Macy's 2010 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2010 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
2010 2009 2008
Cash flows from operating activities:
Net income (loss) ......................................................... $ 847 $ 329 $(4,775)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Impairments, store closing costs and division consolidation costs ................ 25 391 398
Goodwill impairment charges ............................................ – – 5,382
Depreciation and amortization ........................................... 1,150 1,210 1,278
Stock-based compensation expense ....................................... 66 76 43
Amortization of financing costs and premium on acquired debt ................. (25) (23) (27)
Changes in assets and liabilities:
(Increase) decrease in receivables ..................................... (51) 7 (1)
(Increase) decrease in merchandise inventories .......................... (143) 154 291
(Increase) decrease in supplies and prepaid expenses ...................... (10) 3 (7)
(Increase) decrease in other assets not separately identified ................. 2 (16) 1
Increase (decrease) in merchandise accounts payable ..................... 91 29 (90)
Decrease in accounts payable and accrued liabilities not separately identified . . (45) (201) (228)
Increase (decrease) in current income taxes ............................. 115 40 (146)
Increase (decrease) in deferred income taxes ............................ 241 123 (315)
Increase (decrease) in other liabilities not separately identified .............. (757) (372) 62
Net cash provided by operating activities ........................... 1,506 1,750 1,866
Cash flows from investing activities:
Purchase of property and equipment ........................................... (339) (355) (761)
Capitalized software ....................................................... (166) (105) (136)
Proceeds from property insurance claims ....................................... 6 26 68
Disposition of property and equipment ......................................... 74 60 38
Other, net ................................................................ (40) (3) (1)
Net cash used by investing activities ............................... (465) (377) (792)
Cash flows from financing activities:
Debt issued .............................................................. – – 650
Financing costs ........................................................... – – (18)
Debt repaid .............................................................. (1,245) (966) (666)
Dividends paid ............................................................ (84) (84) (221)
Increase (decrease) in outstanding checks ...................................... 24 (29) (116)
Acquisition of treasury stock ................................................. (1) (1) (1)
Issuance of common stock .................................................. 43 8 7
Net cash used by financing activities .............................. (1,263) (1,072) (365)
Net increase (decrease) in cash and cash equivalents .................................. (222) 301 709
Cash and cash equivalents beginning of period ...................................... 1,686 1,385 676
Cash and cash equivalents end of period ........................................... $1,464 $ 1,686 $ 1,385
Supplemental cash flow information:
Interest paid .............................................................. $ 627 $ 601 $ 642
Interest received .......................................................... 5 9 26
Income taxes paid (net of refunds received) ..................................... 108 35 323
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-7