Dollar Tree 2010 Annual Report Download - page 33

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Consolidated Statements of Cash Flows
(in millions)
Year Ended
January 29,
2011
Year Ended
January 30,
2010
Year Ended
January 31,
2009
Cash fl ows from operating activities:
Net income $ 397.3 $ 320.5 $ 229.5
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 159.7 157.8 161.7
Provision for deferred income taxes (14.4) (0.6) 17.0
Stock-based compensation expense 28.3 21.7 16.7
Non-cash adjustment to beginning inventory 26.3 — —
Other non-cash adjustments to net income 5.0 6.8 7.9
C hanges in assets and liabilities increasing
(decreasing) cash and cash equivalents:
Merchandise inventories (126.7) (4.0) (34.6)
Other assets 2.0 5.8 27.3
Accounts payable 28.1 27.0 (7.5)
Income taxes payable 15.2 2.0 (36.8)
Other current liabilities (9.2) 30.5 6.1
Other liabilities 7.1 13.5 15.8
Net cash provided by operating activities 518.7 581.0 403.1
Cash fl ows from investing activities:
Capital expenditures (178.7) (164.8) (131.3)
Purchase of short-term investments (157.8) (27.8) (34.7)
Proceeds from sale of short-term investments 10.8 — 75.2
Purchase of restricted investments (50.9) (37.3) (29.0)
Proceeds from sale of restricted investments 52.1 17.4 18.2
Acquisition of Dollar Giant, net of cash acquired of $1.9 million (49.4) — —
Acquisition of favorable lease rights (0.2) — (0.4)
Net cash used in investing activities (374.1) (212.5) (102.0)
Cash fl ows from fi nancing activities:
Principal payments under long-term debt and capital lease obligations (15.1) (0.4) (1.2)
Payments for share repurchases (417.1) (190.7) —
Proceeds from stock issued pursuant to stock-based compensation plans 20.1 25.9 21.6
Tax benefi t of exercises/vesting of equity-based compensation 7.8 3.9 2.3
Net cash provided by (used in) fi nancing activities (404.3) (161.3) 22.7
Effect of exchange rate changes on cash and cash equivalents (0.7) — —
Net increase (decrease) in cash and cash equivalents (260.4) 207.2 323.8
Cash and cash equivalents at beginning of year 571.6 364.4 40.6
Cash and cash equivalents at end of year $ 311.2 $ 571.6 $ 364.4
Supplemental disclosure of cash fl ow information:
Cash paid for:
Interest $ 6.5 $ 7.1 $ 9.7
Income taxes $ 223.7 $ 183.5 $ 140.4
See accompanying Notes to Consolidated Financial Statements.
DOLLAR TREE, INC. ♦ 2010 Annual Report 31