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FORM 10-K
50
Consolidated Statements of Cash Flows
(In thousands)
For the Year Ended December 31,
2013 2012 2011
Operating activities:
Net income $ 670,292 $ 585,746 $ 507,673
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles 183,180 177,106 165,880
Amortization of debt premium, discount and issuance costs 2,054 1,788 1,797
Write-off of asset-based revolving credit facility debt issuance costs —— 21,626
Excess tax benefit from stock options exercised (30,811)(38,631) (22,985)
Deferred income taxes 1,919 8,162 54,120
Share-based compensation programs 21,722 22,026 20,579
Other 7,405 7,464 8,292
Changes in operating assets and liabilities:
Accounts receivable (16,937)4,404 (21,219)
Inventory (96,876)(276,904) 37,740
Accounts payable 127,178 645,706 383,632
Income taxes payable 24,777 71,346 (8,625)
Accrued payroll 5,400 7,655 (269)
Accrued benefits and withholdings 2,355 5,464 1,500
Other 6,368 30,223 (30,750)
Net cash provided by operating activities 908,026 1,251,555 1,118,991
Investing activities:
Purchases of property and equipment (395,881)(300,719) (328,319)
Proceeds from sale of property and equipment 1,731 3,044 2,715
Payments received on notes receivable 5,396 4,157 5,435
Other —(23,889) 516
Net cash used in investing activities (388,754)(317,407) (319,653)
Financing activities:
Proceeds from borrowings on asset-based revolving credit facility —— 42,400
Payments on asset-based revolving credit facility —— (398,400)
Proceeds from the issuance of long-term debt 299,976 298,881 795,963
Payment of debt issuance costs (2,967)(2,376) (9,942)
Principal payments on debt and capital leases (224)(935) (1,443)
Repurchases of common stock (933,028)(1,445,287) (976,632)
Excess tax benefit from stock options exercised 30,811 38,631 22,985
Net proceeds from issuance of common stock 69,350 63,514 57,562
Net cash used in financing activities (536,082)(1,047,572) (467,507)
Net (decrease) increase in cash and cash equivalents (16,810)(113,424) 331,831
Cash and cash equivalents at beginning of year 248,128 361,552 29,721
Cash and cash equivalents at end of year $ 231,318 $ 248,128 $ 361,552
Supplemental disclosures of cash flow information:
Income taxes paid $ 362,596 $ 274,637 $ 252,769
Interest paid, net of capitalized interest 46,760 34,655 13,350
See accompanying Notes to consolidated financial statements.