Starbucks 2009 Annual Report Download - page 50

STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Fiscal Year Ended Sep 27, 2009 Sep 28, 2008 Sep 30, 2007
OPERATING ACTIVITIES:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 390.8 $ 315.5 $ 672.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 563.3 604.5 491.2
Provision for impairments and asset disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . 224.4 325.0 26.0
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69.6) (117.1) (37.3)
Equity in income of investees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (78.4) (61.3) (65.7)
Distributions of income from equity investees . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.0 52.6 65.9
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.2 75.0 103.9
Tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 3.8 7.7
Excess tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . (15.9) (14.7) (93.1)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 (0.1) 0.7
Cash provided/(used) by changes in operating assets and liabilities:
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.5 (0.6) (48.6)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53.0) (63.9) 36.1
Accrued taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.2 7.3 86.4
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3 72.4 63.2
Other operating assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.5 (11.2) (92.7)
Other operating liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.3 71.5 114.9
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,389.0 1,258.7 1,331.2
INVESTING ACTIVITIES:
Purchase of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (129.2) (71.8) (237.4)
Maturities and calls of available-for-sale securities. . . . . . . . . . . . . . . . . . . . . . . . 111.0 20.0 178.2
Sales of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 75.9 47.5
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (74.2) (53.3)
Net purchases of equity, other investments and other assets. . . . . . . . . . . . . . . . . . (4.8) (52.0) (56.6)
Additions to property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (445.6) (984.5) (1,080.3)
Proceeds from sale of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . 42.5 — —
Net cash used by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (421.1) (1,086.6) (1,201.9)
FINANCING ACTIVITIES:
Proceeds from issuance of commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,965.4 65,770.8 17,311.1
Repayments of commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,378.5) (66,068.0) (16,600.9)
Proceeds from short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338.0 528.2 770.0
Repayments of short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,638.0) (228.8) (1,470.0)
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.3 112.3 176.9
Excess tax benefit from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . 15.9 14.7 93.1
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 549.0
Principal payments on long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.7) (0.6) (0.8)
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (311.4) (996.8)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.6) (1.7) (3.5)
Net cash used by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (642.2) (184.5) (171.9)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . 4.3 0.9 11.3
Net increase/(decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . 330.0 (11.5) (31.3)
CASH AND CASH EQUIVALENTS:
Beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269.8 281.3 312.6
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 599.8 $ 269.8 $ 281.3
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Net change in short-term borrowings and commercial paper for the period. . . . . . . . . $ (713.1) $ 2.2 $ 10.2
Cash paid during the period for:
Interest, net of capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39.8 $ 52.7 $ 35.3
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 162.0 $ 259.5 $ 342.2
See Notes to Consolidated Financial Statements.
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