Starbucks 2007 Annual Report Download - page 43

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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended
Sept 30,
2007
Oct 1,
2006
Oct 2,
2005
In thousands
OPERATING ACTIVITIES:
Net earnings . ........................................... $ 672,638 $ 564,259 $ 494,370
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Cumulative effect of accounting change for FIN 47, net of taxes . . — 17,214 —
Depreciation and amortization ........................... 491,238 412,625 367,207
Provision for impairments and asset disposals . . .............. 26,032 19,622 19,464
Deferred income taxes, net . . ............................ (37,326) (84,324) (31,253)
Equity in income of investees ............................ (65,743) (60,570) (49,537)
Distributions of income from equity investees . . .............. 65,927 49,238 30,919
Stock-based compensation . . ............................ 103,865 105,664 —
Tax benefit from exercise of stock options .................. 7,705 1,318 109,978
Excess tax benefit from exercise of stock options ............. (93,055) (117,368) —
Net amortization of premium on securities .................. 653 2,013 10,097
Cash provided/(used) by changes in operating assets and liabilities:
Inventories ........................................ (48,576) (85,527) (121,618)
Accounts payable ................................... 36,068 104,966 9,717
Accrued compensation and related costs .................. 38,628 54,424 22,711
Accrued taxes . . ................................... 86,371 132,725 14,435
Deferred revenue ................................... 63,233 56,547 53,276
Other operating assets and liabilities ..................... (16,437) (41,193) (6,851)
Net cash provided by operating activities . . ..................... 1,331,221 1,131,633 922,915
INVESTING ACTIVITIES:
Purchase of available-for-sale securities . ..................... (237,422) (639,192) (643,488)
Maturity of available-for-sale securities . ..................... 178,167 269,134 469,554
Sale of available-for-sale securities .......................... 47,497 431,181 626,113
Acquisitions, net of cash acquired .......................... (53,293) (91,734) (21,583)
Net purchases of equity, other investments and other assets . ....... (56,552) (39,199) (7,915)
Net additions to property, plant and equipment . . . .............. (1,080,348) (771,230) (643,296)
Net cash used by investing activities .......................... (1,201,951) (841,040) (220,615)
FINANCING ACTIVITIES:
Repayments of commercial paper ........................... (16,600,841) — —
Proceeds from issuance of commercial paper .................. 17,311,089 — —
Repayments of short-term borrowings. . . ..................... (1,470,000) (993,093) —
Proceeds from short-term borrowings . . . ..................... 770,000 1,416,093 277,000
Proceeds from issuance of common stock ..................... 176,937 159,249 163,555
Excess tax benefit from exercise of stock options . .............. 93,055 117,368 —
Principal payments on long-term debt . . . ..................... (784) (898) (735)
Proceeds from issuance of long-term debt ..................... 548,960 — —
Repurchase of common stock . . ............................ (996,798) (854,045) (1,113,647)
Other ............................................... (3,505) — —
Net cash used by financing activities .......................... (171,887) (155,326) (673,827)
Effect of exchange rate changes on cash and cash equivalents . ....... 11,272 3,530 283
Net increase/(decrease) in cash and cash equivalents . .............. (31,345) 138,797 28,756
CASH AND CASH EQUIVALENTS:
Beginning of period . . . ................................... 312,606 173,809 145,053
End of the period ........................................ $ 281,261 $ 312,606 $ 173,809
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest .......................... $ 35,294 $ 10,576 $ 1,060
Income taxes .......................................... $ 342,223 $ 274,134 $ 227,812
See Notes to Consolidated Financial Statements.
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