Advance Auto Parts 2015 Annual Report Download - page 61

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F-7
ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended January 2, 2016, January 3, 2015 and December 28, 2013
(in thousands)
Fiscal Years
2015 2014 2013
(52 weeks) (53 weeks) (52 weeks)
Cash flows from operating activities:
Net income $ 473,398 $ 493,825 $ 391,758
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 269,476 284,693 207,795
Share-based compensation 36,929 21,705 13,191
Loss on property and equipment, net 12,882 13,281 1,599
Other 2,660 2,631 1,679
(Benefit) provision for deferred income taxes (9,219) 48,468 (2,237)
Excess tax benefit from share-based compensation (13,002) (10,487) (16,320)
Net (increase) decrease in, net of effect from acquisition of businesses:
Receivables, net (21,476) (48,209) (32,428)
Inventories, net (244,096) (227,657) (203,513)
Other assets 7,423 (63,482) 11,011
Net increase (decrease) in, net of effect from acquisition of businesses:
Accounts payable 119,164 216,412 113,497
Accrued expenses 35,103 (28,862) 63,346
Other liabilities 20,400 6,673 (4,128)
Net cash provided by operating activities 689,642 708,991 545,250
Cash flows from investing activities:
Purchases of property and equipment (234,747) (228,446) (195,757)
Business acquisitions, net of cash acquired (18,889) (2,060,783) (186,137)
Sale of certain assets of acquired business — — 19,042
Proceeds from sales of property and equipment 270 992 745
Net cash used in investing activities (253,366) (2,288,237) (362,107)
Cash flows from financing activities:
(Decrease) increase in bank overdrafts (2,922) 16,219 (2,926)
Issuance of senior unsecured notes — — 448,605
Payment of debt related costs — — (8,815)
Borrowings under credit facilities 618,300 2,238,200 —
Payments on credit facilities (1,041,700) (1,654,800) —
Dividends paid (17,649) (17,580) (17,574)
Proceeds from the issuance of common stock, primarily for employee stock
purchase plan 5,174 6,578 3,611
Tax withholdings related to the exercise of stock appreciation rights (13,112) (7,102) (21,856)
Excess tax benefit from share-based compensation 13,002 10,487 16,320
Repurchase of common stock (6,665) (5,154) (80,795)
Contingent consideration related to previous business acquisition — (10,047) (4,726)
Other (380) (890) (627)
Net cash (used in) provided by financing activities (445,952) 575,911 331,217
Effect of exchange rate changes on cash (4,213) (4,465) —
Net (decrease) increase in cash and cash equivalents (13,889) (1,007,800) 514,360
Cash and cash equivalents, beginning of period 104,671 1,112,471 598,111
Cash and cash equivalents, end of period $ 90,782 $ 104,671 $ 1,112,471