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P08-03

Student Name:
Class:
Problem 08-03
Requirement 1:
PLUMMER'S MARTIAL ARTS CENTER
Machine Purchases
Machine
A B C Total
Purchase price
Installation costs
Renovation costs
Total cost
Requirement 2:
Depreciation at end of year 1:
Machine Method Depreciation
A Straight-line
B Units-of-production
C Double-declining-balance
PLUMMER'S MARTIAL ARTS CENTER
General Journal
Account Debit Credit
Depreciation expense
x: Enter appropriate data in yellow cells. Your answer for "Depreciation expense" will be verified.
x: Enter appropriate data in yellow cells. Your answers for "Depreciation" will be verified.
x: Enter appropriate data in yellow cells. Your answers for "Total cost" will be verified.
Accumulated depreciation, Machine A
Accumulated depreciation, Machine B
Accumulated depreciation, Machine C

Given P08-03

Given P08-03:
PLUMMER'S MARTIAL ARTS CENTER
Machine Purchases
Machine A Machine B Machine C
Amount paid for asset 11,000 30,000 8,000
Installation costs 500 1,000 500
Renovation costs prior to use 2,500 1,000 1,500
Operating hours at end of first year 4,800
Estimates
Residual
Machine Life Value Depreciation Method
A 5 years $ 1,000 Straight-line
B 60,000 hrs 2,000 Units-of-production
C 4 years 1,500 Double-declining-balance

P08-04

Student Name:
Class:
Problem 08-04
BEST BUY CO., INC.
Requirement 1:
Depreciation expense recorded in current year
x: Enter appropriate data in yellow cell. Your answer will be verified.
Requirement 2:
Effect of failure to record depreciation:
Ratio Computation Effect on Ratio
Earnings Net income
per share # of shares of stock
outstanding
Fixed asset Sales
turnover Average net fixed
asset balance
Current Current assets
Ratio Current liabilities
Return on Net income
assets Average total assets

Given P08-04

Given P08-04
BEST BUY CO., INC.
Excerpt from Annual Report
Consolidated Balance Sheets
February 28 March 1
2009 2008
(in thousands)
Assets
Property and Equipment
Land and buildings 755 732
Leasehold improvements 2,013 1,752
Fixtures and equipment 4,060 3,057
Property under capital lease 112 67
6,940 5,608
Less: Accumulated depreciation 2,766 2,302
Net property and equipment 4,174 3,306

P08-05

Student Name:
Class:
Problem 08-05
Requirement 1:
FORD MOTOR COMPANY
Depreciation Schedules
a. Straight-line:
Depreciation Accumulated Net Book
Year Computation Expense Depreciation Value
At acquisition
1 ($106,000-$2,000) X 1/13
2
jackt: HINT: Type out the correct formula. The first one is provided as an example.
jackt: Enter appropriate data in the yellow cells. Your answers for "Net Book Value" will be verified.
b. Units of Production:
Units of Production calculation: per unit of output
Depreciation Accumulated Net Book
Year Computation Expense Depreciation Value
At acquisition
1
2
c. Double-declining-balance:
Depreciation Accumulated Net Book
Year Computation Expense Depreciation Value
At acquisition
1
2
Requirement 2:
Cash Flow:
Fixed asset turnover:
EPS:
Recommendation to Ford Motor Company's management:

Given P08-05

Given P08-05
FORD MOTOR COMPANY
Machine Information
Cost $106,000
Useful life in years 13
Estimated residual value $2,000
Estimated useful life in output 200,000 units
Actual output year 1 20,000 units
Actual output year 2 16,000 units

P08-06

Student Name: Accumulated depreciation
Class: Cash
Problem 08-06 Depreciation expense
Loss on disposal of machine
Requirement 1:
JENSEN COMPANY None recorded
General Journal Note receivable
Accumulated depreciation
Account Debit Credit Equipment
Machine A - Jan. 1, 2012 Gain on disposal of machine
(1) Depreciation expense in 2012:

x: Pick your "Account" entry from the drop-down list.
x: Enter appropriate data in yellow cells of the Debit and Credit columns. Your answers will not be verified.		 (2) To record disposal:
Machine B - Dec. 31, 2012
(1) Depreciation expense in 2012:
(2) To record disposal:
Machine C - Jan. 1, 2012
(1) Depreciation expense in 2012:
(2) To record disposal:
Requirement 2:
Accounting rationale for journal entries recording
machine disposal:
Machine A:

x: Enter a short answer in the space provided. 		Machine B:
Machine C:

Given P08-06

Given P08-06
JENSEN COMPANY
Accumulated
Original Residual Estimated Depreciation
Asset Cost Value Life (years) (straight line)
Machine A 21,000 3,000 8 13,500 (6 years)
Machine B 41,000 4,000 10 29,600 (8 years)
Machine C 75,000 5,000 15 56,000 (12 years)
a. Machine A:
Date sold January 1, 2012
Cash received $ 7,200
b. Machine B:
Date sold December 31, 2012
Sale price $ 8,500
Cash received 2,500
Amount of note 6,000
received
Interest rate 12%
Term of note 12 months
c. Machine C:
Date damaged January 1, 2012
Cost to salvage -0-

CP8-3

CP8-3 Comparing Companies within an Industry
Required:
1. Compute the percentage of net fixed assets to total assets for both companies for the most recent year. Why do the companies differ?
2. Compute the percentage of gross fixed assets that has been depreciated for both companies for the most recent year. Why do you think the percentages differ?
3. Compute the fixed asset turnover ratio for the most recent year presented for both companies. Which has a higher asset efficiency? Why?
4. Compare the fixed asset turnover ratio for both companies to the industry average. Are these companies doing better or worse than the industry average in asset efficiency?
This workbook is organized as follows:
Sheet Name Contents
CP8-3 (this worksheet) CP8-3 Problem Requirements and Workbook Layout
Industry Ratio Report Industry Ratio Report
AEO Balance Sheets American Eagle Outfitters, Inc. Consolidated Balance Sheets
AEO Income Statements American Eagle Outfitters, Inc. Consolidated Statements of Operations
AEO Stmts of Stockholders' Eq American Eagle Outfitters, Inc. Consolidated Statements of Stockholders' Equity
AEO Statements of Cash Flow American Eagle Outfitters, Inc. Consolidated Statements of Cash Flows
Urban Balance Sheets Urban Outfitters, Inc. Consolidated Balance Sheets
Urban Income Statements Urban Outfitters, Inc. Consolidated Statements of Income
Urban Stmts of Stockholders' Eq Urban Outfitters, Inc. Consolidated Statements of Stockholders' Equity
Urban Stmts of Cash Flow Urban Outfitters, Inc. Consolidated Statements of Cash Flows

Industry Ratio Report

INDUSTRY RATIO REPORT CP8-3
Retail Family Clothing Stores Home
Liquidity COMPANIES USED IN INDUSTRY ANALYSIS
Current Ratio 2.55 Company Name Ticker Symbol
Quick Ratio 1.38 Abercrombie & Fitch ANF
Aeropostale Inc ARO
Activity American Eagle Outfitters AEO
Inventory Turnover 5.92 Ann Taylor Stores ANN
Days to Sell Inventory 70.897 days bebe stores Inc BEBE
Receivables Turnover 54.24 Chico's FAS Inc CHS
Average Collection Period 15.07 days Collective Brands Inc PSS
Fixed Asset Turnover 5.76 Dress Barn Inc. DBRN
Total Asset Turnover 1.90 Foot Locker, Inc FL
Accounts Payable Turnover 6.43 Gap Inc GPS
Guess? Inc GES
Profitability J. Crew Group Inc JCG
Gross Profit Margin 38.99% Limited Brands Inc LTD
Operating Profit Margin 6.24% Nordstrom, Inc. JWN
Net Profit Margin 3.77% Pacific Sunwear of California Inc PSUN
Return on Equity 13.11% Ross Stores Inc ROST
Return on Assets 7.17% The Buckle Inc BKE
Quality of Income 0.07 The Men's Warehouse Inc MW
0.72 Urban Outfitters Inc URBN
Leverage Wet Seal Inc. WTSLA
Times Interest Earned 16.33
Interest Coverage Ratio 16.39
Total Debt/Total Equity 1.08
Total Assets/Total Equity 1.92
Dividends
Dividend Payout 19.61%
Dividend Yield 2.22%
Other
Advertising-to-Sales 2.39%
Sales Growth 2.39%
Capital Acquisitions Ratio 1.93
Price/Earnings 6.81

AEO Balance Sheets

AMERICAN EAGLE OUTFITTERS, INC. CP8-3
CONSOLIDATED BALANCE SHEETS Home
January 31, February 2,
(in thousands, except per share amounts) 2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 473,342 $ 116,061
Short-term investments 10,511 503,878
Merchandise inventory 294,928 286,485
Accounts and note receivable 41,471 31,920
Prepaid expenses and other 59,660 35,486
Deferred income taxes 45,447 47,004
Total current assets 925,359 1,020,834
Property and equipment, at cost, net of accumulated depreciation and amortization 740,240 625,568
Goodwill 10,706 11,479
Long-term investments 251,007 165,810
Non-current deferred income taxes 15,001 24,238
Other assets, net 21,363 19,751
Total assets $ 1,963,676 $ 1,867,680
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 152,068 $ 157,928
Notes payable $ 75,000 $ -
Accrued compensation and payroll taxes 29,417 49,494
Accrued rent 64,695 62,161
Accrued income and other taxes 6,259 22,803
Unredeemed stored value cards and gift certificates 42,299 54,554
Current portion of deferred lease credits 13,726 12,953
Other liabilities and accrued expenses 18,299 16,285
Total current liabilities 401,763 376,178
Non-current liabilities:
Deferred lease credits 88,314 70,355
Non-current accrued income taxes 39,898 44,837
Other non-current liabilities 24,670 35,846
Total non-current liabilities 152,882 151,038
Commitments and contingencies - -
Stockholders’ equity
Preferred stock, $0.01 par value; 5,000 shares authorized; none issued and outstanding - -
Common stock, $0.01 par value; 600,000 shared authorized; 249,328 and 248,763 shares
share issued; 205,281 and 204,480 shares outstanding , respectively 2,485 2,481
Contributed capital 513,574 493,395
Accumulated other comprehensive (loss) income (14,389) 35,485
Retained earnings 1,694,161 1,601,784
Treasury stock, 43,248 and 43,596 shares, repectively, at cost (786,800) (792,681)
Total stockholders' equity 1,409,031 1,340,464
Total liabilities and stockholders’ equity $ 1,963,676 $ 1,867,680

AEO Statement of Operations

AMERICAN EAGLE OUTFITTERS, INC. CP8-3
CONSOLIDATED STATEMENTS OF OPERATIONS Home
For the Years Ended
January 1, February 2, February 3,
(In thousands, except per share amounts) 2009 2008 2007
Net sales $ 2,988,866 $ 3,055,419 $ 2,794,409
Cost of sales, including certain buying, occupancy and
warehousing expenses 1,814,765 1,632,281 1,453,980
Gross profit 1,174,101 1,423,138 1,340,429
Selling, general and administrative expenses 740,742 715,180 665,606
Depreciation and amortization expense 131,219 109,203 88,033
Operating income 302,140 598,755 586,790
Other income, net 17,790 37,626 42,277
Other-than-temporary impairment charge 22,889 - -
Income before income taxes 297,041 636,381 629,067
Provision for income taxes 117,980 236,362 241,708
Net income $ 179,061 $ 400,019 $ 387,359
Basic income per common share $ 0.87 $ 1.85 $ 1.74
Diluted income per common share $ 0.86 $ 1.82 $ 1.70
Weighted average common shares outstanding - basic 205,169 216,119 222,662
Weighted average common shares outstanding - diluted 207,582 220,280 228,384

AEO Statement of Income

AMERICAN EAGLE OUTFITTERS, INC. CP8-3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Home
For the Years Ended
January 1, February 2, February 3,
(In thousands) 2009 2008 2007
Net income $ 179,061 $ 400,019 $ 387,359
Other comprehensive (loss) income:
Temporary impairment related to ivestment securities, net of tax (22,795) - -
Reclassification adjustment for OTTI charges realized in net income
related to ARS 751
Reclassification adjustment for losses realized in net income due to
the sale of available-for-sale securities, net of tax 197 242 356
Unrealized (loss) gain on investments, net of tax (378) 947 (191)
Reclassification adjustment for gain realized in net income realted to the
transfer of investment securities from available-for-sale classification
to trading classification, net of tax - - (177)
Foreign currency translation adjustment (27,649) 12,582 (1,180)
Reclassification adjustment for foreign currenty loss reasinzed in net
income realted to the disposition of National Logistics Services - - 878
Other comprehensive (loss) income (49,874) 13,771 (314)
Comprehensive income $ 129,187 $ 413,790 $ 387,045

AEO Stmts of Stockholders' Eq

AMERICAN EAGLE OUTFITTERS, INC. CP8-3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY Home
Accumulated
Shares Deferred Other
Outstanding Common Contributed Retained Treasury Compensation Comprehensive Stockholders’
(in thousands, except per share amounts) (1) Stock Capital Earnings Stock (2) Expense Income (loss) Equity
Balance at January 31, 2006 221,897 $ 2,416 $ 369,807 $ 978,855 $ (216,513) $ (1,041) $ 22,028 $ 1,155,552
Stock awards 4,556 45 83,615 - - 1,041 - 84,701
Repurchase of common stock as part of publicly
announced programs (5,250) - - (146,485) - - (146,485)
Repurchase of common stock from employees (443) - - - (7,635) - - (7,635)
Cash paid for fractional shares in three-for-two - -
stock split (4) - (113) - - - - (113)
Reissuance of treasury stock 528 - 109 (2,348) 8,007 - - 5,768
Net income - - - 387,359 - - - 387,359
Other comprehensive loss, net of tax - - - - - (314) (314)
Cash dividends ($0.28 per share) - - - (61,521) - - - (61,521)
Balance at February 3, 2007 221,284 2,461 453,418 1,302,345 (362,626) - 21,714 1,417,312
Adoption of FIN 48 - - - (13,304) - (13,304)
Balance at February 4, 2007 221,284 2,461 453,418 1,289,041 (362,626) - 21,714 1,404,008
Stock awards 1,092 20 39,977 - - - - 39,997
Repurchase of common stock as part
of publicly announced programs (18,750) - - - (438,291) - - (438,291)
Repurchase of common stock from employees (415) - - - (12,310) - - (12,310)
Reissuance of treasury stock 1,269 - - (6,480) 20,546 - - 14,066
Net income - - - 400,019 - - 400,019
Other comprehensive income, net of tax - - - - - - 13,771 13,771
Cash dividends ($0.98 per share) - - - (80,796) - - - (80,796)
Balance at February 2, 2008 204,480 2,481 493,395 1,601,784 (792,681) - 35,485 1,340,464
Stock awards 453 4 20,179 420 - - - 20,603
Repurchase of common stock from employees (164) - - - (3,432) - - (3,432)
Reissuance of treasury stock 512 - - (4,710) 9,313 - - 4,603
Net income - - - 179,061 - - - 179,061
Other comprehensive loss, net of tax - - - - - - (49,874) (49,874)
Cash dividends ($0.40 per share) - - - (82,394) - - - (82,394)
Balance at January 31, 2009 $ 205,281 $ 2,485 $ 513,574 $ 1,694,161 $ (786,800) $ - $ (14,389) $ 1,409,031
Note 1 600,000 authorized, 249,328 issued and 205,281 outstanding (excluding 799 shares of non-vested restricted stock), $0.01 par value common stock at January 31, 2009; 600,000 authorized, 248,763 issued and 204,480 outstanding (excluding 687 shares of non-ves
Note2 43,248 shares 43,596 shares and 25,699 shares at January 31, 2009, February 2, 2008, and February 3, 2007, respectively. During Fiscal 2008 and Fiscal 2007, 512 shares and 1,269 shares, respectively, were reissued from treasury stock for the issuance of

AEO Statments of Cash Flow

AMERICAN EAGLE OUTFITTERS, INC. CP8-3
CONSOLIDATED STATEMENTS OF CASH FLOWS Home
For the Years Ended
January 31, February 2, February 3,
(In thousands) 2009 2008 2007
Operating activities:
Net income $ 179,061 $ 400,019 $ 387,359
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation and amortization 133,141 110,753 89,698
Stock-based compensation 20,296 33,670 36,556
Provision for deferred income taxes 24,469 (8,147) (27,572)
Tax benefit from share-based payments 1,121 7,260 25,465
Excess tax benefit from share-based payments (693) (6,156) (19,541)
Foreign currency transaction (gain) loss (1,141) 1,221 687
Loss on impairment of assets 6,713 592 -
Other-than-temporary impairment charge 22,889 - -
Proceeds from sale of trading securities - - 183,968
Changes in assets and liabilities:
Merchandise inventory (13,735) (19,074) (53,527)
Accounts and note receivable (10,094) (5,660) 7,448
Prepaid expenses and other (24,781) (1,334) (4,204)
Other assets, net 390 (3,242) (5,357)
Accounts payable (3,053) (15,559) 32,345
Unredeemed gift cards and gift certificates (11,392) (699) 11,623
Deferred lease credits 18,887 4,640 7,791
Accrued income and other taxes (20,697) (31,416) 43,482
Accrued liabilities (19,188) (2,598) 33,047
Total adjustments 123,132 64,251 361,909
Net cash provided by operating activities 302,193 464,270 749,268
Investing activities:
Capital expenditures (265,335) (250,407) (225,939)
Proceeds from sale of assets - - 12,345
Purchase of available-for-sale securities (48,655) (1,772,653) (1,353,339)
Sale of available-for-sale securities 393,559 2,126,891 915,952
Other investing activities (1,180) (1,170) (140)
Net cash provided by (used for) investing activities 78,389 102,661 (651,121)
Financing activities:
Payments on note payable and capital leases (2,177) (1,912) (3,020)
Proceeds from issuance of note payable 75,000 - 2,025
Repurchase of common stock as part of publicly announced programs - (438,291) (146,485)
Repurchase of common stock from employees (3,432) (12,310) (7,635)
Cash paid for fractional shares in connection with three-for-two stock split - - (113)
Net proceeds from stock options exercised 3,799 13,183 28,447
Excess tax benefit from share-based payments 693 6,156 19,541
Cash dividends paid (82,394) (80,796) (61,521)
Net cash used for financing activities (8,511) (513,970) (168,761)
Effect of exchange rates on cash (14,790) 3,363 (178)
Net (increase) decrease in cash and cash equivalents 357,281 56,324 (70,792)
Cash and cash equivalents - beginning of period 116,061 59,737 130,529
Cash and cash equivalents - end of period $ 473,342 $ 116,061 $ 59,737

Urban Balance Sheets

URBAN OUTFITTERS, INC. CP8-3
Consolidated Balance Sheets Home
(in thousands, except share and per share data)
January 31,
2009 2008
ASSETS
Current Assets:
Cash and cash equivalents $ 316,035 $ 49,912
Marketable securities 49,948 141,883
Accounts receivable, net of allowance for doubtful accounts of $1,229
and $966, respectively 36,390 14,324
Inventories 169,698 140,377
Prepaid expenses and other current assets 46,412 33,993
Deferred taxes 5,919 4,694
Total current assets 624,402 385,183
Property and equipment, net 505,407 299,291
Marketable securities 155,226 64,748
Deferred income taxes and other assets 43,974 19,983
Total Assets $ 1,329,009 $ 769,205
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable 62,955 41,291
Accrued compensation 11,975 12,673
Accrued expenses and other current liabilities 66,220 79,544
Total current liabilities 141,150 133,508
Deferred rent and other liabilities 134,084 74,817
Total Liabilities 275,234 208,325
Commitments and contingencies (see Note 11)
Shareholders' equity:
Preferred shares; $.0001 par value, 10,000,000 shares authorized,
none issued - -
Common shares; $.0001 par value, 200,000,000 shares authorized,
167,712,088 and 166,104,615 issued and outstanding respectively 17 16
Additional paid-in capital 170,166 134,146
Retained earnings 901,339 426,190
Accumulated other comprehensive (loss) income (17,747) 528
Total Shareholders’ Equity 1,053,775 560,880
Total Liabilities and Shareholders' Equity $ 1,329,009 $ 769,205

Urban Income Statements

URBAN OUTFITTERS, INC. CP8-3
Consolidated Statements of Income Home
(in thousands, except share and per share data)
Fiscal Year Ended January 31,
2009 2008 2007
Net sales $ 1,834,618 $ 1,507,724 $ 1,224,717
Cost of sales, including certain buying, distribution
and occupancy costs 1,121,140 930,952 772,796
Gross profit 713,478 576,772 451,921
Selling, general and administrative expenses 414,043 351,827 287,932
Income from operations 299,435 224,945 163,989
Interest income 11,504 9,390 6,531
Other income 694 575 353
Other expenses (2,143) (515) (715)
Income before income tax expense 309,490 234,395 170,158
Income tax expense 110,126 74,164 53,952
Net income $ 199,364 $ 160,231 $ 116,206
Net income per common share:
Basic $ 1.20 $ 0.97 $ 0.71
Diluted $ 1.17 $ 0.94 $ 0.69
Weighted average common shares outstanding:
Basic 166,793,062 165,305,207 164,679,786
Diluted 170,860,605 169,640,585 168,652,005

Urban Stmts Stockholders' Eq

URBAN OUTFITTERS, INC. CP8-3
Consolidated Statements of Shareholders' Equity Home
(in thousands, except share data)
Accumulated
Common Shares Additional Other
Comprehensive Number of Par Paid-in Unearned Retained Comprehensive
Income Shares Value Capital Compensation Earnings Income (loss) Total
Balances as of February 1, 2006 164,831,477 $ 16 $ 138,050 $ (3,905) $ 426,190 $ 528 $ 560,880
Net Income $ 116,206 - - - - 116,206 - 116,206
Foreign currency translation 3,614 - - - - - 3,614 3,614
Unrealized losses on marketable securities,
net of tax 142 - - - - - 142 142
Comprehensive income $ 119,962
Share-based compensation - - 3,497 - - 3,497
Unearned compensation reclass - - (3,905) 3,905 - - -
Exercise of stock options 1,375,986 1 6,350 - - - 6,351
Tax effect of share exercises - 5,394 5,394
Share Repurchase (1,220,000) - (20,801) - - - (20,801)
Balances as of January 31, 2007 164,987,463 17 128,586 - 542,396 4,284 675,283
Net income 160,231 - - - - 160,231 - 160,231
Foreign currency translation 703 - - - - - 703 703
FIN48 adjustment - (652) (652)
Unrealized gains on marketable securities,
net of tax 2,248 - - - - - 2,248 2,248
Comprehensive income $ 163,182
Share-based compensation - - 3,277 - - - 3,277
Exercise of stock options 1,117,152 - 5,000 - - - 5,000
Tax effect of share exercises - - 7,341 - - - 7,341
Balances as of January 31, 2008 166,104,615 17 144,204 - 701,975 7,235 853,431
Net income 199,364 - - - - 199,364 - 199,364
Foreign currency translation (19,866) - - - - - (19,866) (19,866)
Unrealized losses on marketable securities,
net of tax (5,116) - - - - - (5,116) (5,116)
Comprehensive income $ 174,382
Share-based compensation - - 3,637 - - - 3,637
Exercise of stock options 1,607,473 - 8,891 - - - 8,891
Tax effect of share exercises - - 13,434 - - - 13,434
Balances as of January 31, 2009 167,712,088 $ 17 $ 170,166 $ - $ 901,339 $ (17,747) $ 1,053,775

Urban Stmts of Cash Flow

URBAN OUTFITTERS, INC. CP8-3
Consolidated Statements of Cash Flows Home
(in thousands)
Fiscal Year Ended January 31,
2009 2008 2007
Cash flows from operating activities:
Net income $ 199,364 $ 160,231 $ 116,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 81,949 70,017 55,713
Provision for deferred income taxes (9,351) (2,782) (4,959)
Tax benefit of stock option exercises (13,434) (7,341) (5,394)
Share-based compensation expense 3,637 3,277 3,497
Loss on disposition of property and equipment, net 61 317 1,393
Changes in assets and liabilities:
Receivables (10,726) (5,462) (6,371)
Inventories (272) (17,430) (13,416)
Prepaid expenses and other assets 9,210 (22,441) 6,848
Accounts payable, accrued expenses and other liabilities (8,868) 75,967 33,600
Net cash provided by operating activities 251,570 254,353 187,117
Cash flows from investing activities:
Cash paid for property and equipment (112,553) (115,370) (212,029)
Cash paid for marketable securities (809,039) (293,633) (182,653)
Sales and maturities of marketable securities 864,685 220,101 193,274
Net cash used in investing activities (56,907) (188,902) (201,408)
Cash flows from financing activities:
Exercise of stock options 8,891 5,000 6,351
Excess tax benefit of stock options exercises 13,434 7,341 5,394
Share repurchases - - (20,801)
Net cash provided by (used in) financing activities 22,325 12,341 (9,056)
Effect of exchange rate changes on cash and cash equivalents (6,224) 212 702
Increase (decrease) in cash and cash equivalents 210,764 78,004 (22,645)
Cash and cash equivalents at beginning of period 105,271 27,267 49,912
Cash and cash equivalents at end of period $ 316,035 $ 105,271 $ 27,267
Supplemental cash flow information:
Cash paid during the year for:
Income taxes $ 115,040 $ 70,765 $ 52,535
Non-cash investing activities - Accrued capital expenditures $ 6,561 $ 6,645 $ 14,618