TJ Maxx 2015 Annual Report Download - page 67

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The TJX Companies, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
Amounts in thousands
January 30,
2016
January 31,
2015
February 1,
2014
Cash flows from operating activities:
Net income $ 2,277,658 $ 2,215,128 $ 2,137,396
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 616,696 588,975 548,823
Loss on property disposals and impairment charges 3,383 3,897 7,914
Deferred income tax provision 31,204 102,070 52,233
Share-based compensation 94,107 88,014 76,080
Early extinguishment of debt —16,830 —
Excess tax benefits from share-based compensation (64,680) (95,063) (82,546)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (27,357) (9,052) 11,979
(Increase) decrease in merchandise inventories (506,633) (332,271) 35,233
Decrease (increase) in taxes recoverable 1,416 (12,475) —
(Increase) decrease in prepaid expenses and other current assets (41,519) 3,719 (3,354)
Increase (decrease) in accounts payable 216,265 285,223 (152,271)
Increase (decrease) in accrued expenses and other liabilities 284,929 20,800 (29,590)
Increase in income taxes payable 68,014 144,977 10,994
Other (16,140) (12,403) (12,425)
Net cash provided by operating activities 2,937,343 3,008,369 2,600,466
Cash flows from investing activities:
Property additions (889,380) (911,522) (946,678)
Purchases of investments (798,008) (431,152) (496,657)
Sales and maturities of investments 681,377 388,037 394,914
Cash paid for acquisition of Trade Secret, net of cash received (57,104) ——
Cash received at completion of acquisition of Sierra Trading Post —— 2,653
Net cash (used in) investing activities (1,063,115) (954,637) (1,045,768)
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)
Cash payments for rate lock agreement —(7,937) (3,251)
Cash payments for repurchase of common stock (1,828,297) (1,650,704) (1,471,096)
Proceeds from issuance of common stock 132,033 143,005 146,495
Excess tax benefits from share-based compensation 64,680 95,063 82,546
Cash dividends paid (544,271) (465,902) (393,755)
Net cash (used in) financing activities (2,175,855) (1,559,542) (1,143,803)
Effect of exchange rate changes on cash (96,675) (150,161) (73,106)
Net (decrease) increase in cash and cash equivalents (398,302) 344,029 337,789
Cash and cash equivalents at beginning of year 2,493,775 2,149,746 1,811,957
Cash and cash equivalents at end of year $ 2,095,473 $ 2,493,775 $ 2,149,746
The accompanying notes are an integral part of the financial statements.
F-6