Rite Aid 2016 Annual Report Download - page 83

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RITE AID CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended
February 27, February 28, March 1,
2016 2015 2014
(52 Weeks) (52 Weeks) (52 Weeks)
OPERATING ACTIVITIES:
Net income ........................................ $ 165,465 $ 2,109,173 $ 249,414
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization .......................... 509,212 416,628 403,741
Lease termination and impairment charges ................. 48,423 41,945 41,304
Gain from lease termination ........................... — — (8,750)
LIFO charge (credit) ................................ 11,163 (18,857) 104,142
Loss (gain) on sale of assets, net ........................ 3,303 (3,799) (15,984)
Stock-based compensation expense ....................... 37,948 23,390 16,194
Loss on debt retirements, net .......................... 33,205 18,512 62,443
Changes in deferred taxes ............................. 79,488 (1,726,487) —
Excess tax benefit on stock options and restricted stock ......... (22,884) (41,563) (26,665)
Changes in operating assets and liabilities:
Accounts receivable ................................ 291,659 (25,902) (28,051)
Inventories ...................................... 181,958 129,985 56,557
Accounts payable ................................. (21,187) (169,952) (100,774)
Other assets and liabilities, net ........................ (320,351) (104,114) (51,525)
Net cash provided by operating activities ................ 997,402 648,959 702,046
INVESTING ACTIVITIES:
Payments for property, plant and equipment ................ (541,347) (426,828) (333,870)
Intangible assets acquired ............................. (128,648) (112,558) (87,353)
Acquisition of businesses, net of cash acquired ............... (1,778,377) (69,793) —
Proceeds from sale-leaseback transactions .................. 36,732 — 3,989
Proceeds from dispositions of assets and investments ........... 9,782 15,494 28,416
Proceeds from lease termination ......................... — — 8,750
Proceeds from insured loss ............................ — — 15,144
Net cash used in investing activities ................... (2,401,858) (593,685) (364,924)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt .................. 1,800,000 1,152,293 1,310,000
Net proceeds from (repayments to) revolver ................ 375,000 1,325,000 (265,000)
Principal payments on long-term debt ..................... (672,717) (2,595,709) (1,340,435)
Change in zero balance cash accounts ..................... (62,878) 1,081 (95)
Net proceeds from the issuance of common stock ............. 11,376 24,117 33,217
Payments for the repurchase of preferred stock .............. — — (21,034)
Financing fees paid for early debt redemption ............... (26,003) (13,841) (45,636)
Excess tax benefit on stock options and restricted stock ......... 22,884 41,563 26,665
Deferred financing costs paid ........................... (34,634) (20,285) (17,850)
Net cash provided by (used in) financing activities ......... 1,413,028 (85,781) (320,168)
Increase (decrease) in cash and cash equivalents ................. 8,572 (30,507) 16,954
Cash and cash equivalents, beginning of year ................... 115,899 146,406 129,452
Cash and cash equivalents, end of year ....................... $ 124,471 $ 115,899 $ 146,406
The accompanying notes are an integral part of these consolidated financial statements.
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