WHOLE FOODS MARKET INC

CIK:0000865436|SEC Filings

Consolidated Statements of Operations - USD ($)
$ in Millions

3 Months Ended

4 Months Ended

12 Months Ended

Sep. 24, 2017

^[1]

Jul. 02, 2017

^[1]

Apr. 09, 2017

^[1]

Sep. 25, 2016

^[1]

Jul. 03, 2016

^[1]

Apr. 10, 2016

^[1]

Jan. 15, 2017

^[1]

Jan. 17, 2016

^[1]

Sep. 24, 2017

Sep. 25, 2016

Sep. 27, 2015

Income Statement [Abstract]

Sales

$ 3,650

$ 3,725

$ 3,737

$ 3,497

$ 3,703

$ 3,696

$ 4,918

$ 4,829

$ 16,030

$ 15,724

$ 15,389

Cost of goods sold and occupancy costs

2,445

2,457

2,463

2,303

2,417

2,406

3,268

3,188

10,633

10,313

9,973

Gross profit

1,205

1,268

1,274

1,194

1,286

1,290

1,650

1,641

5,397

5,411

5,416

Selling, general and administrative expenses

1,084

1,069

1,057

1,019

1,057

1,028

1,417

1,373

4,627

4,477

4,472

Merger-related expenses

153

156

Pre-opening expenses

Relocation, store closure and lease termination costs

Operating income

(63)

180

171

155

209

241

171

252

459

857

861

Interest expense

(12)

(11)

(12)

(11)

(15)

(7)

(49)

(41)

Investment and other income

(1)

Income before income taxes

(74)

173

162

147

196

235

156

249

417

827

878

Provision for income taxes

(19)

172

320

342

Net income

$ (55)

$ 106

$ 99

$ 88

$ 120

$ 142

$ 95

$ 157

$ 245

$ 507

$ 536

[1]	Sum of quarterly amounts may not equal fiscal year totals due to the effect of rounding.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Sep. 24, 2017	Sep. 25, 2016	Sep. 27, 2015
Cash flows from operating activities
Net income	$ 245	$ 507	$ 536
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	495	498	439
Impairment of long-lived assets	78	5	48
Share-based payment expense	114	49	64
LIFO expense (benefit)	5	(7)	1
Deferred income tax expense (benefit)	8	47	(43)
Excess tax benefit related to exercise of team member stock options	(3)	(4)	(11)
Accretion of premium/discount on marketable securities	2	1	17
Deferred lease liabilities	63	43	32
Other	13	11	5
Net change in current assets and liabilities:
Accounts receivable		(24)	(21)
Merchandise inventories	42	(11)	(61)
Prepaid expenses and other current assets	14	(59)	(9)
Accounts payable	63	13	20
Accrued payroll, bonus and other benefits due team members	(10)	(29)	58
Other current liabilities	(22)	62	47
Net change in other long-term liabilities	31	14	7
Net cash provided by operating activities	1,138	1,116	1,129
Cash flows from investing activities
Development costs of new locations	(348)	(395)	(516)
Other property and equipment expenditures	(298)	(321)	(335)
Purchases of available-for-sale securities	(959)	(593)	(494)
Sales and maturities of available-for-sale securities	712	431	928
Purchases of intangible assets		(2)	(3)
Payment for purchase of acquired entities, net of cash acquired		(11)	(4)
Other investing activities	(13)	(8)	(12)
Net cash used in investing activities	(906)	(899)	(436)
Cash flows from financing activities
Purchases of treasury stock	(2)	(944)	(513)
Common stock dividends paid	(190)	(177)	(184)
Payments to option holders on behalf of Parent	(124)
Issuance of common stock	51	19	66
Excess tax benefit related to exercise of team member stock options	3	4	11
Proceeds from long-term borrowings		999
Proceeds from revolving line of credit		300
Payments on long-term debt and capital lease obligations	(3)	(306)	(1)
Other financing activities	0	(8)	(1)
Net cash used in financing activities	(265)	(113)	(622)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	6	5	(6)
Net change in cash, cash equivalents and restricted cash	(27)	109	65
Cash, cash equivalents and restricted cash at beginning of period	473	364	299
Cash, cash equivalents and restricted cash at end of period	446	473	364
Supplemental disclosure of cash flow information:
Federal and state income taxes paid	192	377	$ 383
Interest paid	$ 52	$ 27

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 24, 2017	Sep. 25, 2016
Current assets:
Cash and cash equivalents	$ 322	$ 351
Short-term investments - available-for-sale securities	504	379
Restricted cash	124	122
Accounts receivable	242	242
Merchandise inventories	471	517
Prepaid expenses and other current assets	143	167
Receivable from Parent	124
Deferred income taxes	215	197
Total current assets	2,145	1,975
Property and equipment, net of accumulated depreciation and amortization	3,514	3,442
Long-term investments - available-for-sale securities	121
Goodwill	710	710
Intangible assets, net of accumulated amortization	68	74
Deferred income taxes	74	100
Other assets	44	40
Total assets	6,676	6,341
Current liabilities:
Current installments of long-term debt and capital lease obligations	2	3
Accounts payable	371	307
Accrued payroll, bonus and other benefits due team members	397	407
Dividends payable		43
Other current liabilities	585	581
Total current liabilities	1,355	1,341
Long-term debt and capital lease obligations, less current installments	1,081	1,048
Deferred lease liabilities	690	640
Other long-term liabilities	120	88
Total liabilities	3,246	3,117
Commitments and contingencies
Shareholders’ equity:
Common stock, no par value, 600,000,000 and 1,200,000,000 shares authorized at 2017 and 2016, respectively; 100 and 376,988,000 shares issued; 100 and 318,323,000 shares outstanding at 2017 and 2016, respectively	2,972	2,933
Common stock in treasury, at cost, 0 and 58,665,000 shares at 2017 and 2016, respectively		(2,026)
Accumulated other comprehensive loss	(38)	(32)
Retained earnings	496	2,349
Total shareholders’ equity	3,430	3,224
Total liabilities and shareholders’ equity	$ 6,676	$ 6,341