Staples 2013 Annual Report Download - page 139

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C-8
STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
February 1, 2014 February 2, 2013 January 28, 2012
Operating Activities:
Consolidated net income (loss) $ 620,069 $ (210,825) $ 983,833
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 402,813 408,413 417,154
Amortization of intangibles 55,405 78,900 64,902
Loss on disposal of business 80,887 — —
Impairment of goodwill and long-lived assets — 810,996 —
Stock-based compensation 80,632 117,813 151,822
Excess tax benefits from stock-based compensation arrangements (2,140) (185) (1,805)
Deferred income tax expense 104,786 112,148 6,706
Loss on early extinguishment of debt — 56,958 —
Loss related to equity method investment — 26,211 —
Other (4,348) 7,208 4,452
Changes in assets and liabilities:
(Increase) decrease in receivables (54,418) 122,628 (73,670)
(Increase) decrease in merchandise inventories (81,130) 87,246 (82,343)
(Increase) decrease in prepaid expenses and other assets (39,349) (48,145) 123,660
Increase (decrease) in accounts payable 108,392 (260,263) 23,677
Decrease in accrued expenses and other liabilities (89,615) (111,246) (117,389)
(Decrease) increase in other long-term obligations (73,698) 21,331 75,476
Net cash provided by operating activities 1,108,286 1,219,188 1,576,475
Investing Activities:
Acquisition of property and equipment (371,229)(349,574)(383,654)
Cash paid for termination of joint venture (34,298) — —
Proceeds from the sale of property and equipment 13,350 9,500 —
Disposition of business, net (12,736) — —
Acquisition of businesses, net of cash acquired (74,632)(1,941) —
Net cash used in investing activities (479,545)(342,015)(383,654)
Financing Activities:
Proceeds from the exercise of stock options and sale of stock under
employee stock purchase plans 81,257 49,993 73,866
Proceeds from borrowings 37,811 1,087,843 301,843
Payments on borrowings (910,225)(485,554)(820,631)
Early settlement of debt — (689,740) —
Purchase of noncontrolling interest (96)(7,910)(10,000)
Cash dividends paid (312,521)(294,147)(277,936)
Excess tax benefits from stock-based compensation arrangements 2,140 185 1,805
Repurchase of common stock (340,415)(472,935)(629,041)
Net cash used in financing activities (1,442,049)(812,265)(1,360,094)
Effect of exchange rate changes on cash and cash equivalents (19,889) 5,245 (29,835)
Net (decrease) increase in cash and cash equivalents (833,197) 70,153 (197,108)
Cash and cash equivalents at beginning of period 1,334,302 1,264,149 1,461,257
Cash and cash equivalents at end of period 501,105 1,334,302 1,264,149
Less: Net increase in cash and cash equivalents attributed to discontinued
operations (705) — —
Less: Cash and cash equivalents attributed to disposal group held for sale (7,868) — —
Cash and cash equivalents at the end of the period $ 492,532 $ 1,334,302 $ 1,264,149
See notes to consolidated financial statements.