AutoZone 2010 Annual Report Download - page 130

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10-K
Consolidated Statements of Cash Flows
(in thousands)
August 28,
2010
(52 weeks)
August 29,
2008
(52 weeks)
August 30,
2009
(53 weeks)
Year Ended
Cash flows from operating activities:
Net income ............................................................................................ $ 738,311 $ 657,049 $ 641,606
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and equipment ............ 192,084 180,433 169,509
Amortization of debt origination fees .............................................. 6,495 3,644 1,837
Income tax benefit from exercise of stock options ......................... (22,251) (8,407) (10,142)
Deferred income taxes ...................................................................... (9,023) 46,318 67,474
Share-based compensation expense ................................................. 19,120 19,135 18,388
Changes in operating assets and liabilities:
Accounts receivable ...................................................................... 782 (56,823) (11,145)
Merchandise inventories ............................................................... (96,077) (76,337) (137,841)
Accounts payable and accrued expenses ..................................... 349,122 137,158 175,733
Income taxes payable.................................................................... 12,474 32,264 (3,861)
Other, net ...................................................................................... 5,215 (10,626) 9,542
Net cash provided by operating activities ................................ 1,196,252 923,808 921,100
Cash flows from investing activities:
Capital expenditures ......................................................................... (315,400) (272,247) (243,594)
Purchase of marketable securities .................................................... (56,156) (48,444) (54,282)
Proceeds from sale of marketable securities ................................... 52,620 46,306 50,712
Disposal of capital assets ................................................................. 11,489 10,663 4,014
Net cash used in investing activities ........................................ (307,447) (263,722) (243,150)
Cash flows from financing activities:
Net proceeds from (repayments of ) commercial paper.................. 155,400 277,600 (206,700)
Proceeds from issuance of debt ....................................................... 26,186 500,000 750,000
Repayment of debt ............................................................................ — (300,700) (229,827)
Net proceeds from sale of common stock ....................................... 52,922 39,855 27,065
Purchase of treasury stock................................................................ (1,123,655) (1,300,002) (849,196)
Income tax benefit from exercise of stock options ......................... 22,251 8,407 10,142
Payments of capital lease obligations .............................................. (16,597) (17,040) (15,880)
Other.................................................................................................. — (15,016) (8,286)
Net cash used in financing activities ....................................... (883,493) (806,896) (522,682)
Effect of exchange rate changes on cash............................................. 262 (2,945) 539
Net increase (decrease) in cash and cash equivalents ......................... 5,574 (149,755) 155,807
Cash and cash equivalents at beginning of year.................................. 92,706 242,461 86,654
Cash and cash equivalents at end of year ............................................ $ 98,280 $ 92,706 $ 242,461
Supplemental cash flow information:
Interest paid, net of interest cost capitalized ................................... $ 150,745 $ 132,905 $ 107,477
Income taxes paid ............................................................................. $ 420,575 $ 299,021 $ 313,875
Assets acquired through capital lease .............................................. $ 75,881 $ 16,880 $ 61,572
See Notes to Consolidated Financial Statements.
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