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SYSCO CORPORATION-Form10-K50
PARTII
ITEM8Financial Statements and Supplementary Data
Consolidated Cash Flows
(Inthousands)
Year Ended
June29,2013 June30,2012 July2,2011
Cash  ows from operating activities:
Net earnings $ 992,427 $ 1,121,585 $ 1,152,030
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense 70,147 70,319 59,235
Depreciation and amortization 512,548 416,943 402,588
Deferred income taxes (28,129) (177,906) (165,239)
Provision for losses on receivables 35,243 33,359 42,623
Other non-cash items 2,485 (958) (9,454)
Additional investment in certain assets and liabilities, net of effect of businesses acquired:
(Increase) in receivables (193,755) (106,834) (252,641)
(Increase) in inventories (180,277) (99,218) (254,738)
Decrease (increase) in prepaid expenses and other current assets 21,704 (6,478) 341
Increase in accounts payable 207,243 30,335 187,410
Increase (decrease) in accrued expenses 76,497 41,429 (43,348)
(Decrease) increase in accrued income taxes (38,017) 71,251 (44,202)
Decrease (increase) in other assets 182 56,538 (45,866)
Increase (decrease) in other long-term liabilities 37,852 (46,170) 63,208
Excess tax bene ts from share-based compensation arrangements (4,556) (15) (429)
Net cash provided by operating activities 1,511,594 1,404,180 1,091,518
Cash  ows from investing activities:
Additions to plant and equipment (511,862) (784,501) (636,442)
Proceeds from sales of plant and equipment 15,527 8,185 19,069
Acquisition of businesses, net of cash acquired (397,447) (110,601) (101,148)
Maturities of short-term investments - - 24,993
(Increase) decrease in restricted cash (18,100) (16,712) 13,972
Net cash used for investing activities (911,882) (903,629) (679,556)
Cash  ows from  nancing activities:
Bank and commercial paper borrowings (repayments), net 95,500 (181,975) 181,975
Other debt borrowings 61,467 744,597 4,411
Other debt repayments (294,514) (205,638) (8,732)
Debt issuance costs - (4,641) (7)
Cash received from settlement of cash  ow hedge - 722 -
Proceeds from common stock reissued from treasury for share-based compensation awards 628,652 99,439 332,688
Treasury stock purchases (721,616) (272,299) (291,600)
Dividends paid (648,253) (622,869) (597,071)
Excess tax bene ts from share-based compensation arrangements 4,556 15 429
Net cash used for  nancing activities (874,208) (442,649) (377,907)
Effect of exchange rates on cash (2,086) (8,800) 20,267
Net (decrease) increase in cash and cash equivalents (276,582) 49,102 54,322
Cash and cash equivalents at beginning of period 688,867 639,765 585,443
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 412,285 $ 688,867 $ 639,765
Supplemental disclosures of cash  ow information:
Cash paid during the period for:
Interest $ 131,665 $ 114,067 $ 119,050
Income taxes 620,132 772,493 907,720
See Notes to Consolidated Financial Statements