AutoZone 2014 Annual Report Download - page 113

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43
Consolidated Statements of Cash Flows
Year Ended
(in thousands)
August 30,
2014
(52 weeks)
August 31,
2013
(53 weeks)
August 25,
2012
(52 weeks)
Cash flows from operating activities:
Net income ...................................................................................... $ 1,069,744 $ 1,016,480 $ 930,373
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and equipment .......... 251,267 227,251 211,831
Amortization of debt origination fees .......................................... 6,856 8,239 8,066
Income tax benefit from exercise of stock options ...................... (23,771) (66,752) (63,041)
Deferred income taxes ................................................................. (14,698) 19,704 25,557
Share-based compensation expense ............................................. 39,390 37,307 33,363
Changes in operating assets and liabilities:
Accounts receivable ................................................................. (27,963) (8,196) (21,276)
Merchandise inventories .......................................................... (276,834) (232,846) (167,914)
Accounts payable and accrued expenses .................................. 285,091 356,935 197,406
Income taxes payable ............................................................... 46,555 61,003 56,754
Other, net .................................................................................. (14,403) (4,114) 12,862
Net cash provided by operating activities ............................. 1,341,234 1,415,011 1,223,981
Cash flows from investing activities:
Capital expenditures .................................................................... (438,116) (414,451) (378,054)
Acquisition of business ................................................................ – (116,084) –
Purchase of intangibles ................................................................ (11,112) – –
Purchase of marketable securities ................................................ (49,736) (44,469) (45,665)
Proceeds from sale of marketable securities ................................ 46,796 37,944 42,385
Proceeds from disposal of capital assets ...................................... 4,200 9,765 6,573
Net cash used in investing activities ..................................... (447,968) (527,295) (374,761)
Cash flows from financing activities:
Net proceeds (payments) of commercial paper ............................ 256,800 123,600 (54,200)
Net payments of short-term borrowings ...................................... – (4,948) (27,071)
Proceeds from issuance of debt .................................................... 400,000 800,000 500,000
Repayment of debt ....................................................................... (500,000) (500,000) –
Net proceeds from sale of common stock .................................... 42,034 97,154 75,343
Purchase of treasury stock ........................................................... (1,099,212) (1,387,315) (1,362,869)
Income tax benefit from exercise of stock options ...................... 23,771 66,752 63,041
Payments of capital lease obligations .......................................... (32,656) (27,545) (26,750)
Other ............................................................................................ (2,294) (14,720) (10,927)
Net cash used in financing activities .................................... (911,557) (847,022) (843,433)
Effect of exchange rate changes on cash ......................................... 585 (1,596) (300)
Net (decrease) increase in cash and cash equivalents ..................... (17,706) 39,098 5,487
Cash and cash equivalents at beginning of year .............................. 142,191 103,093 97,606
Cash and cash equivalents at end of year ........................................ $ 124,485 $ 142,191 $ 103,093
Supplemental cash flow information:
Interest paid, net of interest cost capitalized ................................ $ 166,477 $ 174,037 $ 161,797
Income taxes paid ........................................................................ $ 556,974 $ 498,587 $ 443,666
Assets acquired through capital lease .......................................... $ 64,927 $ 71,117 $ 74,726
See Notes to Consolidated Financial Statements.
10-K