
See Notes to Consolidated Financial Statements.
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