Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 29, 2012
Dec. 31, 2011
Jan. 01, 2011
Operating activities      
Net income $ 1,086,138 $ 890,393 $ 573,512
Adjustments to reconcile net income to cash provided by operating activities:      
Impairment of goodwill and intangible assets     201,738 [1]
Depreciation 148,969 127,203 116,837
Amortization of intangible assets 47,929 41,708 39,373
Other amortization 41,058 29,824 17,186
Stock-based compensation 92,814 76,739 63,538
Provision for doubtful accounts 19,264 12,490 7,441
Pension expense in excess of (less than) contributions (20,198) 46,346 (45,850)
Deferred income taxes (20,797) (10,867) (92,068)
Gain on sale of businesses (44,485)    
Other, net (40,931) 32,665 29,179
Changes in operating assets and liabilities, net of purchases and sales of businesses:      
Accounts receivable (111,571) (154,487) (12,954)
Inventories 87,620 (7,509) (114,334)
Other current assets 32,382 (18,449) (7,689)
Accounts payable (74,294) (32,898) 140,470
Accrued compensation (18,907) 2,448 27,817
Accrued income taxes 26,213 16,009 (14,649)
Accrued liabilities (17,005) (10,834) 50,889
Other assets and liabilities 40,801 40,590 20,846
Cash provided by operating activities 1,275,000 1,081,371 1,001,282
Investing activities      
Capital expenditures (251,940) (170,894) (111,640)
Business acquisitions, net of cash acquired (1,750) (2,207,065) (38,290)
Proceeds from sale of businesses 72,519    
Trademarks acquisition   (58,132)  
Software purchases (30,890) (20,102) (13,610)
Other, net (8,230) (3,840) (16,940)
Cash used by investing activities (220,291) (2,460,033) (180,480)
Financing activities      
Net increase (decrease) in short-term borrowings (269,010) 250,824 (9,741)
Payments on long-term debt (2,776) (2,738) (203,063)
Proceeds from long-term debt   898,450  
Payments of debt issuance costs and hedging settlement costs   (55,536)  
Purchases of Common Stock (307,282) (7,420) (411,838)
Cash dividends paid (333,229) (285,722) (264,281)
Proceeds from issuance of Common Stock, net 62,770 134,012 137,732
Tax benefits of stock option exercises 47,213 33,153 8,599
Acquisitions of noncontrolling interests   (52,440)  
Other, net (201) (338) (240)
Cash provided (used) by financing activities (802,515) 912,245 (742,832)
Effect of foreign currency rate changes on cash and equivalents 4,039 15,406 (17,280)
Net change in cash and equivalents 256,233 (451,011) 60,690
Cash and equivalents - beginning of year 341,228 792,239 731,549
Cash and equivalents - end of year $ 597,461 $ 341,228 $ 792,239
[1] Goodwill and trademark impairment charges totaling $201.7 million in 2010 related to Contemporary Brands. See Notes G and T.