Whole Foods 2010 Annual Report Download - page 41

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35
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
(In thousands)
Fiscal years ended September 26, 2010, September 27, 2009 and September 28, 2008
2010 2009 2008
Cash flows from operating activities
Net income $ 245,833 $ 146,804 $ 114,524
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 275,589 266,695 249,213
Loss (gain) on disposition of fixed assets (170) 3,012 3,754
Impairment of long-lived assets 2,237 24,508 9,195
Share-based payment expense 22,894 12,795 10,505
LIFO expense (benefit) (7,670) (5,598) 12,683
Deferred income tax expense (benefit) (33,534) 14,076 (9,993)
Excess tax benefit related to exercise of team member stock options (2,982) (42) (5,686)
Deferred lease liabilities 39,636 48,029 44,167
Other (2,371) 2,800 (65)
Net change in current assets and liabilities:
Accounts receivable (28,447) 10,408 (10,468)
Merchandise inventories (3,048) 21,732 (52,630)
Prepaid expenses and other current assets (1,640) 21,415 (27,833)
Accounts payable 23,454 6,527 (45,378)
Accrued payroll, bonus and other benefits due team members 36,133 11,985 14,413
Other current liabilities 20,030 14,696 14,350
Net change in other long-term liabilities (659) (12,121) 14,241
Net cash provided by operating activities 585,285 587,721 334,992
Cash flows from investing activities
Development costs of new locations (171,379) (247,999) (357,520)
Other property and equipment expenditures (85,414) (66,616) (171,952)
Purchase of available-for-sale securities (1,072,243) - (194,316)
Sale of available-for-sale securities 646,594 - 194,316
Decrease (increase) in restricted cash (15,779) (70,406) 1,693
Payment for purchase of acquired entities, net of cash acquired (14,470) - (5,480)
Proceeds received from divestiture, net - - 163,913
Other investing activities (2,715) (1,262) (3,375)
Net cash used in investing activities (715,406) (386,283) (372,721)
Cash flows from financing activities
Common stock dividends paid - - (109,072)
Preferred stock dividends paid (8,500) (19,833) -
Issuance of common stock 46,962 4,286 18,019
Excess tax benefit related to exercise of team member stock options 2,982 42 5,686
Proceeds from issuance of redeemable preferred stock, net - 413,052 -
Proceeds from long-term borrowings - 123,000 317,000
Payments on long-term debt and capital lease obligations (210,350) (318,370) (161,151)
Other financing activities - (2,722) (652)
Net cash provided by (used in) financing activities (168,906) 199,455 69,830
Effect of exchange rate changes on cash and cash equivalents 893 (1,297) (1,567)
Net change in cash and cash equivalents (298,134) 399,596 30,534
Cash and cash equivalents at beginning of year 430,130 30,534 -
Cash and cash equivalents at end of year $ 131,996 $ 430,130 $ 30,534
Supplemental disclosures of cash flow information:
Interest paid $ 39,156 $ 43,685 $ 36,155
Federal and state income taxes paid $ 193,044 $ 69,701 $ 118,366
Non-cash transaction:
Conversion of redeemable preferred stock into common stock $ 418,247 $ - $ -
The accompanying notes are an integral part of these consolidated financial statements.