Starbucks 2008 Annual Report Download - page 50

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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
In millions
Fiscal Year Ended
Sep 28,
2008
Sep 30,
2007
Oct 1,
2006
OPERATING ACTIVITIES:
Net earnings ................................................ $ 315.5 $ 672.6 $ 564.3
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Cumulative effect of accounting change for FIN 47, net of taxes. ........ — — 17.2
Depreciation and amortization .................................. 604.5 491.2 412.6
Provision for impairments and asset disposals ...................... 325.0 26.0 19.6
Deferred income taxes, net .................................... (117.1) (37.3) (84.3)
Equity in income of investees .................................. (61.3) (65.7) (60.6)
Distributions of income from equity investees ...................... 52.6 65.9 49.2
Stock-based compensation..................................... 75.0 103.9 105.7
Tax benefit from exercise of stock options . . . ...................... 3.8 7.7 1.3
Excess tax benefit from exercise of stock options .................... (14.7) (93.1) (117.4)
Other . ................................................... (0.1) 0.7 2.0
Cash provided/(used) by changes in operating assets and liabilities:
Inventories . . ............................................ (0.6) (48.6) (85.5)
Accounts payable ......................................... (63.9) 36.1 105.0
Accrued taxes ............................................ 7.3 86.4 132.7
Deferred revenue ......................................... 72.4 63.2 56.6
Other operating assets and liabilities ........................... 60.3 22.2 13.2
Net cash provided by operating activities............................ 1,258.7 1,331.2 1,131.6
INVESTING ACTIVITIES:
Purchase of available-for-sale securities ........................... (71.8) (237.4) (639.2)
Maturity of available-for-sale securities ........................... 20.0 178.2 269.1
Sale of available-for-sale securities .............................. 75.9 47.5 431.2
Acquisitions, net of cash acquired . .............................. (74.2) (53.3) (91.7)
Net purchases of equity, other investments and other assets ............ (52.0) (56.6) (39.2)
Net additions to property, plant and equipment...................... (984.5) (1,080.3) (771.2)
Net cash used by investing activities . .............................. (1,086.6) (1,201.9) (841.0)
FINANCING ACTIVITIES:
Repayments of commercial paper . .............................. (66,068.0) (16,600.9) —
Proceeds from issuance of commercial paper . ...................... 65,770.8 17,311.1 —
Repayments of short-term borrowings ............................ (228.8) (1,470.0) (993.1)
Proceeds from short-term borrowings............................. 528.2 770.0 1,416.1
Proceeds from issuance of common stock . . . ...................... 112.3 176.9 159.2
Excess tax benefit from exercise of stock options .................... 14.7 93.1 117.4
Principal payments on long-term debt ............................ (0.6) (0.8) (0.9)
Proceeds from issuance of long-term debt . . . ...................... — 549.0 —
Repurchase of common stock .................................. (311.4) (996.8) (854.0)
Other . ................................................... (1.7) (3.5) —
Net cash used by financing activities . .............................. (184.5) (171.9) (155.3)
Effect of exchange rate changes on cash and cash equivalents ............ 0.9 11.3 3.5
Net increase/(decrease) in cash and cash equivalents ................... (11.5) (31.3) 138.8
CASH AND CASH EQUIVALENTS:
Beginning of period ........................................... 281.3 312.6 173.8
End of the period . ............................................ $ 269.8 $ 281.3 $ 312.6
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest . .............................. $ 52.7 $ 35.3 $ 10.6
Income taxes . . ............................................ $ 259.5 $ 342.2 $ 274.1
See Notes to Consolidated Financial Statements.
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