XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 25, 2016
Jun. 27, 2015
Cash flows from operating activities:    
Net income $ 224,093 $ 211,371
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 67,634 60,595
Loss (gain) on disposition of property and equipment 233 (15)
Share-based compensation expense 11,212 9,835
Excess tax benefit of stock options exercised (10,282) (12,900)
Deferred income taxes (3,618) (11,236)
Change in assets and liabilities:    
Inventories (82,124) (177,696)
Prepaid expenses and other current assets 19,897 4,405
Accounts payable 3,145 81,846
Accrued employee compensation (14,940) (8,146)
Other accrued expenses (9,972) (4,533)
Income taxes 59,424 78,414
Other 3,214 1,475
Net cash provided by operating activities 267,916 233,415
Cash flows from investing activities:    
Capital expenditures (100,956) (97,014)
Proceeds from sale of property and equipment 40 301
Net cash used in investing activities (100,916) (96,713)
Cash flows from financing activities:    
Borrowings under senior credit facility 595,000 180,000
Repayments under senior credit facility 547,500 180,000
Debt issuance costs (1,380) 0
Excess tax benefit of stock options exercised 10,282 12,900
Principal payments under capital lease obligations (513) (199)
Repurchase of shares to satisfy tax obligations (843) (1,095)
Repurchase of common stock (106,905) (124,540)
Net proceeds from issuance of common stock 30,943 30,466
Cash dividends paid to stockholders (58,785) (49,051)
Net cash used in financing activities (79,701) (131,519)
Net change in cash and cash equivalents 87,299 5,183
Cash and cash equivalents at beginning of period 63,813 51,134
Cash and cash equivalents at end of period 151,112 56,317
Cash paid during the period for:    
Interest 2,153 694
Income taxes 73,205 57,367
Supplemental disclosures of non-cash activities:    
Property and equipment acquired through capital lease 5,218 4,122
Non-cash accruals for construction in progress $ 32,075 $ 22,442