Macy's 2010 Annual Report Download - page 103

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2009
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Cash flows from operating activities:
Net income (loss) ....................... $ 329 $(165) $ 699 $(534) $ 329
Impairments, store closing costs and
division consolidation costs ............. – 226 165 – 391
Equity in earnings of subsidiaries .......... (333) (201) – 534 –
Dividends received from subsidiaries ....... 436 60 – (496) –
Depreciation and amortization ............. – 619 591 – 1,210
(Increase) decrease in working capital ....... 114 163 (245) – 32
Other, net ............................. 73 (96) (189) – (212)
Net cash provided by
operating activities ................ 619 606 1,021 (496) 1,750
Cash flows from investing activities:
Purchase of property and equipment and
capitalized software, net ............... – (147) (227) – (374)
Other, net ............................. – – (3) – (3)
Net cash used by investing activities .... – (147) (230) – (377)
Cash flows from financing activities:
Debt repaid ............................ – (963) (3) – (966)
Dividends paid ......................... (84) – (496) 496 (84)
Issuance of common stock, net of common
stock acquired ....................... 7 – – – 7
Intercompany activity, net ................ (247) 493 (246) – –
Other, net ............................. (24) 3 (8) – (29)
Net cash used by financing activities .... (348) (467) (753) 496 (1,072)
Net increase (decrease) in cash and
cash equivalents .......................... 271 (8) 38 – 301
Cash and cash equivalents at
beginning of period ....................... 1,047 68 270 – 1,385
Cash and cash equivalents at end of period ....... $1,318 $ 60 $ 308 $ – $ 1,686
F-55