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FORM 10-K
Consolidated Statements of Cash Flows
(In thousands)
For the Year Ended
December 31,
2015 2014 2013
Operating activities:
Net income $ 931,216 $ 778,182 $ 670,292
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles 210,256 194,205 183,180
Amortization of debt discount and issuance costs 2,106 2,086 2,054
Excess tax benefit from share-based compensation (63,078)(49,150) (30,811)
Deferred income taxes (22,650)1,487 1,919
Share-based compensation programs 21,899 23,095 21,722
Other 6,839 5,592 7,405
Changes in operating assets and liabilities:
Accounts receivable (23,858)(19,271) (16,937)
Inventory (76,226)(179,742) (96,876)
Accounts payable 191,064 360,646 127,178
Income taxes payable 81,617 32,158 24,777
Accrued payroll (19,341)12,923 5,400
Accrued benefits and withholdings 17,970 28,899 2,355
Other 23,662 (680) 6,368
Net cash provided by operating activities 1,281,476 1,190,430 908,026
Investing activities:
Purchases of property and equipment (414,020)(429,987) (395,881)
Proceeds from sale of property and equipment 2,758 2,880 1,731
Payments received on notes receivable 4,074 3,705 5,396
Net cash used in investing activities (407,188)(423,402) (388,754)
Financing activities:
Proceeds from the issuance of long-term debt — — 299,976
Payment of debt issuance costs — — (2,967)
Principal payments on capital leases (25)(72) (224)
Repurchases of common stock (1,136,213)(866,484) (933,028)
Excess tax benefit from share-based compensation 63,078 49,150 30,811
Net proceeds from issuance of common stock 64,613 69,620 69,350
Net cash used in financing activities (1,008,547)(747,786) (536,082)
Net (decrease) increase in cash and cash equivalents (134,259)19,242 (16,810)
Cash and cash equivalents at beginning of the year 250,560 231,318 248,128
Cash and cash equivalents at end of the year $ 116,301 $ 250,560 $ 231,318
Supplemental disclosures of cash flow information:
Income taxes paid $ 485,824 $ 416,458 $ 362,596
Interest paid, net of capitalized interest 55,061 51,203 46,760
See accompanying Notes to Consolidated Financial Statements.