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 Millions
12 Months Ended
Jan. 28, 2023
Jan. 29, 2022
Jan. 30, 2021
Cash flows from operating activities:      
Net income $ 1,615.4 $ 1,327.9 $ 1,341.9
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 767.9 716.0 686.6
Provision for deferred income taxes 123.0 (23.2) 30.7
Stock-based compensation expense 110.4 79.9 83.9
Amortization of debt discount and debt-issuance costs 4.6 8.9 4.0
Other non-cash adjustments to net income 59.1 11.2 19.0
Loss on debt extinguishment 0.0 43.8 0.0
Changes in operating assets and liabilities:      
Merchandise inventories (1,085.4) (940.4) 97.1
Other current assets (17.9) (49.9) 1.7
Other assets (6.8) (2.6) (7.0)
Accounts payable 16.8 403.8 142.6
Income taxes payable (24.5) (3.7) 23.6
Other current liabilities (2.2) (36.5) 203.4
Other liabilities (14.4) (98.2) 88.2
Operating lease right-of-use assets and liabilities, net 68.8 (5.5) 0.6
Net cash provided by operating activities 1,614.8 1,431.5 2,716.3
Cash flows from investing activities:      
Capital expenditures (1,248.8) (1,021.2) (898.8)
Proceeds from governmental grant 0.0 2.9 0.0
Proceeds from (payments for) fixed asset disposition (5.0) (1.6) 9.1
Net cash used in investing activities (1,253.8) (1,019.9) (889.7)
Cash flows from financing activities:      
Proceeds from long-term debt, net of discount 0.0 1,197.4 0.0
Principal payments for long-term debt 0.0 (1,000.0) (550.0)
Debt-issuance and debt extinguishment costs 0.0 (59.3) 0.0
Proceeds from revolving credit facility 555.0 0.0 750.0
Repayments of revolving credit facility (555.0) 0.0 (750.0)
Proceeds from stock issued pursuant to stock-based compensation plans 9.3 17.8 17.0
Cash paid for taxes on exercises/vesting of stock-based compensation (48.6) (42.4) (16.9)
Payments for repurchase of stock (647.5) (950.0) (400.0)
Net cash used in financing activities (686.8) (836.5) (949.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1.2) (0.4) 0.9
Net increase (decrease) in cash, cash equivalents and restricted cash (327.0) (425.3) 877.6
Cash, cash equivalents and restricted cash at beginning of year 1,038.3 1,463.6 586.0
Cash, cash equivalents and restricted cash at end of year 711.3 1,038.3 1,463.6
Cash paid for:      
Interest, net of amounts capitalized 132.2 176.1 152.9
Income taxes 401.3 363.4 357.7
Non-cash transactions:      
Right-of-use assets obtained in exchange for new operating lease liabilities 1,538.3 1,495.3 1,440.2
Accrued capital expenditures $ 86.6 $ 68.3 $ 44.9