Whole Foods 2014 Annual Report Download - page 41

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38
Whole Foods Market, Inc.
Consolidated Statements of Cash Flows
Fiscal years ended September 28, 2014, September 29, 2013 and September 30, 2012
(In millions)
2014 2013 2012
Cash flows from operating activities
Net income $ 579 $ 551 $ 466
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 377 339 311
Share-based payment expense 68 57 42
LIFO expense 16 2 —
Deferred income tax benefit (78) (51) (8)
Excess tax benefit related to exercise of team member stock options (9) (37) (50)
Accretion of premium/discount on marketable securities 27 31 16
Deferred lease liabilities 36 51 77
Other 12 9 1
Net change in current assets and liabilities:
Accounts receivable (14) 9 (30)
Merchandise inventories (41) (42) (37)
Prepaid expenses and other current assets (4) (17) (2)
Accounts payable 30 — 10
Accrued payroll, bonus and other benefits due team members 12 60 25
Other current liabilities 54 51 95
Net change in other long-term liabilities 23 (4) 4
Net cash provided by operating activities 1,088 1,009 920
Cash flows from investing activities
Development costs of new locations (447) (339) (262)
Other property and equipment expenditures (263) (198) (194)
Purchase of intangible assets (20) (1) (2)
Purchases of available-for-sale securities (720) (1,252) (3,009)
Sales and maturities of available-for-sale securities 1,054 1,534 2,138
Decrease (increase) in restricted cash 2 (8) (11)
Payment for purchase of acquired entities, net of cash acquired (73) (22) —
Other investing activities (17) (3) (1)
Net cash used in investing activities (484) (289) (1,341)
Cash flows from financing activities
Common stock dividends paid (170) (508) (95)
Issuance of common stock 42 81 370
Purchase of treasury stock (578) (125) (28)
Excess tax benefit related to exercise of team member stock options 9 37 50
Payments on capital lease obligations (1) (2) —
Net cash provided by (used in) financing activities (698) (517) 297
Effect of exchange rate changes on cash and cash equivalents (6) (2) 1
Net change in cash and cash equivalents (100) 201 (123)
Cash and cash equivalents at beginning of period 290 89 212
Cash and cash equivalents at end of period $ 190 $ 290 $ 89
Supplemental disclosure of cash flow information:
Federal and state income taxes paid $ 429 $ 378 $ 202
The accompanying notes are an integral part of these consolidated financial statements.