XML 21 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 26, 2015
Dec. 27, 2014
Cash flows from operating activities:      
Net income $ 437,120 $ 410,395 $ 370,885
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 142,958 123,569 114,635
Loss on disposition of property and equipment 579 315 389
Share-based compensation expense 23,554 19,420 16,173
Excess tax benefit of stock options exercised (11,671) (27,032) (18,850)
Deferred income taxes 9,976 (5,450) (19,814)
Change in assets and liabilities      
Inventories (67,650) (168,925) (136,142)
Prepaid expenses and other current assets 1,782 (21,066) (9,085)
Accounts payable 82,477 56,426 54,336
Accrued employee compensation (18,237) 5,628 (13,517)
Other accrued expenses 20,368 11,252 20,365
Income taxes 11,787 16,282 21,862
Other 5,997 8,366 7,941
Net cash provided by operating activities 639,040 429,180 409,178
Cash flows from investing activities:      
Capital expenditures (226,017) (236,496) (160,613)
Proceeds from sale of property and equipment 362 584 331
Acquisition of Petsense, net of cash acquired (143,610) 0 0
Net cash used in investing activities (369,265) (235,912) (160,282)
Cash flows from financing activities:      
Borrowings under senior credit facility 945,000 680,000 355,000
Repayments under senior credit facility 820,000 530,000 355,000
Debt Issuance Cost (1,380) 0 0
Excess tax benefit of stock options exercised 11,671 27,032 18,850
Principal payments under capital lease obligations (1,150) (507) (114)
Repurchase of shares to satisfy tax obligations (843) (2,997) (4,766)
Repurchase of common stock (331,708) (292,705) (298,497)
Net proceeds from issuance of common stock 41,010 41,689 28,083
Cash dividends paid to stockholders (122,272) (103,101) (84,061)
Net cash used in financing activities (279,672) (180,589) (340,505)
Net change in cash and cash equivalents (9,897) 12,679 (91,609)
Cash and cash equivalents at beginning of year 63,813 51,134 142,743
Cash and cash equivalents at end of year 53,916 63,813 51,134
Cash paid during the year for:      
Interest 6,124 2,283 906
Income taxes 232,258 226,968 213,637
Supplemental disclosures of non-cash activities [Abstract]      
Property and equipment acquired through capital lease 10,493 13,207 4,042
Non-cash accruals for construction in progress $ 12,303 $ 16,050 $ 14,843