AutoZone 2011 Annual Report Download - page 103

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Consolidated Statements of Cash Flows
Year Ended
(in thousands)
August 27,
2011
(52 weeks)
August 28,
2010
(52 weeks)
August 29,
2009
(52 weeks)
Cash flows from operating activities:
Net income ...................................................................................... $ 848,974 $ 738,311 $ 657,049
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and equipmen
t
.......... 196,209 192,084 180,433
Amortization of debt origination fees .......................................... 8,962 6,495 3,644
Income tax benefit from exercise of stock options ...................... (34,945) (22,251) (8,407)
Deferred income taxes ................................................................. 44,667 (9,023) 46,318
Share-based compensation expense ............................................. 26,625 19,120 19,135
Changes in operating assets and liabilities:
Accounts receivable ................................................................. (14,605) 782 (56,823)
Merchandise inventories .......................................................... (155,421) (96,077) (76,337)
Accounts payable and accrued expenses .................................. 342,826 349,122 137,158
Income taxes payable ............................................................... 34,319 12,474 32,264
Other, net .................................................................................. (6,073) 5,215 (10,626)
Net cash provided by operating activities ............................. 1,291,538 1,196,252 923,808
Cash flows from investing activities:
Capital expenditures .................................................................... (321,604) (315,400) (272,247)
Purchase of marketable securities ................................................ (43,772) (56,156) (48,444)
Proceeds from sale of marketable securities ................................ 43,081 52,620 46,306
Disposal of capital assets ............................................................. 3,301 11,489 10,663
Net cash used in investing activities ..................................... (318,994) (307,447) (263,722)
Cash flows from financing activities:
Net proceeds from commercial paper .......................................... 134,600 155,400 277,600
Net proceeds from short-term borrowings ................................... 6,901 26,186 –
Proceeds from issuance of debt .................................................... 500,000 – 500,000
Repayment of debt ....................................................................... (199,300) – (300,700)
Net proceeds from sale of common stock .................................... 55,846 52,922 39,855
Purchase of treasury stock ........................................................... (1,466,802) (1,123,655) (1,300,002)
Income tax benefit from exercise of stock options ...................... 34,945 22,251 8,407
Payments of capital lease obligations .......................................... (22,781) (16,597) (17,040)
Other ............................................................................................ (17,180) – (15,016)
Net cash used in financing activities .................................... (973,771) (883,493) (806,896)
Effect of exchange rate changes on cash ......................................... 553 262 (2,945)
Net (decrease) increase in cash and cash equivalents ..................... (674) 5,574 (149,755)
Cash and cash equivalents at beginning of year .............................. 98,280 92,706 242,461
Cash and cash equivalents at end of year ........................................ $ 97,606 $ 98,280 $ 92,706
Supplemental cash flow information:
Interest paid, net of interest cost capitalized ................................ $ 155,531 $ 150,745 $ 132,905
Income taxes paid ........................................................................ $ 405,654 $ 420,575 $ 299,021
Assets acquired through capital lease .......................................... $ 32,301 $ 75,881 $ 16,880
See Notes to Consolidated Financial Statements.
41
10-K