Dillard's 2009 Annual Report Download - page 52

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended
January 30, 2010 January 31, 2009 February 2, 2008
Dollars in Thousands
Operating activities:
Net income (loss) ................................. $ 68,531 $(241,065) $ 53,761
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation and amortization of property and deferred
financing cost ............................... 264,763 286,184 300,859
Deferred income taxes .......................... (35,350) (57,652) (2,399)
(Gain) loss on disposal of property and equipment ....... (3,207) (24,567) 1,484
Asset impairment and store closing charges ............ 3,084 197,922 20,500
Gain on repurchase of debt ....................... (1,653) — —
Loss on disposal of hurricane assets ................. — 3,921 —
Gain from hurricane insurance proceeds .............. — — (18,181)
Proceeds from hurricane insurance .................. — — 5,881
Share-based compensation ........................ — 17 77
Excess tax benefits from share-based compensation ....... — — (325)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable ............. 24,776 (4,256) (372)
Decrease (increase) in merchandise inventories .......... 73,714 404,203 (7,129)
Decrease (increase) in federal income tax receivable ...... 74,198 (74,415) —
Decrease (increase) in other current assets ............. 9,408 5,361 (7,366)
Decrease (increase) in other assets .................. 8,224 12,005 (4,243)
Increase (decrease) in trade accounts payable and accrued
expenses and other liabilities ..................... 15,254 (163,796) (40,401)
Increase (decrease) in income taxes payable ............ 52,265 6,143 (47,697)
Net cash provided by operating activities ................. 554,007 350,005 254,449
Investing activities:
Purchase of property and equipment ................. (75,089) (189,579) (396,337)
Proceeds from disposal of property and equipment ....... 11,636 67,068 48,249
Acquisition, net of cash acquired ................... — 4,320 —
Proceeds from hurricane insurance .................. — — 16,101
Net cash used in investing activities ..................... (63,453) (118,191) (331,987)
Financing activities:
Principal payments on long-term debt and capital lease
obligations ................................. (33,888) (199,492) (104,291)
Cash dividends paid ............................ (11,796) (11,898) (12,492)
(Decrease) increase in short-term borrowings ........... (200,000) 5,000 195,000
Purchase of treasury stock ........................ — (17,441) (111,592)
Payment on line of credit fees and expenses ............ — (72) (522)
Proceeds from issuance of common stock .............. — — 6,028
Excess tax benefits from share-based compensation ....... — — 325
Net cash used in financing activities .................... (245,684) (223,903) (27,544)
Increase (decrease) in cash and cash equivalents ............ 244,870 7,911 (105,082)
Cash and cash equivalents, beginning of year .............. 96,823 88,912 193,994
Cash and cash equivalents, end of year .................. $341,693 $ 96,823 $ 88,912
Non-cash transactions:
Accrued (prepaid) capital expenditures ................. $ 6,592 $ (1,706) $ (516)
Stock awards .................................. 1,694 2,052 —
Property and equipment financed by note payable ......... — 23,573 —
Sale of property financed by note receivable ............. — 1,255 —
See notes to consolidated financial statements.
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