Kohl's 2011 Annual Report Download - page 53

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KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
2011 2010 2009
Operating activities
Net income .......................................................... $ 1,167 $ 1,120 $ 973
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization ...................................... 778 750 688
Share-based compensation ......................................... 57 66 64
Deferred income taxes ............................................. 144 39 40
Other non-cash revenues and expenses ................................ 41 38 38
Changes in operating assets and liabilities:
Merchandise inventories ....................................... (158) (107) (119)
Other current and long-term assets ............................... (42) (50) (13)
Accounts payable ............................................. 96 (50) 306
Accrued and other long-term liabilities ............................ 61 13 235
Income taxes ................................................ (1) (63) 74
Net cash provided by operating activities .................................. 2,143 1,756 2,286
Investing activities
Acquisition of property and equipment .................................... (927) (801) (675)
Sales of investments in auction rate securities .............................. 145 42 28
Other .............................................................. (20) 2 (2)
Net cash used in investing activities ...................................... (802) (757) (649)
Financing activities
Treasury stock purchases ............................................... (2,311) (1,004) (1)
Long-term debt payments .............................................. (400) ——
Capital lease and financing obligation payments ............................ (91) (84) (70)
Proceeds from financing obligations ...................................... 14 27 10
Proceeds from issuance of debt .......................................... 646 ——
Interest rate hedge payment ............................................. (48) ——
Deferred financing costs ............................................... (8) ——
Proceeds from stock option exercises ..................................... 58 75 51
Dividends paid ....................................................... (271) ——
Other .............................................................. (2) (3) (3)
Net cash used in financing activities ...................................... (2,413) (989) (13)
Net (decrease) increase in cash and cash equivalents ......................... (1,072) 10 1,624
Cash and cash equivalents at beginning of year ............................. 2,277 2,267 643
Cash and cash equivalents at end of year .................................. $ 1,205 $ 2,277 $2,267
Supplemental information:
Interest paid, net of capitalized interest ................................ $ 297 $ 304 $ 300
Income taxes paid ................................................ 550 689 470
Non-cash investing and financing activities
Property and equipment acquired through capital lease and financing
obligations .................................................... $79$ 107 $ 183
See accompanying Notes to Consolidated Financial Statements
F-7