Macy's 2011 Annual Report Download - page 47

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F-7
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
2011 2010 2009
Cash flows from operating activities:
Net income............................................................................................................ $ 1,256 $ 847 $ 329
Adjustments to reconcile net income to net cash
provided by operating activities:
Gain on sale of properties, impairments, store closing
costs and division consolidation costs...................................................... (25) 25 391
Depreciation and amortization...................................................................... 1,085 1,150 1,210
Stock-based compensation expense.............................................................. 70 66 76
Amortization of financing costs and premium on acquired debt.................. (15) (25) (23)
Changes in assets and liabilities: ..................................................................
(Increase) decrease in receivables...................................................... (37) (51) 7
(Increase) decrease in merchandise inventories................................. (359) (143) 154
(Increase) decrease in prepaid expenses and other current assets...... (99) (10) 3
(Increase) decrease in other assets not separately identified ............. 8 2 (16)
Increase in merchandise accounts payable ........................................ 143 91 29
Increase (decrease) in accounts payable and accrued
liabilities not separately identified................................................. 109 (45) (201)
Increase in current income taxes........................................................ 188 115 40
Increase in deferred income taxes...................................................... 153 241 123
Decrease in other liabilities not separately identified........................ (384) (757) (372)
Net cash provided by operating activities.................................. 2,093 1,506 1,750
Cash flows from investing activities:
Purchase of property and equipment .................................................................... (555) (339) (355)
Capitalized software ............................................................................................. (209) (166) (105)
Disposition of property and equipment ................................................................ 114 74 60
Proceeds from insurance claims ........................................................................... 6 6 26
Other, net .............................................................................................................. 27 (40) (3)
Net cash used by investing activities ......................................... (617) (465) (377)
Cash flows from financing activities:
Debt issued ........................................................................................................... 800 — —
Financing costs ..................................................................................................... (20) — —
Debt repaid ........................................................................................................... (454) (1,245) (966)
Dividends paid...................................................................................................... (148) (84) (84)
Increase (decrease) in outstanding checks............................................................ 49 24 (29)
Acquisition of treasury stock................................................................................ (502) (1) (1)
Issuance of common stock.................................................................................... 162 43 8
Net cash used by financing activities......................................... (113) (1,263) (1,072)
Net increase (decrease) in cash and cash equivalents................................................... 1,363 (222) 301
Cash and cash equivalents beginning of period............................................................ 1,464 1,686 1,385
Cash and cash equivalents end of period...................................................................... $ 2,827 $ 1,464 $ 1,686
Supplemental cash flow information:
Interest paid .......................................................................................................... $ 474 $ 627 $ 601
Interest received.................................................................................................... 459
Income taxes paid (net of refunds received)......................................................... 401 108 35
The accompanying notes are an integral part of these Consolidated Financial Statements.