Pier 1 2016 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)
Year Ended
February 27,
2016 February 28,
2015 March 1,
2014
Cash flows from operating activities:
Net income $ 39,634 $ 75,162 $ 107,531
Adjustments to reconcile to net cash provided by operating activities:
Depreciation 55,830 49,472 40,990
Stock-based compensation expense 5,065 7,332 11,984
Deferred compensation, net 5,641 8,244 6,739
Deferred income taxes 4,617 7,647 13,907
Excess tax benefit from stock-based awards (585) (2,936) (2,265)
Amortization of deferred gains (1,907) (3,575) (3,180)
Change in reserve for uncertain tax positions 1,080 (1,078) 6,241
Other 1,848 (2,244) (3,665)
Change in cash from:
Inventories 72,984 (101,193) (21,597)
Prepaid expenses and other assets 20,560 356 (3,469)
Accounts payable and other liabilities (33,611) 26,330 14,034
Accrued income taxes payable, net of payments (7,109) 2,174 (8,018)
Net cash provided by operating activities 164,047 65,691 159,232
Cash flows from investing activities:
Capital expenditures (51,813) (81,859) (80,306)
Proceeds from disposition of properties 18 35 12,593
Proceeds from sale of restricted investments 9,020 1,715 758
Purchase of restricted investments (8,914) (3,192) (3,196)
Net cash used in investing activities (51,689) (83,301) (70,151)
Cash flows from financing activities:
Cash dividends (23,672) (21,627) (21,697)
Purchases of treasury stock (75,000) (185,540) (192,284)
Proceeds from stock options exercised, stock purchase plan and other, net 2,886 1,846 18,923
Excess tax benefit from stock-based awards 585 2,936 2,265
Issuance of long-term debt, net of discount — 198,000 —
Repayments of long-term debt (2,000) (1,000) —
Debt issuance costs — (3,636) (1,149)
Borrowings under revolving line of credit 63,000 60,000 —
Repayments of borrowings under revolving line of credit (63,000) (60,000) —
Net cash used in financing activities (97,201) (9,021) (193,942)
Change in cash and cash equivalents 15,157 (26,631) (104,861)
Cash and cash equivalents at beginning of period 100,064 126,695 231,556
Cash and cash equivalents at end of period $115,221 $ 100,064 $ 126,695
Supplemental cash flow information:
Interest paid $ 12,186 $ 10,213 $ 3,133
Income taxes paid, net of refund $ 26,219 $ 42,142 $ 56,659
The accompanying notes are an integral part of these financial statements.
38 PIER 1 IMPORTS, INC. 2016 Form 10-K