Pier 1 2015 Annual Report Download - page 44

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
52 Weeks Ended
February 28, 2015 52 Weeks Ended
March 1, 2014 53 Weeks Ended
March 2, 2013
Cash flows from operating activities:
Net income $ 75,162 $ 107,531 $ 129,444
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization 54,299 45,803 38,431
Stock-based compensation expense 7,332 11,984 12,337
Deferred compensation 8,244 6,739 6,192
Deferred income taxes 7,647 13,907 19,928
Excess tax benefit from stock-based awards (2,694) (2,265) (4,814)
Amortization of deferred gains (3,575) (3,180) (6,917)
Change in reserve for uncertain tax positions (1,078) 6,241 (6,252)
Other (2,486) (3,665) (2,087)
Change in cash from:
Inventories (101,193) (21,597) (33,571)
Proprietary credit card receivables (351) (1,585) (2,019)
Prepaid expenses and other assets (4,120) (6,697) (31,620)
Accounts payable and accrued expenses 26,330 14,034 (5,516)
Accrued income taxes payable, net of payments 2,174 (8,018) 10,513
Net cash provided by operating activities 65,691 159,232 124,049
Cash flows from investing activities:
Capital expenditures (81,859) (80,306) (80,363)
Proceeds from disposition of properties 35 12,593 217
Proceeds from sale of restricted investments 1,715 758 1,290
Purchase of restricted investments (3,192) (3,196) (3,567)
Net cash used in investing activities (83,301) (70,151) (82,423)
Cash flows from financing activities:
Cash dividends (21,627) (21,697) (17,989)
Purchases of treasury stock (185,540) (192,284) (100,000)
Proceeds from stock options exercised, stock purchase plan and other, net 2,088 18,923 15,237
Excess tax benefit from stock-based awards 2,694 2,265 4,814
Issuance of long-term debt, net of discount 198,000 — —
Repayments of long-term debt (1,000) — —
Debt issuance costs (3,636) (1,149) —
Borrowing of notes payable 60,000 — —
Repayments of notes payable (60,000) — —
Net cash used in financing activities (9,021) (193,942) (97,938)
Change in cash and cash equivalents (26,631) (104,861) (56,312)
Cash and cash equivalents at beginning of period 126,695 231,556 287,868
Cash and cash equivalents at end of period $ 100,064 $ 126,695 $ 231,556
Supplemental cash flow information:
Interest paid $ 10,213 $ 3,133 $ 3,563
Income taxes paid, net of refund $ 42,142 $ 56,659 $ 43,740
The accompanying notes are an integral part of these financial statements.
38 PIER 1 IMPORTS, INC. 2015 Form 10-K