DSW 2014 Annual Report Download - page 46
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Table of Contents
Cash flows from operating activities:
Net income $ 153,299
$ 151,302
$ 146,439
Less: total income from discontinued operations, net of tax (272)
—
(1,253)
Income from continuing operations $ 153,027
$ 151,302
$ 145,186
Adjustments to reconcile net income to net cash and equivalents provided by operating activities from continuing operations:
Depreciation and amortization 68,243
64,237
58,002
Stock-based compensation expense 10,495
9,342
8,080
Deferred income taxes (1,361)
41,834
85,168
Income from Town Shoes (3,813)
—
—
Change in fair value of derivative instruments —
—
6,121
Loss on disposal of long-lived assets 1,149
1,902
1,943
Impairment of long-lived assets 5,095
809
—
Impairment of lease —
—
5,984
Excess tax benefits related to stock-based compensation (4,015)
(6,236)
(14,773)
Amortization of investment discounts and premiums 9,525
10,357
6,834
Settlement of pension plan —
14,224
—
Change in working capital, other assets and liabilities:
Accounts receivable, net 2,239
138
(9,382)
Inventories (53,068)
(3,974)
(59,404)
Prepaid expenses and other current assets (3,959)
(7,831)
3,811
Accounts payable 7,083
15,957
2,793
Accrued expenses 908
3,766
(3,157)
Other 5,490
5,548
21,358
Net cash and equivalents provided by operating activities from continuing
operations $ 197,038
$ 301,375
$ 258,564
Cash flows used in investing activities:
Cash paid for property and equipment (98,126)
(86,412)
(102,034)
Cash paid for property and equipment related to acquisition of commonly
controlled entity —
—
(32,443)
Purchases of available-for-sale investments (43,687)
(34,720)
(44,790)
Purchases of held-to-maturity investments (132,765)
(379,438)
(309,032)
Sales of available-for-sale investments 48,590
36,950
160,332
Maturities of held-to-maturity investments 197,666
228,358
207,408
Activity related to investment - related party —
—
1,151
Increase in restricted cash (5,328)
(6,147)
—
Purchase of equity investment in Town Shoes (25,236)
—
—
Purchase of note receivable from Town Shoes (46,596)
—
—
Net cash and equivalents used in investing activities from continuing
operations $ (105,482)
$ (241,409)
$ (119,408)
Cash flows used in financing activities:
Proceeds from exercise of stock options 5,120
6,251
15,556
Cash paid for income taxes for shares withheld (1,649)
(3,157)
(6,411)
Debt issuance costs —
(268)
—
Cash paid for treasury shares (85,338)
(1,600)
—
Proceeds from the exercise of warrants —
—
7,792
Dividends paid (66,912)
(33,854)
(129,215)
Basis difference related to acquisition of commonly controlled entity —
—
(39,557)
Source: DSW Inc., 10-K, March 26, 2015 Powered by Morningstar® Document Research℠
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