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A-30
THE KROGER CO.
CO N S O L I D A T E D ST A T E M E N T S O F CA S H FL O W S
Years Ended January 28, 2012, January 29, 2011 and January 30, 2010
(In millions)
2011
(52 weeks)
2010
(52 weeks)
2009
(52 weeks)
Cash Flows From Operating Activities:
Net earnings including noncontrolling interests .................................... $ 596 $ 1,133 $ 57
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization.............................................. 1,638 1,600 1,525
Goodwill impairment charge ............................................... —18 1,113
Asset impairment charge .................................................. 37 25 48
LIFO charge ............................................................ 216 57 49
Stock-based employee compensation ........................................ 81 79 83
Expense for Company-sponsored pension plans ................................ 70 65 31
Deferred income taxes.................................................... 31 37 222
Other ................................................................. 88 53
Changes in operating assets and liabilities net of effects from acquisitions of businesses:
Store deposits in-transit ................................................. (120) (12) (23)
Inventories ........................................................... (361) (88) (45)
Receivables........................................................... (63) (11) (21)
Prepaid expenses ...................................................... 52 290 (51)
Trade accounts payable ................................................. 82 315 54
Accrued expenses ..................................................... 216 71 (46)
Income taxes receivable and payable....................................... (106) 133 49
Contribution to Company-sponsored pension plans ........................... (52) (141) (265)
Other ............................................................... 333 (213) 89
Net cash provided by operating activities ..................................... 2,658 3,366 2,922
Cash Flows From Investing Activities:
Payments for capital expenditures ............................................. (1,898) (1,919) (2,297)
Proceeds from sale of assets.................................................. 51 55 20
Payments for acquisitions.................................................... (51) (7) (36)
Other ................................................................... (10) (90) (14)
Net cash used by investing activities ......................................... (1,908) (1,961) (2,327)
Cash Flows From Financing Activities:
Proceeds from issuance of long-term debt....................................... 453 381 511
Payments on long-term debt ................................................. (547) (553) (432)
Borrowings (payments) on credit facility........................................ 370 — (129)
Proceeds from issuance of capital stock ........................................ 118 29 51
Treasury stock purchases .................................................... (1,547) (545) (218)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (257) (250) (238)
Investment in the remaining interest of a variable interest entity ..................... —(86) —
Other ................................................................... 23 20 21
Net cash used by financing activities ......................................... (1,387) (1,004) (434)
Net increase (decrease) in cash and temporary cash investments ....................... (637) 401 161
Cash and temporary cash investments:
Beginning of year .......................................................... 825 424 263
End of year ............................................................... $ 188 $ 825 $ 424
Reconciliation of capital expenditures:
Payments for capital expenditures ............................................... $ (1,898) $(1,919) $(2,297)
Changes in construction-in-progress payables ...................................... (60) 22 (18)
Total capital expenditures ................................................... $ (1,958) $(1,897) $(2,315)
Disclosure of cash flow information:
Cash paid during the year for interest .......................................... $ 457 $ 486 $ 542
Cash paid during the year for income taxes...................................... $ 296 $ 664 $ 130
The accompanying notes are an integral part of the consolidated financial statements.