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48 2012 BROWN SHOE COMPANY, INC. FORM 10-K
Consolidated Statements of Cash Flows
($ thousands) 2012 2011 2010
Operating Activities
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,204 $ 24,390 $ 37,060
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,179 37,331 33,149
Amortization of capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,420 13,479 10,506
Amortization of intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,184 8,301 6,667
Amortization of debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,561 2,338 2,195
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 1,003 –
Share-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,489 5,633 6,144
Tax (benefit) deficiency related to share-based plans . . . . . . . . . . . . . . . . . . . . . (944) (1,000) 87
Loss on disposal of facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 3,103 1,560 1,089
Impairment charges for facilities and equipment. . . . . . . . . . . . . . . . . . . . . . . . 4,132 1,871 2,762
Impairment of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,777 – –
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,350 (2,317) (4,191)
Deferred income taxes (benefit) provision . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,555) (112) 27,229
Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 1,284 516
Gain on sale of subsidiary, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (13,965) –
Changes in operating assets and liabilities, net of acquired and discontinued operations:
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,984 (26,298) (30,088)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,623 3,502 (66,568)
Prepaid expenses and other current and noncurrent assets . . . . . . . . . . . . . . . (9,169) 2,286 (9,440)
Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,091 13,660 (10,754)
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,436 (35,11 7) 2,668
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,076 12,512 (5,993)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,636 (2,255) (5,350)
Net cash provided by (used for) operating activities . . . . . . . . . . . . . . . . . . . . . . . . 197,937 48,086 (2,312)
Investing Activities
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,801) (27,857) (30,781)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,928) (10,707) (24,046)
Acquisition cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,000) (156,636) –
Cash recognized on initial consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 3,121 –
Net proceeds from sale of subsidiary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 55,350 –
Net cash used for investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (68,729) (136,729) (54,827)
Financing Activities
Borrowings under revolving credit agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 805,000 1,595,500 1,051,500
Repayments under revolving credit agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . (901,000) (1,592,500) (948,000)
Proceeds from issuance of 2019 Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 198,633 –
Redemption of 2012 Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (150,000) –
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,011) (12,076) (12,254)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (6,428) (2,636)
Acquisition of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (25,484) –
Issuance of common stock under share-based plans, net . . . . . . . . . . . . . . . . . . . . . (1,700) 918 926
Tax benefit (deficiency) related to share-based plans . . . . . . . . . . . . . . . . . . . . . . . 944 1,000 (87)
Contributions by noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – 378 527
Acquisition of noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (32,692)
Net cash (used for) provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . (108,767) 9,941 57,284
Eect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . 100 (164) 570
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . 20,541 (78,866) 715
Cash and cash equivalents at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . 47,682 126,548 125,833
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,223 $ 47,682 $ 126,548
See notes to consolidated financial statements.