Macy's 2012 Annual Report Download - page 55

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F-8
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
2012 2011 2010
Cash flows from operating activities:
Net income............................................................................................................ $ 1,335 $ 1,256 $ 847
Adjustments to reconcile net income to net cash
provided by operating activities:
Impairments, store closing costs and gain
on sale of leases........................................................................................ 5 (25) 25
Depreciation and amortization...................................................................... 1,049 1,085 1,150
Stock-based compensation expense.............................................................. 61 70 66
Amortization of financing costs and premium on acquired debt.................. (16) (15) (25)
Changes in assets and liabilities: ..................................................................
(Increase) decrease in receivables...................................................... 7 (37) (51)
Increase in merchandise inventories.................................................. (191) (359) (143)
(Increase) decrease in prepaid expenses and other current assets...... 75 (99) (10)
Decrease in other assets not separately identified.............................. 23 8 2
Increase in merchandise accounts payable ........................................ 23 143 91
Increase (decrease) in accounts payable and accrued
liabilities not separately identified................................................. (33) 109 (45)
Increase (decrease) in current income taxes ...................................... (16) 188 115
Increase in deferred income taxes...................................................... 14 153 241
Decrease in other liabilities not separately identified........................ (75) (384) (757)
Net cash provided by operating activities.................................. 2,261 2,093 1,506
Cash flows from investing activities:
Purchase of property and equipment .................................................................... (698) (555) (339)
Capitalized software ............................................................................................. (244) (209) (166)
Disposition of property and equipment ................................................................ 66 114 74
Proceeds from insurance claims ........................................................................... —66
Other, net .............................................................................................................. 13 27 (40)
Net cash used by investing activities ......................................... (863) (617) (465)
Cash flows from financing activities:
Debt issued ........................................................................................................... 1,000 800 —
Financing costs ..................................................................................................... (11) (20) —
Debt repaid ........................................................................................................... (1,803) (454) (1,245)
Dividends paid...................................................................................................... (324) (148) (84)
Increase (decrease) in outstanding checks............................................................ (88) 49 24
Acquisition of treasury stock................................................................................ (1,397) (502) (1)
Issuance of common stock.................................................................................... 234 162 43
Net cash used by financing activities......................................... (2,389) (113) (1,263)
Net increase (decrease) in cash and cash equivalents................................................... (991) 1,363 (222)
Cash and cash equivalents beginning of period............................................................ 2,827 1,464 1,686
Cash and cash equivalents end of period...................................................................... $ 1,836 $ 2,827 $ 1,464
Supplemental cash flow information:
Interest paid .......................................................................................................... $ 585 $ 474 $ 627
Interest received.................................................................................................... 245
Income taxes paid (net of refunds received)......................................................... 738 401 108
The accompanying notes are an integral part of these Consolidated Financial Statements.