Whole Foods 2007 Annual Report Download - page 50

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44
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Fiscal years ended September 30, 2007, September 24, 2006 and September 25, 2005
2007 2006 2005
Cash flows from operating activities
Net income $ 182,740 $ 203,828 $ 136,351
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 186,390 156,223 133,759
Loss on disposal of fixed assets 5,654 6,291 15,886
Share-based payments expense 13,175 9,432 19,135
Deferred income tax benefit (27,203) (15,521) (27,873)
Tax benefit related to exercise of team member stock options - - 62,643
Excess tax benefit related to exercise of team member stock options (12,839) (52,008) -
Interest accretion 1,255 460 4,120
Deferred rent 27,681 26,607 16,080
Other 9,837 693 1,317
Net change in current assets and liabilities:
Accounts receivable (5,179) (17,720) (2,027)
Merchandise inventories (51,055) (32,200) (21,486)
Prepaid expenses and other current assets 1,345 (7,849) (4,151)
Accounts payable 42,064 18,509 12,597
Accrued payroll, bonus and other benefits due team members 1,845 26,033 26,445
Other current liabilities 22,893 129,886 38,023
Net cash provided by operating activities 398,603 452,664 410,819
Cash flows from investing activities
Development costs of new store locations (389,349) (208,588) (207,792)
Other property, plant and equipment expenditures (140,333) (131,614) (116,318)
Proceeds from hurricane insurance - 3,308 -
Acquisition of intangible assets (25,160) (16,332) (1,500)
Change in notes receivable - - 13,500
Purchase of available-for-sale securities (277,283) (555,095) -
Sale of available-for-sale securities 475,625 362,209 -
Decrease (increase) in restricted cash 57,755 (23,143) (10,132)
Payment for purchase of acquired entities, net of cash acquired (596,236) - -
Net cash used in investing activities (894,981) (569,255) (322,242)
Cash flows from financing activities
Dividends paid (96,742) (358,075) (54,683)
Issuance of common stock 54,383 222,030 85,816
Purchase of treasury stock (99,997) (99,964) -
Excess tax benefit related to exercise of team member stock options 12,839 52,008 -
Proceeds from long-term borrowings 717,000 - -
Payments on long-term debt and capital lease obligations (93,357) (5,680) (5,933)
Net cash provided by (used in) financing activities 494,126 (189,681) 25,200
Net change in cash and cash equivalents (2,252) (306,272) 113,777
Cash and cash equivalents at beginning of year 2,252 308,524 194,747
Cash and cash equivalents at end of year $ - $ 2,252 $ 308,524
Supplemental disclosures of cash flow information:
Interest paid $ 4,561 $ 607 $ 1,063
Federal and state income taxes paid $ 152,626 $ 70,220 $ 74,706
Non-cash transactions:
Increase in proceeds receivable for divestiture $ 165,054 $ - $ -
Conversion of convertible debentures into common stock, net of fees $ 5,686 $ 4,922 $ 147,794
The accompanying notes are an integral part of these consolidated financial statements.