Whole Foods 2009 Annual Report Download - page 50

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44
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Fiscal years ended September 27, 2009, September 28, 2008 and September 30, 2007
2009 2008 2007
Cash flows from operating activities
Net income $ 146,804 $ 114,524 $ 182,740
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 266,695 249,213 186,390
Loss on disposition of fixed assets 3,012 3,754 4,038
Impairment of long-lived assets 24,508 9,195 1,616
Share-based payment expense 12,795 10,505 13,175
LIFO expense (benefit) (5,598) 12,683 6,858
Deferred income tax expense (benefit) 14,076 (9,993) (27,203)
Excess tax benefit related to exercise of team member stock options (42) (5,686) (12,839)
Deferred lease liabilities 48,029 44,167 27,393
Other 2,800 (65) (217)
Net change in current assets and liabilities:
Accounts receivable 10,408 (10,468) (5,061)
Merchandise inventories 21,732 (52,630) (50,486)
Prepaid expenses and other current assets 21,415 (27,833) (4,603)
Accounts payable 6,527 (45,378) 41,598
Accrued payroll, bonus and other benefits due team members 11,985 14,413 1,747
Other current liabilities 14,696 14,350 17,825
Net change in other long-term liabilities (12,121) 14,241 8,515
Net cash provided by operating activities 587,721 334,992 391,486
Cash flows from investing activities
Development costs of new locations (247,999) (357,520) (388,759)
Other property and equipment expenditures (66,616) (171,952) (135,772)
Acquisition of intangible assets (1,604) (1,630) (25,002)
Purchase of available-for-sale securities - (194,316) (277,283)
Sale of available-for-sale securities - 194,316 475,625
Decrease (increase) in restricted cash (70,406) 1,693 57,755
Payment for purchase of acquired entities, net of cash acquired - (5,480) (596,236)
Proceeds received from divestiture, net - 163,913 -
Other investing activities 342 (1,745) (701)
Net cash used in investing activities (386,283) (372,721) (890,373)
Cash flows from financing activities
Common stock dividends paid - (109,072) (96,742)
Preferred stock dividends paid (19,833) - -
Issuance of common stock 4,286 18,019 54,383
Purchase of treasury stock - - (99,997)
Excess tax benefit related to exercise of team member stock options 42 5,686 12,839
Proceeds from issuance of redeemable preferred stock, net 413,052 - -
Proceeds from long-term borrowings 123,000 317,000 717,000
Payments on long-term debt and capital lease obligations (318,370) (161,151) (93,360)
Other financing activities (2,722) (652) -
Net cash provided by financing activities 199,455 69,830 494,123
Effect of exchange rate changes on cash and cash equivalents (1,297) (1,567) 2,512
Net change in cash and cash equivalents 399,596 30,534 (2,252)
Cash and cash equivalents at beginning of year 30,534 - 2,252
Cash and cash equivalents at end of year $ 430,130 $ 30,534 $ -
Supplemental disclosures of cash flow information:
Interest paid $ 43,685 $ 36,155 $ 4,561
Federal and state income taxes paid $ 69,701 $ 118,366 $ 152,626
The accompanying notes are an integral part of these consolidated financial statements.