Starbucks 2015 Annual Report Download - page 53

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STARBUCKS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Fiscal Year Ended
Sep 27,
2015
Sep 28,
2014
Sep 29,
2013
OPERATING ACTIVITIES:
Net earnings including noncontrolling interests $ 2,759.3 $ 2,067.7 $ 8.8
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 933.8 748.4 655.6
Litigation charge — — 2,784.1
Deferred income taxes, net 21.2 10.2 (1,045.9)
Income earned from equity method investees (190.2) (182.7) (171.8)
Distributions received from equity method investees 148.2 139.2 115.6
Gain resulting from acquisition/sale of equity in joint ventures and certain
retail operations (394.3)(70.2)(80.1)
Loss on extinguishment of debt 61.1 — —
Stock-based compensation 209.8 183.2 142.3
Excess tax benefit on share-based awards (132.4) (114.4) (258.1)
Other 53.8 36.2 23.0
Cash provided/(used) by changes in operating assets and liabilities:
Accounts receivable (82.8) (79.7) (68.3)
Inventories (207.9) 14.3 152.5
Accounts payable 137.7 60.4 88.7
Accrued litigation charge — (2,763.9) —
Income taxes payable, net 87.6 309.8 298.4
Accrued liabilities and insurance reserves 124.4 103.9 47.3
Stored value card liability 170.3 140.8 139.9
Prepaid expenses, other current assets and other long-term assets 49.5 4.6 76.3
Net cash provided by operating activities 3,749.1 607.8 2,908.3
INVESTING ACTIVITIES:
Purchases of investments (567.4) (1,652.5) (785.9)
Sales of investments 600.6 1,454.8 60.2
Maturities and calls of investments 18.8 456.1 980.0
Acquisitions, net of cash acquired (284.3) — (610.4)
Additions to property, plant and equipment (1,303.7) (1,160.9) (1,151.2)
Proceeds from sale of equity in joint ventures and certain retail operations 8.9 103.9 108.0
Other 6.8 (19.1) (11.9)
Net cash used by investing activities (1,520.3) (817.7) (1,411.2)
FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt 848.5 748.5 749.7
Repayments of long-term debt (610.1) — (35.2)
Cash used for purchase of non-controlling interest (360.8) — —
Proceeds from issuance of common stock 191.8 139.7 247.2
Excess tax benefit on share-based awards 132.4 114.4 258.1
Cash dividends paid (928.6) (783.1) (628.9)
Repurchase of common stock (1,436.1) (758.6) (588.1)
Minimum tax withholdings on share-based awards (75.5) (77.3) (121.4)
Other (18.1) (6.9) 10.4
Net cash used by financing activities (2,256.5) (623.3) (108.2)
Effect of exchange rate changes on cash and cash equivalents (150.6) (34.1) (1.8)
Net (decrease)/increase in cash and cash equivalents (178.3) (867.3) 1,387.1
CASH AND CASH EQUIVALENTS:
Beginning of period 1,708.4 2,575.7 1,188.6
End of period $ 1,530.1 $ 1,708.4 $ 2,575.7
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest, net of capitalized interest $ 69.5 $ 56.2 $ 34.4
Income taxes, net of refunds $ 1,072.2 $ 766.3 $ 539.1
See Notes to Consolidated Financial Statements.
Starbucks Corporation 2015 Form 10-K 49