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FORM 10-K
45
Consolidated Statements of Cash Flows
(In thousands)
For the Year Ended
December 31,
2014 2013 2012
Operating activities:
Net income $ 778,182 $ 670,292 $ 585,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment and intangibles 194,205 183,180 177,106
Amortization of debt discount and issuance costs 2,086 2,054 1,788
Excess tax benefit from stock options exercised (49,150)(30,811) (38,631)
Deferred income taxes 1,487 1,919 8,162
Share-based compensation programs 23,095 21,722 22,026
Other 5,592 7,405 7,464
Changes in operating assets and liabilities:
Accounts receivable (19,271)(16,937) 4,404
Inventory (179,742)(96,876) (276,904)
Accounts payable 360,646 127,178 645,706
Income taxes payable 32,158 24,777 71,346
Accrued payroll 12,923 5,400 7,655
Accrued benefits and withholdings 28,899 2,355 5,464
Other (680)6,368 30,223
Net cash provided by operating activities 1,190,430 908,026 1,251,555
Investing activities:
Purchases of property and equipment (429,987)(395,881) (300,719)
Proceeds from sale of property and equipment 2,880 1,731 3,044
Payments received on notes receivable 3,705 5,396 4,157
Other —— (23,889)
Net cash used in investing activities (423,402)(388,754) (317,407)
Financing activities:
Proceeds from the issuance of long-term debt —299,976 298,881
Payment of debt issuance costs —(2,967) (2,376)
Principal payments on capital leases (72)(224) (935)
Repurchases of common stock (866,484)(933,028) (1,445,287)
Excess tax benefit from stock options exercised 49,150 30,811 38,631
Net proceeds from issuance of common stock 69,620 69,350 63,514
Net cash used in financing activities (747,786)(536,082) (1,047,572)
Net increase (decrease) in cash and cash equivalents 19,242 (16,810) (113,424)
Cash and cash equivalents at beginning of the year 231,318 248,128 361,552
Cash and cash equivalents at end of the year $ 250,560 $ 231,318 $ 248,128
Supplemental disclosures of cash flow information:
Income taxes paid $ 416,458 $ 362,596 $ 274,637
Interest paid, net of capitalized interest 51,203 46,760 34,655
See accompanying Notes to consolidated financial statements.