Dollar General 2011 Annual Report Download - page 197

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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
16. Guarantor subsidiaries (Continued)
For the year ended February 3, 2012
DOLLAR
GENERAL GUARANTOR OTHER CONSOLIDATED
CORPORATION SUBSIDIARIES SUBSIDIARIES ELIMINATIONS TOTAL
STATEMENTS OF CASH FLOWS:
Cash flows from operating activities:
Net income ................ $ 766,685 $ 901,032 $ 18,019 $(919,051) $ 766,685
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization . . . 31,793 243,485 130 — 275,408
Deferred income taxes ........ 1,649 25,328 (16,745) — 10,232
Tax benefit of stock options ..... (33,102) — — — (33,102)
Loss on debt retirement, net .... 60,303 — — — 60,303
Noncash share-based compensation 15,250 — — — 15,250
Noncash inventory adjustments
and asset impairments ...... — 48,673 — — 48,673
Other noncash gains and losses . . 653 4,864 — — 5,517
Equity in subsidiaries’ earnings,
net .................. (919,051) — — 919,051 —
Change in operating assets and
liabilities:
Merchandise inventories ..... — (291,492) — — (291,492)
Prepaid expenses and other
current assets .......... (19,361) (12,671) (2,522) — (34,554)
Accounts payable ......... (17,678) 120,607 1,513 — 104,442
Accrued expenses and other
liabilities ............. 20,799 45,015 5,949 — 71,763
Income taxes ............ 47,681 (8,233) 12,102 — 51,550
Other ................ (3) (121) (71) — (195)
Net cash provided by (used in)
operating activities .......... (44,382) 1,076,487 18,375 — 1,050,480
Cash flows from investing activities:
Purchases of property and equipment (30,403) (484,388) (70) — (514,861)
Proceeds from sales of property and
equipment ............... 33 993 — — 1,026
Net cash used in investing activities . (30,370) (483,395) (70) — (513,835)
Cash flows from financing activities:
Issuance of common stock ....... 177 — — — 177
Repayments of long-term obligations (910,677) (1,274) — — (911,951)
Borrowings under revolving credit
facility ................. 1,157,800 — — — 1,157,800
Repayments of borrowings under
revolving credit facility ........ (973,100) — — — (973,100)
Repurchase of common stock from
principal shareholder ........ (185,000) — — — (185,000)
Equity settlements with employees,
net of taxes paid ........... (28,993) — — — (28,993)
Tax benefit of stock options ...... 33,102 — — — 33,102
Changes in intercompany note
balances, net ............. 871,742 (853,595) (18,147) — —
Net cash provided by (used in)
financing activities .......... (34,949) (854,869) (18,147) — (907,965)
Net increase (decrease) in cash and
cash equivalents ............ (109,701) (261,777) 158 — (371,320)
Cash and cash equivalents, beginning
of year ................. 111,545 364,404 21,497 — 497,446
Cash and cash equivalents, end of
year ................... $ 1,844 $ 102,627 $ 21,655 $ — $ 126,126
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