Best Buy 2012 Annual Report Download - page 66

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66
Consolidated Statements of Cash Flows
$ in millions
Fiscal Years Ended March 3,
2012 February 26,
2011 February 27,
2010
Operating Activities
Net earnings including noncontrolling interests $ 22 $ 1,366 $ 1,394
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation 897 896 838
Amortization of definite-lived intangible assets 48 82 88
Restructuring charges 288 222 52
Goodwill impairment 1,207 — —
Stock-based compensation 120 121 118
Realized gain on sale of investment (55) — —
Deferred income taxes 28 (134) (30)
Excess tax benefits from stock-based compensation — (11) (7)
Other, net 25 11 —
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Receivables 41 (371) (63)
Merchandise inventories 120 (400) (609)
Other assets (24) 40 (98)
Accounts payable 574 (443) 141
Other liabilities (23) (156) 279
Income taxes 25 (33) 103
Total cash provided by operating activities 3,293 1,190 2,206
Investing Activities
Additions to property and equipment, net of $18, $81 and $9 non-cash capital
expenditures in fiscal 2012, 2011 and 2010, respectively (766) (744) (615)
Purchases of investments (112) (267) (16)
Sales of investments 290 415 56
Acquisition of businesses, net of cash acquired (174) — (7)
Proceeds from sale of business, net of cash transferred — 21 —
Change in restricted assets 40 (2) 18
Settlement of net investment hedges — 12 40
Other, net (2) (4) (16)
Total cash used in investing activities (724) (569) (540)
Financing Activities
Repurchase of common stock (1,500) (1,193) —
Issuance of common stock under employee stock purchase plan and for the exercise of
stock options 67 179 138
Dividends paid (228) (237) (234)
Repayments of debt (3,412) (3,120) (5,342)
Proceeds from issuance of debt 3,921 3,021 5,132
Payment to noncontrolling interest (Note 2) (1,303) — —
Acquisition of noncontrolling interests — (21) (34)
Excess tax benefits from stock-based compensation — 11 7
Other, net (23) 3 (15)
Total cash used in financing activities (2,478) (1,357) (348)
Effect of Exchange Rate Changes on Cash 5 13 10
Increase (Decrease) in Cash and Cash Equivalents 96 (723) 1,328
Cash and Cash Equivalents at Beginning of Year 1,103 1,826 498
Cash and Cash Equivalents at End of Year $ 1,199 $ 1,103 $ 1,826
Supplemental Disclosure of Cash Flow Information
Income taxes paid $ 568 $ 882 $ 732
Interest paid 89 68 78
See Notes to Consolidated Financial Statements.