Best Buy 2007 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2007 Best Buy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 119

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119

59
PART II
Consolidated Statements of Cash Flows
$inmillions
Fiscal Years Ended
March 3,
2007
February 25,
2006
February 26,
2005
Operating Activities
Net earnings $ 1,377 $ 1,140 $ 984
Gain from disposal of discontinued operations, net of tax — — (50)
Earnings from continuing operations 1,377 1,140 934
Adjustments to reconcile earnings from continuing operations to total cash
provided by operating activities from continuing operations:
Depreciation 509 456 459
Asset impairment charges 32 4 22
Stock-based compensation 121 132 (1)
Deferred income taxes 82 (151) (28)
Excess tax benefits from stock-based compensation (50) (55) —
Other, net (11) (3) 24
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Receivables (70) (43) (30)
Merchandise inventories (550) (457) (240)
Other assets (47) (11) (50)
Accounts payable 320 385 347
Other liabilities 185 165 243
Accrued income taxes (136) 178 301
Total cash provided by operating activities from continuing operations 1,762 1,740 1,981
Investing Activities
Additions to property and equipment, net of $75 and $117 non-cash capital
expenditures in fiscal 2006 and 2005, respectively (733) (648) (502)
Purchases of available-for-sale securities (4,541) (4,319) (8,517)
Sales of available-for-sale securities 4,886 4,187 7,730
Acquisitions of businesses, net of cash acquired (421) — —
Proceeds from disposition of investments 24 — —
Change in restricted assets — (20) (140)
Other, net 546 7
Total cash used in investing activities from continuing operations (780) (754) (1,422)
Financing Activities
Repurchase of common stock (599) (772) (200)
Issuance of common stock under employee stock purchase plan and for the
exercise of stock options 217 292 256
Dividends paid (174) (151) (137)
Repayments of debt (84) (69) (371)
Proceeds from issuance of debt 96 36 —
Excess tax benefits from stock-based compensation 50 55 —
Other, net (19) (10) (7)
Total cash used in financing activities from continuing operations (513) (619) (459)
Effect of Exchange Rate Changes on Cash (12) 27 9
Increase in Cash and Cash Equivalents 457 394 109
Cash and Cash Equivalents at Beginning of Year 748 354 245
Cash and Cash Equivalents at End of Year $ 1,205 $ 748 $ 354
Supplemental Disclosure of Cash Flow Information
Income taxes paid $ 804 $ 547 $ 241
Interest paid 14 16 35
See Notes to Consolidated Financial Statements.