Target 2002 Annual Report Download - page 28

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26
CO N S O L I DATE D STAT E M E N T S O F C A S H F LOW S
(millions) 2002 2001 2000
Operating activities
Net earnings $1,654 $1,368 $1,264
Reconciliation to cash flow:
Depreciation and amortization 1,212 1,079 940
Bad debt provision 460 230 –
Deferred tax provision 248 49 1
Other noncash items affecting earnings 226 212 234
Changes in operating accounts providing/(requiring) cash:
Accounts receivable (2,194) (1,193) –
Inventory (311) (201) (450)
Other current assets 15 (91) (9)
Other assets (174) (178) 28
Accounts payable 524 584 62
Accrued liabilities (21) 29 (23)
Income taxes payable (79) 124 87
Other 30 – –
Cash flow provided by operations 1,590 2,012 2,134
Investing activities
Expenditures for property and equipment (3,221) (3,163) (2,528)
Increase in receivable-backed securities –(174) (217)
Proceeds from disposals of property and equipment 32 32 57
Other –(5) (4)
Cash flow required for investing activities (3,189) (3,310) (2,692)
Net financing requirements (1,599) (1,298) (558)
Financing activities
(Decrease)/increase in notes payable, net –(808) 245
Additions to long-term debt 3,153 3,250 2,000
Reductions of long-term debt (1,071) (793) (803)
Dividends paid (218) (203) (190)
Repurchase of stock (14) (20) (585)
Other 815 27
Cash flow provided by financing activities 1,858 1,441 694
Net increase in cash and cash equivalents 259 143 136
Cash and cash equivalents at beginning of year 499 356 220
Cash and cash equivalents at end of year $ 758 $ 499 $ 356
Amounts presented herein are on a cash basis and therefore may differ from those shown in other sections of this Annual Report. Cash paid for income
taxes was $853 million, $666 million and $700 million during 2002, 2001 and 2000, respectively. Cash paid for interest (including interest capitalized) was
$526 million, $477 million, and $420 million during 2002, 2001 and 2000, respectively.
See Notes to Consolidated Financial Statements throughout pages 28-36.