Consolidated Statements of Cash Flows
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| (In thousands) |
2002 |
2001 |
2000 |
 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
| Net earnings |
$ |
310,708 |
|
$ |
201,043 |
|
$ |
49,332 |
|
|
| Adjustments to reconcile net earnings to net cash provided by operating activities: |
| Discontinued operations |
|
775 |
|
|
614 |
|
|
(1,017 |
) |
| Depreciation and amortization |
|
200,747 |
|
|
198,223 |
|
|
204,253 |
|
| Charges for losses on inventories and receivables |
|
93,220 |
|
|
108,690 |
|
|
118,651 |
|
| Net earnings from equity method investments |
|
(9,279 |
) |
|
(10,892 |
) |
|
(9,436 |
) |
| Accreted interest on zero coupon, convertible subordinated notes |
|
7,558 |
|
|
11,308 |
|
|
19,203 |
|
| Employee stock benefit plans |
|
2,616 |
|
|
5,001 |
|
|
6,469 |
|
| Deferred income taxes |
|
(9,994 |
) |
|
196 |
|
|
(81,814 |
) |
| Net loss (gain) on investment securities |
|
2,998 |
|
|
14,100 |
|
|
(12,414 |
) |
| Loss (gain) on disposal of property and equipment |
|
1,465 |
|
|
(5,273 |
) |
|
10,585 |
|
| Facility closure costs and impairment charges |
|
12,130 |
|
|
43,623 |
|
|
114,343 |
|
| Other operating activities |
|
24,660 |
|
|
- |
|
|
- |
|
| Changes in assets and liabilities: |
| Decrease (increase) in receivables |
|
11,668 |
|
|
83,581 |
|
|
(85,979 |
) |
| (Increase) decrease in merchandise inventories |
|
(99,487 |
) |
|
75,238 |
|
|
(67,347 |
) |
| Net (increase) decrease in prepaid expenses and other assets |
|
(18,169 |
) |
|
8,961 |
|
|
(23,951 |
) |
| Net increase in accounts payable, accrued expenses and deferred credits |
|
170,281 |
|
|
11,528 |
|
|
74,048 |
|
|
| Total adjustments |
|
391,189 |
|
|
544,898 |
|
|
265,594 |
|
|
| Net cash provided by operating activities |
|
701,897 |
|
|
745,941 |
|
|
314,926 |
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
| Purchase of short-term investments |
|
(6,435 |
) |
|
- |
|
|
- |
|
| Purchases of investment securities |
|
(2,151 |
) |
|
- |
|
|
(30,112 |
) |
| Proceeds from sale of investment securities |
|
- |
|
|
- |
|
|
54,006 |
|
| Acquisitions |
|
- |
|
|
(45,960 |
) |
|
- |
|
| Capital expenditures |
|
(202,218 |
) |
|
(208,056 |
) |
|
(266,998 |
) |
| Proceeds from sale of property and equipment |
|
11,338 |
|
|
20,945 |
|
|
4,469 |
|
|
| Net cash used in investing activities |
|
(199,466 |
) |
|
(233,071 |
) |
|
(238,635 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
| Net proceeds from exercise of stock options and sale of stock under employee |
| stock purchase plans |
|
88,898 |
|
|
52,962 |
|
|
12,388 |
|
| Repurchase of common stock for treasury |
|
(45,869 |
) |
|
(4,193 |
) |
|
(300,797 |
) |
| Proceeds from issuance of long-term debt |
|
- |
|
|
266,286 |
|
|
430,522 |
|
| Payments on long- and short-term borrowings |
|
(12,350 |
) |
|
(400,458 |
) |
|
(27,015 |
) |
| Repurchase of zero coupon, convertible subordinated notes |
|
(243,304 |
) |
|
- |
|
|
(249,191 |
) |
|
| Net cash used in financing activities |
|
(212,625 |
) |
|
(85,403 |
) |
|
(134,093 |
) |
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
21,894 |
|
|
(8,537 |
) |
|
(10,587 |
) |
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
311,700 |
|
|
418,930 |
|
|
(68,389 |
) |
| Cash and cash equivalents at beginning of period |
|
565,388 |
|
|
146,458 |
|
|
214,847 |
|
|
| Cash and cash equivalents at end of period |
$ |
877,088 |
|
$ |
565,388 |
|
$ |
146,458 |
|
|
The accompanying notes are an integral part of these statements.
|
