Whole Foods 2008 Annual Report Download - page 55

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Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Fiscal years ended September 28, 2008, September 30, 2007 and September 24, 2006
2008 2007 2006
Cash flows from operating activities
Net income $ 114,524 $ 182,740 $ 203,828
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 249,213 186,390 156,223
Loss on disposal of fixed assets 12,949 5,654 6,291
Share-based payments expense 10,505 13,175 9,432
Deferred income tax benefit (9,980) (27,203) (15,521)
Excess tax benefit related to exercise of team member stock options (5,686) (12,839) (52,008)
Deferred lease liabilities 43,906 27,681 26,607
Other 11,603 8,169 1,942
Net change in current assets and liabilities:
Accounts receivable (10,188) (5,179) (17,720)
Merchandise inventories (52,023) (51,055) (32,200)
Prepaid expenses and other current assets (35,467) 1,345 (7,849)
Accounts payable (45,950) 42,064 18,509
Accrued payroll, bonus and other benefits due team members 14,253 1,845 26,033
Other current liabilities 13,860 18,002 125,605
Net change in other long-term liabilities 14,241 8,515 3,492
Net cash provided by operating activities 325,760 399,304 452,664
Cash flows from investing activities
Development costs of new store locations (357,511) (389,349) (208,588)
Other property, plant and equipment expenditures (164,522) (140,333) (131,614)
Proceeds from hurricane insurance 1,500 - 3,308
Acquisition of intangible assets (1,402) (25,160) (16,332)
Purchase of available-for-sale securities (194,316) (277,283) (555,095)
Sale of available-for-sale securities 194,316 475,625 362,209
Decrease (increase) in restricted cash 1,693 57,755 (23,143)
Payment for purchase of acquired entities, net of cash acquired (5,480) (596,236) -
Proceeds from divestiture, net 163,913 - -
Other investing activities (3,245) (701) -
Net cash used in investing activities (365,054) (895,682) (569,255)
Cash flows from financing activities
Dividends paid (109,072) (96,742) (358,075)
Issuance of common stock 18,019 54,383 222,030
Purchase of treasury stock - (99,997) (99,964)
Excess tax benefit related to exercise of team member stock options 5,686 12,839 52,008
Proceeds from long-term borrowings 317,000 717,000 -
Payments on long-term debt and capital lease obligations (161,153) (93,357) (5,680)
Other financing activities (652) - -
Net cash provided by (used in) financing activities 69,828 494,126 (189,681)
Net change in cash and cash equivalents 30,534 (2,252) (306,272)
Cash and cash equivalents at beginning of year - 2,252 308,524
Cash and cash equivalents at end of year $ 30,534 $ - $ 2,252
Supplemental disclosures of cash flow information:
Interest paid $ 36,155 $ 4,561 $ 607
Federal and state income taxes paid $ 118,366 $ 152,626 $ 70,220
Non-cash transactions:
Increase in proceeds receivable for divestiture $ - $ 165,054 $ -
Conversion of convertible debentures into common stock, net of fees $ 154 $ 5,686 $ 4,922
The accompanying notes are an integral part of these consolidated financial statements.
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