Rite Aid 2016 Annual Report Download - page 141
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RITE AID CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
For the Years Ended February 27, 2016, February 28, 2015 and March 1, 2014
(In thousands, except per share amounts)
20. Segment Reporting (Continued)
The following is a reconciliation of net income to Adjusted EBITDA for fiscal 2016, 2015 and
2014:
February 27, February 28, March 1,
2016 2015 2014
(52 weeks) (52 weeks) (52 weeks)
Net income ......................... $ 165,465 $ 2,109,173 $ 249,414
Interest expense .................... 449,574 397,612 424,591
Income tax expense ................. 139,297 158,951 161,883
Income tax valuation allowance reduction . (26,358) (1,841,304) (161,079)
Depreciation and amortization expense . . . 509,212 416,628 403,741
LIFO charge (credit) ................ 11,163 (18,857) 104,142
Lease termination and impairment charges 48,423 41,945 41,304
Loss on debt retirements, net .......... 33,205 18,512 62,443
Other ........................... 72,281 40,183 38,520
Adjusted EBITDA .................... $1,402,262 $ 1,322,843 $1,324,959
The following is balance sheet information for the Company’s reportable segments:
Retail Pharmacy
Pharmacy Services Eliminations(2) Consolidated
February 27, 2016:
Total Assets ......................... $8,468,186 $2,948,548 $(139,724) $11,277,010
Goodwill ........................... 76,124 1,637,351 — 1,713,475
Additions to property and equipment and
intangible assets .................... 667,719 2,276 — 669,995
February 28, 2015:
Total Assets ......................... $8,777,425 $ — $ — $ 8,777,425
Goodwill ........................... 76,124 — — 76,124
Additions to property and equipment and
intangible assets .................... 539,386 — — 539,386
(2) Intersegment eliminations include netting of the Pharmacy Services segment long-term deferred tax
liability of $116,027 against the Retail Pharmacy segment long-term deferred tax asset for
consolidation purposes in accordance with ASC 740, and intersegment accounts receivable of
$23,697, as of February 27, 2016, that represents amounts owed from the Pharmacy Services
segment to the Retail Pharmacy segment that are created when Pharmacy Services segment
customers use Retail Pharmacy segment stores to purchase covered products.
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