CONSOLIDATED BALANCE SHEETS January 31, (in thousands, except per share amounts) 2006 2005 ASSETS Current assets: Cash and cash equivalents $ 393,609 $ 187,681 Short-term investments - 139,200 Accounts receivable, less allowances of $8,002 and $7,491 142,294 133,545 Inventories, net 1,060,164 1,057,245 Deferred income taxes 69,576 64,790 Prepaid expenses and other current assets 33,200 25,428 Total current assets 1,698,843 1,607,889 Property, plant and equipment, net 866,004 917,853 Deferred income taxes 29,828 Other assets, net 182,597 140,376 $ 2,777,272 $ 2,666,118 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $ 38,942 $ 42,957 Current portion of long-term debt 6,186 Accounts payable and accrued liabilities 202,646 186,013 Income taxes payable 60,364 118,536 Merchandise and other customer credits 56,472 52,315 Total current liabilities 364,610 399,821 Long-term debt 426,548 397,606 Postretirement/employment benefit obligations 41,982 40,220 Deferred income taxes - 33,175 Other long-term liabilities 113,219 94,136 Commitments and contingencies Stockholders' equity: Preferred Stock, $0.01 par value; authorized 2,000 shares, none issued and outstanding - Common Stock, $0.01 par value; authorized 240,000 shares, issued and outstanding 142,509 and 144,548 1,425 1,445 Additional paid-in capital 488,960 426,308 Retained earnings 1,331,321 1,246,331 Accumulated other comprehensive gain (loss), net of tax: Foreign currency translation adjustments 5,281 29,045 Deferred hedging gain (loss) 3,247 (2,118) Unrealized gain on marketable securities 679 149 Total stockholders' equity 1,830,913 1,701,160 $ 2,777,272 $ 2,666,118 See Notes to Consolidated F nancial S atements. i t T I F F A N Y & C O . K - 4 6

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