Family Dollar 2013 Annual Report Download - page 48

FAMILY DOLLAR STORES, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended
(in thousands)
August 31,
2013
August 25,
2012
August 27,
2011
Cash flows from operating activities:
Net income ............................................. $ 443,575 $ 422,240 $ 388,445
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization .......................... 239,485 213,835 182,455
Amortization of deferred gain ........................... (15,123) (3,087) —
Deferred income taxes ................................ 3,693 (24,321) 46,805
Excess tax benefits from stock-based compensation ......... (13,231) (12,345) (4,745)
Stock-based compensation ............................. 16,258 15,902 14,728
Loss on disposition of property and equipment, including
impairment 5,826 11,429 9,461
Changes in operating assets and liabilities:
Merchandise inventories ........................... (40,853) (271,503) (126,638)
Prepayments and other current assets ................. (113,920) 23,838 (8,409)
Other assets ..................................... (449) (2,506) (4,888)
Accounts payable and accrued liabilities .............. (32,656) (36,497) 37,057
Income taxes .................................... (40,374) 37,209 (23,799)
Other liabilities .................................. 19,742 (4,823) 17,592
Net cash provided by operating activities .......................... 471,973 369,371 528,064
Cash flows from investing activities:
Purchases of restricted and unrestricted investment securities ...... (44,278) (211,142) (352,082)
Sales of restricted and unrestricted investment securities .......... 45,728 334,915 415,877
Net change in restricted cash ............................... 79,924 (80,389) —
Net proceeds from sale-leaseback ............................ 345,249 359,663 —
Capital expenditures ...................................... (744,428) (603,313) (345,268)
Proceeds from dispositions of property and equipment ........... 3,214 1,955 1,055
Net cash used in investing activities .............................. (314,591) (198,311) (280,418)
Cash flows from financing activities:
Short-term borrowings .................................... 2,060,000 362,300 46,000
Repayment of short-term borrowings ......................... (2,075,000) (347,300) (46,000)
Issuance of long-term debt ................................. — — 298,482
Payment of debt issuance costs .............................. — — (7,811)
Repayments of long-term debt .............................. (16,200) (16,200) —
Repurchases of common stock .............................. (74,954) (191,573) (670,466)
Change in cash overdrafts .................................. 71,745 26,786 (47,722)
Proceeds from exercise of employee stock options .............. 20,796 24,900 17,216
Excess tax benefits from stock-based compensation ............. 13,231 12,345 4,745
Payment of dividends ..................................... (108,334) (91,390) (83,439)
Net cash used in financing activities .............................. (108,716) (220,132) (488,995)
Net change in cash and cash equivalents ......................... 48,666 (49,072) (241,349)
Cash and cash equivalents at beginning of year ................... 92,333 141,405 382,754
Cash and cash equivalents at end of year ........................ $ 140,999 $ 92,333 $ 141,405
Supplemental disclosures of cash flow information:
Purchases of property and equipment awaiting processing for
payment, included in accounts payable ...................... $ 57,379 $ 54,609 $ 36,220
Cash paid during the period for:
Interest, net of amounts capitalized ....................... 21,895 24,001 20,395
Income taxes, net of refunds ............................ 272,748 234,740 201,843
The accompanying notes are an integral part of the consolidated financial statements.
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