Dillard's 2010 Annual Report Download - page 51

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Consolidated Statements of Cash Flows
Dollars in Thousands
Years Ended
January 29, 2011 January 30, 2010 January 31, 2009
Operating activities:
Net income (loss) .............................. $179,620 $ 68,531 $(241,065)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization of property and deferred
financing cost ............................ 263,395 264,763 286,184
Deferred income taxes ....................... 18,439 (35,350) (57,652)
Gain on disposal of property and equipment ........ (5,632) (3,207) (24,567)
Asset impairment and store closing charges ......... 2,208 3,084 197,922
Excess tax benefits from share-based compensation .... (3,446) — —
Gain on repurchase of debt .................... (21) (1,653) —
Loss on disposal of hurricane assets .............. — — 3,921
Share-based compensation .................... — — 17
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable .......... 37,272 24,776 (4,256)
Decrease in merchandise inventories .............. 10,533 73,714 404,203
Decrease (increase) in federal income tax receivable . . . 217 74,198 (74,415)
Decrease in other current assets ................. 626 9,408 5,361
Decrease in other assets ...................... 6,536 8,224 12,005
Increase (decrease) in trade accounts payable and
accrued expenses and other liabilities ............ 24,647 15,254 (163,796)
(Decrease) increase in income taxes payable ........ (21,472) 52,265 6,143
Net cash provided by operating activities .............. 512,922 554,007 350,005
Investing activities:
Purchase of property and equipment ............. (98,184) (75,089) (189,579)
Proceeds from disposal of property and equipment .... 17,569 11,636 67,068
Investment in joint venture .................... (9,000) — —
Acquisition, net of cash acquired ................ — — 4,320
Net cash used in investing activities ................. (89,615) (63,453) (118,191)
Financing activities:
Principal payments on long-term debt and capital lease
obligations .............................. (17,466) (33,888) (199,492)
Cash dividends paid ......................... (11,110) (11,796) (11,898)
Purchase of treasury stock ..................... (413,889) — (17,441)
Proceeds from issuance of common stock .......... 17,310 — —
Excess tax benefits from share-based compensation .... 3,446 — —
(Decrease) increase in short-term borrowings ........ — (200,000) 5,000
Payment on line of credit fees and expenses ........ — — (72)
Net cash used in financing activities ................. (421,709) (245,684) (223,903)
Increase in cash and cash equivalents ................ 1,598 244,870 7,911
Cash and cash equivalents, beginning of year ........... 341,693 96,823 88,912
Cash and cash equivalents, end of year ............... $343,291 $ 341,693 $ 96,823
Non-cash transactions:
Accrued (prepaid) capital expenditures ............. $ 1,553 $ 6,592 $ (1,706)
Stock awards ............................... 2,292 1,694 2,052
Capital lease transactions ....................... 3,966 — —
Property and equipment financed by note payable ...... — — 23,573
Sale of property financed by note receivable .......... — — 1,255
See notes to consolidated financial statements.
F-7