Nike 2009 Annual Report Download - page 57

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NIKE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended May 31,
2009 2008 2007
(In millions)
Cash provided by operations:
Net income .................................................... $1,486.7 $ 1,883.4 $ 1,491.5
Income charges (credits) not affecting cash:
Depreciation ............................................... 335.0 303.6 269.7
Deferred income taxes ........................................ (294.1) (300.6) 34.1
Stock-based compensation (Note 11) ............................ 170.6 141.0 147.7
Impairment of goodwill, intangibles and other assets (Note 4) ........ 401.3 — —
Gain on divestitures (Note 17) ................................. — (60.6) —
Amortization and other ....................................... 48.3 17.9 0.5
Changes in certain working capital components and other assets and
liabilities excluding the impact of acquisition and divestitures:
Increase in accounts receivable ................................. (238.0) (118.3) (39.6)
Decrease (increase) in inventories .............................. 32.2 (249.8) (49.5)
Decrease (increase) in prepaid expenses and other current assets ...... 14.1 (11.2) (60.8)
(Decrease) increase in accounts payable, accrued liabilities and income
taxes payable ............................................. (220.0) 330.9 85.1
Cash provided by operations ............................... 1,736.1 1,936.3 1,878.7
Cash (used) provided by investing activities:
Purchases of short-term investments ................................. (2,908.7) (1,865.6) (2,133.8)
Maturities of short-term investments ................................ 2,390.0 2,246.0 2,516.2
Additions to property, plant and equipment ........................... (455.7) (449.2) (313.5)
Disposals of property, plant and equipment ........................... 32.0 1.9 28.3
Increase in other assets, net of other liabilities ......................... (47.0) (21.8) (4.3)
Settlement of net investment hedges ................................. 191.3 (76.0) —
Acquisition of subsidiary, net of cash acquired (Note 4) ................. — (571.1) —
Proceeds from divestitures (Note 17) ................................ — 246.0 —
Cash (used) provided by investing activities .................. (798.1) (489.8) 92.9
Cash used by financing activities:
Proceeds from issuance of long-term debt ............................ — — 41.8
Reductions in long-term debt, including current portion ................. (6.8) (35.2) (255.7)
Increase in notes payable ......................................... 177.1 63.7 52.6
Proceeds from exercise of stock options and other stock issuances ......... 186.6 343.3 322.9
Excess tax benefits from share-based payment arrangements ............. 25.1 63.0 55.8
Repurchase of common stock ...................................... (649.2) (1,248.0) (985.2)
Dividends — common and preferred ................................ (466.7) (412.9) (343.7)
Cash used by financing activities ........................... (733.9) (1,226.1) (1,111.5)
Effect of exchange rate changes .................................... (46.9) 56.8 42.4
Net increase in cash and equivalents ......................... 157.2 277.2 902.5
Cash and equivalents, beginning of year .............................. 2,133.9 1,856.7 954.2
Cash and equivalents, end of year ................................... $2,291.1 $ 2,133.9 $ 1,856.7
Supplemental disclosure of cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest .............................. $ 46.7 $ 44.1 $ 60.0
Income taxes ............................................... 765.2 717.5 601.1
Dividends declared and not paid .................................... 121.4 112.9 92.9
The accompanying notes to consolidated financial statements are an integral part of this statement.
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