Macy's 2010 Annual Report Download - page 100

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2010
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Cash flows from operating activities:
Net income ........................... $ 847 $ 320 $ 949 $(1,269) $ 847
Impairments, store closing costs and
division consolidation costs ............ – 21 4 – 25
Equity in earnings of subsidiaries .......... (852) (417) – 1,269 –
Dividends received from subsidiaries ....... 541 250 – (791) –
Depreciation and amortization ............ – 566 584 – 1,150
(Increase) decrease in working capital ...... 179 (454) 232 – (43)
Other, net ............................. 8 (526) 45 – (473)
Net cash provided (used) by
operating activities ............... 723 (240) 1,814 (791) 1,506
Cash flows from investing activities:
Purchase of property and equipment and
capitalized software, net ............... – (178) (247) – (425)
Other, net ............................. – – (40) – (40)
Net cash used by investing activities . . . – (178) (287) – (465)
Cash flows from financing activities:
Debt repaid ........................... – (1,242) (3) – (1,245)
Dividends paid ........................ (84) – (791) 791 (84)
Issuance of common stock, net of common
stock acquired ....................... 42 – – – 42
Intercompany activity, net ................ (710) 1,656 (946) – –
Other, net ............................. (115) (15) 154 – 24
Net cash provided (used) by
financing activities ............... (867) 399 (1,586) 791 (1,263)
Net decrease in cash and cash equivalents ....... (144) (19) (59) – (222)
Cash and cash equivalents at
beginning of period ....................... 1,318 60 308 – 1,686
Cash and cash equivalents at end of period ...... $1,174 $ 41 $ 249 $ – $ 1,464
F-52