Whole Foods 2013 Annual Report Download - page 49

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40
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
Fiscal years ended September 29, 2013, September 30, 2012 and September 25, 2011
(In millions)
2013 2012 2011
Cash flows from operating activities
Net income $ 551 $ 466 $ 343
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 339 311 287
Share-based payment expense 57 42 27
LIFO expense 2 — 10
Deferred income tax (benefit) expense (51) (8) 20
Excess tax benefit related to exercise of team member stock options (37) (50) (23)
Accretion of premium/discount on marketable securities 31 16 6
Deferred lease liabilities 51 77 53
Other 9 1 3
Net change in current assets and liabilities:
Accounts receivable 9 (30) (35)
Merchandise inventories (42) (37) (23)
Prepaid expenses and other current assets (17) (2) (19)
Accounts payable — 10 24
Accrued payroll, bonus and other benefits due team members 60 25 37
Other current liabilities 51 95 54
Net change in other long-term liabilities (4) 4 (9)
Net cash provided by operating activities 1,009 920 755
Cash flows from investing activities
Development costs of new locations (339) (262) (203)
Other property and equipment expenditures (198) (194) (162)
Purchases of available-for-sale securities (1,252) (3,009) (1,229)
Sales and maturities of available-for-sale securities 1,534 2,138 1,156
Increase in restricted cash (8) (11) (5)
Payment for purchase of acquired entities, net of cash acquired (22) — (2)
Other investing activities (4) (3) (6)
Net cash used in investing activities (289) (1,341) (451)
Cash flows from financing activities
Common stock dividends paid (508) (95) (53)
Issuance of common stock 81 370 297
Purchase of treasury stock (125) (28) —
Excess tax benefit related to exercise of team member stock options 37 50 23
Payments on long-term debt and capital lease obligations (2) — (490)
Net cash provided by (used in) financing activities (517) 297 (223)
Effect of exchange rate changes on cash and cash equivalents (2) 1 (1)
Net change in cash and cash equivalents 201 (123) 80
Cash and cash equivalents at beginning of period 89 212 132
Cash and cash equivalents at end of period $ 290 $ 89 $ 212
Supplemental disclosures of cash flow information:
Interest paid $ 2 $ 3 $ 16
Federal and state income taxes paid $ 378 $ 202 $ 192
The accompanying notes are an integral part of these consolidated financial statements.