TJ Maxx 2014 Annual Report Download - page 68

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The TJX Companies, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
Amounts in thousands
January 31,
2015
February 1,
2014
February 2,
2013
(53 weeks)
Cash flows from operating activities:
Net income $ 2,215,128 $ 2,137,396 $ 1,906,687
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 588,975 548,823 508,929
Loss on property disposals and impairment charges 3,897 7,914 11,876
Deferred income tax provision 102,070 52,233 13,265
Share-based compensation 88,014 76,080 64,416
Early extinguishment of debt 16,830 ——
Excess tax benefits from share-based compensation (95,063) (82,546) (62,472)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (9,052) 11,979 (18,418)
(Increase) decrease in merchandise inventories (332,271) 35,233 27,186
(Increase) in taxes recoverable (12,475) ——
Decrease (increase) in prepaid expenses and other current assets 3,719 (3,354) (53,705)
Increase (decrease) in accounts payable 285,223 (152,271) 211,689
Increase (decrease) in accrued expenses and other liabilities 20,800 (29,590) 268,901
Increase in income taxes payable 144,977 10,994 176,076
Other (12,403) (12,425) 1,290
Net cash provided by operating activities 3,008,369 2,600,466 3,055,720
Cash flows from investing activities:
Property additions (911,522) (946,678) (978,228)
Purchases of investments (431,152) (496,657) (371,670)
Sales and maturities of investments 388,037 394,914 218,828
Cash paid for acquisition of Sierra Trading Post, net of cash
received —2,653 (190,374)
Other —— 34,490
Net cash (used in) investing activities (954,637) (1,045,768) (1,286,954)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 749,475 499,555 —
Cash payments for extinguishment of debt (416,357) ——
Cash payments for debt issuance expenses (6,185) (4,297) (1,370)
Cash payments for rate lock agreement (7,937) (3,251) —
Cash payments on capital lease obligation —— (1,456)
Cash payments for repurchase of common stock (1,650,704) (1,471,096) (1,345,082)
Proceeds from issuance of common stock 143,005 146,495 133,771
Excess tax benefits from share-based compensation 95,063 82,546 62,472
Cash dividends paid (465,902) (393,755) (323,922)
Net cash (used in) financing activities (1,559,542) (1,143,803) (1,475,587)
Effect of exchange rate changes on cash (150,161) (73,106) 11,666
Net increase in cash and cash equivalents 344,029 337,789 304,845
Cash and cash equivalents at beginning of year 2,149,746 1,811,957 1,507,112
Cash and cash equivalents at end of year $ 2,493,775 $ 2,149,746 $ 1,811,957
The accompanying notes are an integral part of the financial statements.
F-6