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48 Starbucks Corporation 2014 Form 10-K
STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Fiscal Year Ended Sep 28,
2014 Sep 29,
2013 Sep 30,
2012
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests $ 2,067.7 $ 8.8 $ 1,384.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 748.4 655.6 580.6
Litigation charge — 2,784.1 —
Deferred income taxes, net 10.2 (1,045.9) 61.1
Income earned from equity method investees (182.7) (171.8) (136.0)
Distributions received from equity method investees 139.2 115.6 86.7
Gain resulting from sale of equity in joint ventures and certain retail
operations (70.2)(80.1) —
Stock-based compensation 183.2 142.3 153.6
Excess tax benefit on share-based awards (114.4) (258.1) (169.8)
Other 36.2 23.0 23.6
Cash (used)/provided by changes in operating assets and liabilities:
Accounts receivable (79.7) (68.3) (90.3)
Inventories 14.3 152.5 (273.3)
Accounts payable 60.4 88.7 (105.2)
Accrued litigation charge (2,763.9) — —
Income taxes payable, net 309.8 298.4 201.6
Accrued liabilities and insurance reserves 103.9 47.3 (8.1)
Deferred revenue 140.8 139.9 60.8
Prepaid expenses, other current assets and other assets 4.6 76.3 (19.7)
Net cash provided by operating activities 607.8 2,908.3 1,750.3
INVESTING ACTIVITIES:
Purchase of investments (1,652.5) (785.9) (1,748.6)
Sales of investments 1,454.8 60.2 —
Maturities and calls of investments 456.1 980.0 1,796.4
Acquisitions, net of cash acquired — (610.4) (129.1)
Additions to property, plant and equipment (1,160.9) (1,151.2) (856.2)
Proceeds from sale of equity in joint ventures and certain retail operations 103.9 108.0 —
Other (19.1) (11.9) (36.5)
Net cash used by investing activities (817.7) (1,411.2) (974.0)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 748.5 749.7 —
Principal payments on long-term debt — (35.2) —
Payments on short-term borrowings — — (30.8)
Proceeds from issuance of common stock 139.7 247.2 236.6
Excess tax benefit on share-based awards 114.4 258.1 169.8
Cash dividends paid (783.1) (628.9) (513.0)
Repurchase of common stock (758.6) (588.1) (549.1)
Minimum tax withholdings on share-based awards (77.3) (121.4) (58.5)
Other (6.9) 10.4 (0.5)
Net cash used by financing activities (623.3) (108.2) (745.5)
Effect of exchange rate changes on cash and cash equivalents (34.1) (1.8) 9.7
Net (decrease)/increase in cash and cash equivalents (867.3) 1,387.1 40.5
CASH AND CASH EQUIVALENTS:
Beginning of period 2,575.7 1,188.6 1,148.1
End of period $ 1,708.4 $ 2,575.7 $ 1,188.6
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest $ 56.2 $ 34.4 $ 34.4
Income taxes, net of refunds $ 766.3 $ 539.1 $ 416.9
See Notes to Consolidated Financial Statements.