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46 2013 BROWN SHOE COMPANY, INC. FORM 10-K
Consolidated Statements of Cash Flows
($ thousands) 2013 2012 2011
Operating Activities
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,896 $ 27,204 $ 24,390
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,033 34,179 37,331
Amortization of capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,047 13,420 13,479
Amortization of intangibles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,249 7,184 8,301
Amortization of debt issuance costs and debt discount . . . . . . . . . . . . . . . . . . . . 2,513 2,561 2,338
Loss on early extinguishment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 1,003
Share-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,567 6,489 5,633
Tax benefit related to share-based plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,439) (944) (1,000)
Loss on disposal of facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697 3,103 1,560
Impairment charges for facilities and equipment. . . . . . . . . . . . . . . . . . . . . . . . 1,636 4,132 1,871
Impairment of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,660 – –
Disposition/impairment of discontinued operations . . . . . . . . . . . . . . . . . . . . . . 11,512 3,530 (13,965)
Net loss on sale of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576 – –
Deferred rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,882 1,350 (2,317)
Deferred income taxes provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,061 (3,555) (112)
Provision for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551 360 1,284
Changes in operating assets and liabilities:
Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,570) 27,984 (26,298)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (44,852) 28,623 3,502
Prepaid expenses and other current and noncurrent assets . . . . . . . . . . . . . . . 3,798 (4,867) 2,286
Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,951 32,091 13,660
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,389 10,436 (35,117)
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,335 4,323 12,512
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,540 334 (2,255)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,032 197,937 48,086
Investing Activities
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,968) (55,801) (27,857)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,235) (7,928) (10,707)
Acquisition cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (5,000) (156,636)
Cash recognized on initial consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 3,121
Net proceeds from sale of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,347 – 55,350
Net cash provided by (used for) investing activities . . . . . . . . . . . . . . . . . . . . . . . . 20,144 (68,729) (136,729)
Financing Activities
Borrowings under revolving credit agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129,000 805,000 1,595,500
Repayments under revolving credit agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,227,000) (901,000) (1,592,500)
Proceeds from issuance of 2019 Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – 198,633
Redemption of 2012 Senior Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (150,000)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,105) (12,011) (12,076)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (6,428)
Acquisition of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – (25,484)
Issuance of common stock under share-based plans, net . . . . . . . . . . . . . . . . . . . . . 804 (1,700) 918
Tax benefit related to share-based plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,439 944 1,000
Contributions by noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 – 378
Net cash (used for) provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . . (105,812) (108,767) 9,941
Eect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . (4,041) 100 (164)
Increase (decrease) in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . 14,323 20,541 (78,866)
Cash and cash equivalents at beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . 68,223 47,682 126,548
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 82,546 $ 68,223 $ 47,682
See notes to consolidated financial statements.