Famous Footwear 2014 Annual Report Download - page 80

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2014 BROWN SHOE COMPANY, INC. FORM 10-K 79
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,073 $ 77,472 $ 8,446 $ (86,095) $ 37,896
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment . . . . . . . . . . . . . — (4,421) (117) — (4,538)
Pension and other postretirement benefits adjustments . . . . 19,114 415 — — 19,529
Derivative financial instruments . . . . . . . . . . . . . . . . . . (55) 874 — — 819
Other comprehensive loss from investment in subsidiaries . . . (3,317) (185) — 3,502 —
Other comprehensive income (loss), net of tax . . . . . . . . . . . . 15,742 (3,317) (117) 3,502 15,810
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . 53,815 74,155 8,329 (82,593) 53,706
Comprehensive loss attributable to noncontrolling interests. . . . . — — (109) — (109)
Comprehensive income attributable
to Brown Shoe Company, Inc. . . . . . . . . . . . . . . . . . . . $ 53,815 $ 74,155 $ 8,438 $ (82,593) $ 53,815
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE FISCAL YEAR ENDED FEBRUARY 1, 2014
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net cash provided by (used for) operating activities . . . . . . . $ 60,774 $ 63,384 $ (20,126) $ – $ 104,032
Investing activities
Purchases of property and equipment . . . . . . . . . . . . . . . (5,595) (37,478) (895) – (43,968)
Capitalized software . . . . . . . . . . . . . . . . . . . . . . . . . (4,920) (193) (122) – (5,235)
Net proceeds from sale of subsidiaries . . . . . . . . . . . . . . . – 69,347 – – 69,347
Intercompany investing . . . . . . . . . . . . . . . . . . . . . . . (1,128) 1,128 – – –
Net cash (used for) provided by investing activities . . . . . . . (11,643) 32,804 (1,017) – 20,144
Financing activities
Borrowings under revolving credit agreement . . . . . . . . . . 1,129,000 – – – 1,129,000
Repayments under revolving credit agreement . . . . . . . . . . (1,227,000) – – – (1,227,000)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,105) – – – (12,105)
Issuance of common stock under share-based plans, net . . . . 804 – – – 804
Tax benefit related to share-based plans . . . . . . . . . . . . . 3,439 – – – 3,439
Contributions by noncontrolling interest . . . . . . . . . . . . . . – – 50 – 50
Intercompany financing . . . . . . . . . . . . . . . . . . . . . . . 56,731 (94,205) 37,474 – –
Net cash (used for) provided by financing activities . . . . . . . (49,131) (94,205) 37,524 – (105,812)
Eect of exchange rate changes on cash and cash equivalents . – (4,041) – – (4,041)
(Decrease) increase in cash and cash equivalents. . . . . . . . . – (2,058) 16,381 – 14,323
Cash and cash equivalents at beginning of year . . . . . . . . . – 32,060 36,163 – 68,223
Cash and cash equivalents at end of year . . . . . . . . . . . . . $ – $ 30,002 $ 52,544 $ – $ 82,546
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS
FOR THE FISCAL YEAR ENDED FEBRUARY 2, 2013
($ thousands) Parent Guarantors Non-Guarantors Eliminations Total
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 689,630 $ 1,805,260 $ 219,214 $ (236,308) $ 2,477,796
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . 528,925 1,014,703 154,681 (209,088) 1,489,221
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,705 790,557 64,533 (27,220) 988,575
Selling and administrative expenses . . . . . . . . . . . . . . . . 189,857 692,124 36,905 (27,220) 891,666
Restructuring and other special charges, net . . . . . . . . . . . 12,261 10,170 – – 22,431
Operating (loss) earnings . . . . . . . . . . . . . . . . . . . . . . (41,413) 88,263 27,628 – 74,478
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,584) (389) – – (22,973)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 258 54 – 322
Intercompany interest income (expense) . . . . . . . . . . . . . 13,073 (13,525) 452 – –
(Loss) earnings before income taxes from continuing operations (50,914) 74,607 28,134 – 51,827
Income tax benefit (provision) . . . . . . . . . . . . . . . . . . . 15,973 (28,362) (4,267) – (16,656)
Equity in earnings from continuing operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,399 24,154 – (94,553) –
Net earnings from continuing operations . . . . . . . . . . . . . 35,458 70,399 23,867 (94,553) 35,171
Discontinued operations:
Earnings (loss) from discontinued operations, net of tax . . . . 802 (4,164) (1,075) – (4,437)
Disposition/impairment of discontinued operations, net of tax . . (3,530) – – – (3,530)
Equity in loss from discontinued operations of subsidiaries,
net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,239) (1,075) – 6,314 –
Net loss from discontinued operations . . . . . . . . . . . . . . (7,967) (5,239) (1,075) 6,314 (7,967)
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,491 65,160 22,792 (88,239) 27,204
Plus: Net loss attributable to noncontrolling interests . . . . . . – – (287) — (287)
Net earnings attributable to Brown Shoe Company, Inc. . . . . . $ 27,491 $ 65,160 $ 23,079 $ (88,239) $ 27,491