Macy's 2009 Annual Report Download - page 55

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MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
2009 2008 2007
Cash flows from continuing operating activities:
Net income (loss) .................................................................. $ 350 $(4,803) $ 893
Adjustments to reconcile net income (loss) to net cash provided by continuing operating activities:
Loss from discontinued operations ................................................. – – 16
Division consolidation costs and store closing related costs ............................. 276 187 –
Asset impairment charges ........................................................ 115 211 –
Goodwill impairment charges ..................................................... – 5,382 –
May integration costs ........................................................... – – 219
Depreciation and amortization .................................................... 1,210 1,278 1,304
Stock-based compensation expense ................................................ 76 43 60
Amortization of financing costs and premium on acquired debt .......................... (23) (27) (31)
Changes in assets and liabilities:
(Increase) decrease in receivables .............................................. 7 (1) 9
Decrease in merchandise inventories ........................................... 154 291 256
(Increase) decrease in supplies and prepaid expenses .............................. 3 (7) 33
(Increase) decrease in other assets not separately identified ......................... (15) 1 3
Increase (decrease) in merchandise accounts payable .............................. 29 (90) (132)
Decrease in accounts payable and accrued liabilities not separately identified ........... (201) (227) (396)
Increase (decrease) in current income taxes ...................................... 40 (146) 14
Increase (decrease) in deferred income taxes ..................................... 96 (291) (2)
Increase (decrease) in other liabilities not separately identified ...................... (367) 65 (34)
Net cash provided by continuing operating activities .......................... 1,750 1,866 2,212
Cash flows from continuing investing activities:
Purchase of property and equipment ................................................... (355) (761) (994)
Capitalized software ................................................................ (105) (136) (111)
Proceeds from hurricane insurance claims ............................................... 26 68 23
Disposition of property and equipment ................................................. 60 38 227
Other, net ......................................................................... (3) (1) 29
Proceeds from the disposition of After Hours Formalwear .................................. – – 66
Net cash used by continuing investing activities .............................. (377) (792) (760)
Cash flows from continuing financing activities:
Debt issued ....................................................................... – 650 1,950
Financing costs .................................................................... – (18) (18)
Debt repaid ....................................................................... (966) (666) (649)
Dividends paid .................................................................... (84) (221) (230)
Decrease in outstanding checks ....................................................... (29) (116) (57)
Acquisition of treasury stock ......................................................... (1) (1) (3,322)
Issuance of common stock ........................................................... 8 7 257
Net cash used by continuing financing activities .............................. (1,072) (365) (2,069)
Net cash provided (used) by continuing operations ............................................ 301 709 (617)
Net cash provided by discontinued operating activities ......................................... – – 7
Net cash used by discontinued investing activities ............................................. – – (7)
Net cash used by discontinued financing activities ............................................ – – (1)
Net cash used by discontinued operations ................................................... – – (1)
Net increase (decrease) in cash and cash equivalents ........................................... 301 709 (618)
Cash and cash equivalents beginning of period ............................................... 1,385 676 1,294
Cash and cash equivalents end of period .................................................... $1,686 $ 1,385 $ 676
Supplemental cash flow information:
Interest paid ....................................................................... $ 601 $ 642 $ 594
Interest received ................................................................... 9 26 38
Income taxes paid (net of refunds received) .............................................. 35 323 432
The accompanying notes are an integral part of these Consolidated Financial Statements.
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