Dollar Tree 2009 Annual Report Download - page 33

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Consolidated Statements of Cash Flows
(in millions)
Year Ended
January 30,
2010
฀Year฀Ended฀
฀January฀31,฀
2009
฀Year฀Ended฀
฀February฀2,฀
2008
Cash flows from operating activities:
Net income $ 320.5 ฀ $฀ 229.5฀ ฀ $฀ 201.3฀
Adjustments฀to฀reconcile฀net฀income฀to฀net฀cash฀
provided by operating activities:
฀ ฀ Depreciation฀and฀amortization฀ 157.8 ฀ ฀ 161.7฀ 159.3
Provision for deferred income taxes (0.6) ฀ ฀ 17.0฀ ฀ ฀ (46.8)
Stock based compensation expense 21.7 ฀ ฀ 16.7฀ 11.3
฀฀ ฀ Other฀non-cash฀adjustments฀to฀net฀income฀ 6.8 ฀ ฀ 7.9฀ ฀ ฀ 8.0฀
C hanges in assets and liabilities increasing
(decreasing) cash and cash equivalents:
Merchandise inventories (4.0) ฀ ฀ (34.6) ฀ ฀ (36.2)
Other assets 5.8 ฀ ฀ 27.3 ฀ ฀ (4.4)
Accounts payable 27.0 ฀ ฀ ( 7.5) ฀ ฀ 2.3
฀ ฀ ฀ Income฀taxes฀payable฀ 2.0 ฀ ฀ (36.8) ฀ ฀ 46.9
Other current liabilities 30.5 ฀ ฀ 6.1฀ ฀ ฀ 8.7
Other liabilities 13.5 ฀ ฀ 15.8฀ ฀ ฀ 16.9
Net cash provided by operating activities 581.0 ฀ ฀ 403.1฀ ฀ ฀ 367.3฀
Cash flows from investing activities:
Capital expenditures (164.8) (131.3) ฀ ฀ (189.0)
Purchase of short-term investments (27.8) ฀ ฀ (34.7) ฀ ฀ (1,119.2 )
Proceeds from sale of short-term investments — ฀ ฀ 75.2฀ ฀ ฀ 1,300.5฀
Purchase of restricted investments (37.3) ฀ ฀ (29.0) (99.3)
Proceeds from sale of restricted investments 17.4 ฀ ฀ 18.2฀ ฀ ฀ 90.9
Acquisition of favorable lease rights — ฀ ฀ (0.4) ฀ ฀ (6.6)
Net cash used in investing activities (212.5) ฀ ฀ (102.0) ฀ ฀ (22.7)
Cash฀ows฀from฀nancing฀activities:
Principal payments under long-term debt and capital lease obligations (0.4) ฀ ฀ (1.2) ฀ ฀ (0.6)
Borrowings from revolving credit facility — — ฀ ฀ 362.4฀
Repayments of revolving credit facility — — ฀฀ ฀ (362.4)
Payments for share repurchases (190.7) — ฀ ฀ (473.0)
Proceeds from stock issued pursuant to stock-based compensation plans 25.9 ฀ ฀ 21.6฀ ฀ ฀ 71.6฀
Tax฀benet฀of฀exercises/vesting฀of฀equity฀based฀compensation 3.9 ฀ ฀ 2.3฀ ฀ ฀ 13.0฀
฀ ฀ ฀ ฀ Net฀cash฀provided฀by฀(used฀in)฀nancing฀activities (161.3) ฀ ฀ 22.7฀ ฀ ฀ (389.0)
Net increase (decrease) in cash and cash equivalents 207.2 ฀ ฀ 323.8฀ ฀ ฀ (44.4)
Cash and cash equivalents at beginning of year 364.4 ฀ ฀ 40.6฀ ฀ ฀ 85.0฀
Cash and cash equivalents at end of year $ 571.6 ฀ $฀ 364.4฀ ฀ $฀ 40.6฀
Supplemental disclosure of cash flow information:
Cash paid for:
฀ ฀ Interest $ 7.1 ฀ $฀ 9.7฀ ฀ $฀ 18.7฀
฀ ฀ Income฀taxes฀ $ 183.5 ฀ $฀ 140.4฀ ฀ $฀ 109.5฀
Supplemental฀disclosure฀of฀non-cash฀investing฀and฀nancing฀activities:
฀ ฀The฀Company฀had฀no฀purchases฀of฀equipment฀under฀capital฀lease฀obligations฀in฀the฀year฀ended฀January฀30,฀2010.฀Equipment฀purchased฀
under฀capital฀lease฀obligations฀was฀less฀than฀$0.1฀million฀and฀$0.5฀million,฀respectively,฀in฀the฀years฀ended฀January฀31,฀2009฀and฀February฀
2,฀2008.
See accompanying Notes to Consolidated Financial Statements.
฀฀฀DOLLAR฀TREE,฀INC.฀•฀2009฀Annual฀Report฀฀฀31