Dollar General 2005 Annual Report Download - page 63

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59
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the year ended February 3, 2006
Dollar General Guarantor Consolidated
Corporation Subsidiaries Eliminations Total
STATEMENTS OF CASH FLOWS:
Cash flows from operating activities:
Net income $ 350,155 $ 328,612 $ (328,612) $ 350,155
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 20,046 166,778 – 186,824
Deferred income taxes (750) 8,994 – 8,244
Tax benefit from stock option exercises 6,457 – – 6,457
Equity in subsidiaries’ earnings, net (328,612) – 328,612 –
Change in operating assets and liabilities:
Merchandise inventories – (97,877) – (97,877)
Prepaid expenses and other current assets (4,112) (9,326) – (13,438)
Accounts payable (26,052) 113,282 – 87,230
Accrued expenses and other (12,210) 52,586 – 40,376
Income taxes 13 (26,030) – (26,017)
Other 5,817 7,714 – 13,531
Net cash provided by operating activities 10,752 544,733 – 555,485
Cash flows from investing activities:
Purchases of property and equipment (18,089) (266,023) – (284,112)
Purchases of short-term investments (123,925) (8,850) – (132,775)
Sales of short-term investments 166,350 500 – 166,850
Purchases of long-term investments – (16,995) –(16,995)
Insurance proceeds related to
property and equipment – 1,210 – 1,210
Proceeds from sale of property and equipment 100 1,319 – 1,419
Net cash provided by (used in) investing activities 24,436 (288,839) – (264,403)
Cash flows from financing activities:
Borrowings under revolving credit facility 232,200 – – 232,200
Repayments of borrowings under
revolving credit facility (232,200) – – (232,200)
Issuance of long-term obligations – 14,495 – 14,495
Repayments of long-term obligations (4,969) (9,341) – (14,310)
Payment of cash dividends (56,183) – – (56,183)
Proceeds from exercise of stock options 29,405 – – 29,405
Repurchases of common stock (297,602) – – (297,602)
Changes in intercompany note balances, net 276,509 (276,509) – –
Other financing activities 892 – – 892
Net cash used in financing activities (51,948) (271,355) – (323,303)
Net decrease in cash and cash equivalents (16,760) (15,461) – (32,221)
Cash and cash equivalents, beginning of year 127,170 105,660 – 232,830
Cash and cash equivalents, end of year $ 110,410 $ 90,199 $ – $ 200,609