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SYSCO CORPORATION-Form10-K 55
PARTII
ITEM8Financial Statements and Supplementary Data
Consolidated Cash Flows
(Inthousands)
Year Ended
June 28, 2014 June 29, 2013 June 30, 2012
Cash  ows from operating activities:
Net earnings $ 931,533 $ 992,427 $ 1,121,585
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense 74,328 70,147 70,319
Depreciation and amortization 556,062 512,548 416,943
Deferred income taxes (30,665) (28,129) (177,906)
Provision for losses on receivables 34,429 35,243 33,359
Other non-cash items 2,875 2,485 (958)
Additional investment in certain assets and liabilities, net of effect of businesses acquired:
(Increase) in receivables (236,320) (193,755) (106,834)
(Increase) in inventories (195,845) (180,277) (99,218)
(Increase) decrease in prepaid expenses and other current assets (24,787) 21,704 (6,478)
Increase in accounts payable 392,720 204,861 32,893
Increase in accrued expenses 55,838 67,015 37,821
(Decrease) increase in accrued income taxes (18,672) (38,017) 71,251
Decrease in other assets 23,552 182 56,538
(Decrease) increase in other long-term liabilities (63,753) 49,716 (45,120)
Excess tax bene ts from share-based compensation arrangements (8,480) (4,556) (15)
Net cash provided by operating activities 1,492,815 1,511,594 1,404,180
Cash  ows from investing activities:
Additions to plant and equipment (523,206) (511,862) (784,501)
Proceeds from sales of plant and equipment 25,790 15,527 8,185
Acquisition of businesses, net of cash acquired (79,338) (397,447) (110,601)
(Increase) in restricted cash (84) (18,100) (16,712)
Net cash used for investing activities (576,838) (911,882) (903,629)
Cash  ows from  nancing activities:
Bank and commercial paper borrowings (repayments), net 34,499 95,500 (181,975)
Other debt borrowings 36,830 61,467 744,597
Other debt repayments (229,507) (294,514) (205,638)
Debt issuance costs (22,175) - (4,641)
Cash received from settlement of cash  ow hedge - - 722
Proceeds from common stock reissued from treasury for share-based compensation awards 255,613 628,652 99,439
Treasury stock purchases (332,381) (721,616) (272,299)
Dividends paid (667,217) (648,253) (622,869)
Excess tax bene ts from share-based compensation arrangements 8,480 4,556 15
Net cash used for  nancing activities (915,858) (874,208) (442,649)
Effect of exchange rates on cash 642 (2,086) (8,800)
Net increase (decrease) in cash and cash equivalents 761 (276,582) 49,102
Cash and cash equivalents at beginning of period 412,285 688,867 639,765
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 413,046 $ 412,285 $ 688,867
Supplemental disclosures of cash  ow information:
Cash paid during the period for:
Interest $ 128,861 $ 131,665 $ 114,067
Income taxes 591,334 620,132 772,493
See Notes to Consolidated Financial Statements