Staples 2014 Annual Report Download - page 140

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C-8 STAPLES Form 10-K
APPENDIX C
STAPLES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Dollar Amounts in Thousands)
Fiscal Year Ended
January 31, 2015 February 1, 2014 February 2, 2013
Operating Activities:
Consolidated net income (loss) $134,526 $620,069 $(210,825)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 405,181 402,813 408,413
Amortization of intangibles 61,691 55,405 78,900
(Gain) loss on sale of businesses, net (27,495) 80,887 —
Impairment of goodwill and long-lived assets 469,663 — 810,996
Inventory write-downs related to restructuring activities 26,307 — —
Stock-based compensation 64,123 80,632 117,813
Excess tax benefits from stock-based compensation arrangements (625) (2,140) (185)
Deferred income tax (benefit) expense (48,544) 104,786 112,148
Loss on early extinguishment of debt — — 56,958
Loss related to equity method investment — — 26,211
Other 12,524 (4,348) 7,208
Changes in assets and liabilities:
(Increase) decrease in receivables (184,003) (54,418) 122,628
Decrease (increase) in merchandise inventories 62,035 (81,130) 87,246
Decrease (increase) in prepaid expenses and other assets 138,457 (39,349) (48,145)
(Decrease) increase in accounts payable (59,154) 108,392 (260,263)
Decrease in accrued expenses and other liabilities (24,475) (89,615) (111,246)
Increase (decrease) in other long-term obligations 12,727 (73,698) 21,331
Net cash provided by operating activities 1,042,938 1,108,286 1,219,188
Investing Activities:
Acquisition of property and equipment (360,866) (371,229) (349,574)
Cash paid for termination of joint venture — (34,298) —
Proceeds from the sale of property and equipment 4,721 13,350 9,500
Sale of businesses, net 58,639 (12,736) —
Acquisition of businesses, net of cash acquired (77,787) (74,632) (1,941)
Net cash used in investing activities (375,293) (479,545) (342,015)
Financing Activities:
Proceeds from the exercise of stock options and sale of
stock under employee stock purchase plans 48,738 81,257 49,993
Proceeds from borrowings 22,618 37,811 1,087,843
Payments on borrowings and capital lease obligations (49,737) (910,225) (485,554)
Early settlement of debt — — (689,740)
Purchase of noncontrolling interest — (96) (7,910)
Cash dividends paid (307,004) (312,521) (294,147)
Excess tax benefits from stock-based compensation arrangements 625 2,140 185
Repurchase of common stock (207,896) (340,415) (472,935)
Net cash used in financing activities (492,656) (1,442,049) (812,265)
Effect of exchange rate changes on cash and cash equivalents (48,215) (19,889) 5,245
Net increase (decrease) in cash and cash equivalents 126,774 (833,197) 70,153
Cash and cash equivalents at beginning of period 492,532 1,334,302 1,264,149
Cash and cash equivalents at end of period 619,306 501,105 1,334,302
Less: Change in cash and cash equivalents attributed to discontinued operations — (705) —
Add: Cash and cash equivalents attributed to disposal
group held for sale at February 1, 2014 7,868 (7,868) —
Cash and cash equivalents at the end of the period $627,174 $492,532 $1,334,302
See notes to consolidated financial statements.