Macy's 2009 Annual Report Download - page 105

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2007
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Cash flows from continuing operating activities:
Net income ............................. $ 893 $ 265 $1,107 $(1,372) $ 893
Loss from discontinued operations ........... – – – 16 16
May integrations costs .................... – 139 87 (7) 219
Equity in earnings of subsidiaries ............ (752) (620) – 1,372 –
Dividends received from subsidiaries ........ 1,512 210 – (1,722) –
Depreciation and amortization .............. 1 701 602 – 1,304
(Increase) decrease in working capital ........ 6 (315) 109 (16) (216)
Other, net .............................. 46 898 (948) – (4)
Net cash provided by continuing operating
activities ......................... 1,706 1,278 957 (1,729) 2,212
Cash flows from continuing investing activities:
Purchase of property and equipment and
capitalized software, net ................. – (370) (492) 7 (855)
Proceeds from the disposition of discontinued
operations ............................ 66 – – – 66
Other, net .............................. – – 29 – 29
Net cash provided (used) by continuing
investing activities ................. 66 (370) (463) 7 (760)
Cash flows from continuing financing activities:
Debt issued, net of debt repaid .............. – 1,303 (2) – 1,301
Dividends paid .......................... (230) (1,000) (722) 1,722 (230)
Acquisition of common stock, net of common
stock issued ........................... (3,065) – – – (3,065)
Intercompany activity, net ................. 922 (1,163) 240 1 –
Other, net .............................. (32) (46) 2 1 (75)
Net cash used by continuing financing
activities ......................... (2,405) (906) (482) 1,724 (2,069)
Net cash provided (used) by continuing
operations ................................ (633) 2 12 2 (617)
Net cash used by discontinued operations ......... – – – (1) (1)
Net increase (decrease) in cash and cash
equivalents ............................... (633) 2 12 1 (618)
Cash and cash equivalents at beginning of period . . . 968 73 254 (1) 1,294
Cash and cash equivalents at end of period ........ $ 335 $ 75 $ 266 $ – $ 676
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