JCPenney 2004 Annual Report Download - page 30

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J.C. PENNEY COMPANY, INC.2 004 ANNUAL REPORT
28
CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
2004 2003 2002
Cash flows from operating activities:
Income from continuing operations
$ 667 $ 364 $ 285
Adjustments to reconcile income from continuing
operations to net cash provided by operating activities:
Asset impairments, PVOL and other unit closing costs
19 35 77
Depreciation and amortization
368 394 369
Net gains on sale of assets
(8) (51) (18)
Company contributions to savings and profit sharing plans
—––47
Benefit plans expense
45 135 30
Pension contribution
(300) (300) (300)
Stock-based compensation
2396
Deferred taxes
1 137 96
Change in cash from:
Receivables
(34) 3 (13)
Inventory
(13) (100) 43
Prepaid expenses and other assets
9 (36) (17)
Trade payables
33 94 53
Current income taxes payable
182 (17) (102)
Accrued expenses and other liabilities
135 145 (34)
Net cash provided by operating activities
1,127 812 522
Cash flows from investing activities:
Capital expenditures
(412) (373) (315)
Proceeds from sale of discontinued operations
4,666 20 ––
Proceeds from sale of assets
34 100 38
Net cash provided by/(used in) investing activities
4,288 (253) (277)
Cash flows from financing activities:
Change in short-term debt
4 5 (2)
Net proceeds from the issuance of long-term debt
–– 607 27
Payments of long-term debt, including capital leases and bond premiums
(856) (450) (926)
Common stock issued, net
260 52 30
Common stock repurchased
(1,901) –– ––
Preferred stock redeemed
(13) (29) (30)
Dividends paid, common and preferred
(150) (160) (161)
Net cash (used in)/provided by financing activities
(2,656) 25 (1,062)
Cash (paid to)/received from discontinued operations
(1,066) (64) 451
Net increase/(decrease) in cash and short-term investments
1,693 520 (366)
Cash and short-term investments at beginning of year
2,994 2,474 2,840
Cash and short-term investments at end of year
$ 4,687 $ 2,994 $ 2,474
The accompanying notes are an integral part of these Consolidated Financial Statements.