Foot Locker 2011 Annual Report Download - page 58

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FOOT LOCKER, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2011 2010 2009
(in millions)
From Operating Activities
Net income $ 278 $ 169 $ 48
Adjustments to reconcile net income to net cash provided by
operating activities of continuing operations:
Discontinued operations, net of tax — — (1)
Non-cash impairment and other charges 5 10 36
Depreciation and amortization 110 106 112
Share-based compensation expense 18 13 12
Deferred tax provision 29 84 2
Qualified pension plan contributions (28) (32) (100)
Change in assets and liabilities:
Merchandise inventories (17) (19) 111
Accounts payable 19 7 23
Accrued and other liabilities 38 35 (30)
Income tax receivables and payables 24 (33) 27
Payment on the settlement of the net investment hedge — (24) —
Proceeds from the termination of interest rate swaps — — 19
Other, net 21 10 87
Net cash provided by operating activities of continuing
operations 497 326 346
From Investing Activities
Gain from lease terminations 2 1 —
Gain from insurance recoveries 1 — 1
Sales of short-term investments — 9 16
Capital expenditures (152) (97) (89)
Net cash used in investing activities of continuing operations (149) (87) (72)
From Financing Activities
Reduction in long-term debt — — (3)
Dividends paid on common stock (101) (93) (94)
Issuance of common stock 18 10 3
Purchase of treasury shares (104) (50) —
Treasury stock reissued under employee stock plan 4 3 —
Excess tax benefits on share-based compensation 5 3 —
Net cash used in financing activities of continuing operations (178) (127) (94)
Effect of Exchange Rate Fluctuations on Cash and Cash
Equivalents (15) 2 18
Net Cash used by Discontinued Operations — — (1)
Net Change in Cash and Cash Equivalents 155 114 197
Cash and Cash Equivalents at Beginning of Year 696 582 385
Cash and Cash Equivalents at End of Year $ 851 $ 696 $ 582
Cash Paid During the Year:
Interest $ 12 $ 12 $ 12
Income taxes $ 143 $ 53 $ 19
See Accompanying Notes to Consolidated Financial Statements.
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