Macy's 2012 Annual Report Download - page 93

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-46
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2012
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Cash flows from operating activities:
Net income.............................................................. $ 1,335 $ 574 $ 1,406 $ (1,980) $ 1,335
Impairments, store closing costs and
gain on sale of leases........................................... — 8 (3) — 5
Equity in earnings of subsidiaries........................... (1,342)(638) — 1,980 —
Dividends received from subsidiaries..................... 783 125 — (908) —
Depreciation and amortization................................ — 484 565 — 1,049
Increase in working capital ..................................... (76)(24)(35) — (135)
Other, net................................................................. 31 (31) 7 — 7
Net cash provided by operating activities........ 731 498 1,940 (908) 2,261
Cash flows from investing activities:
Purchase of property and equipment and
capitalized software, net...................................... —(324)(552) — (876)
Other, net................................................................. ——13—13
Net cash used by investing activities ............... —(324)(539) — (863)
Cash flows from financing activities:
Debt repaid, net of debt issued................................ —(799)(4) — (803)
Dividends paid ........................................................ (324) — (908) 908 (324)
Common stock acquired, net of
issuance of common stock................................... (1,163) — — — (1,163)
Intercompany activity, net....................................... (194) 642 (448) — —
Other, net................................................................. (45)(14)(40) — (99)
Net cash used by financing activities............... (1,726)(171)(1,400) 908 (2,389)
Net increase (decrease) in cash and cash equivalents.. (995) 3 1 — (991)
Cash and cash equivalents at beginning of period....... 2,533 38 256 — 2,827
Cash and cash equivalents at end of period ................. $ 1,538 $ 41 $ 257 $ — $ 1,836