Macy's 2014 Annual Report Download - page 55

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F-8
MACY’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions)
2014 2013 2012
Cash flows from operating activities:
Net income.................................................................................................... $ 1,526 $ 1,486 $ 1,335
Adjustments to reconcile net income to net cash
provided by operating activities:
Impairments, store closing and other costs........................................... 87 88 5
Depreciation and amortization.............................................................. 1,036 1,020 1,049
Stock-based compensation expense...................................................... 73 62 61
Amortization of financing costs and premium on acquired debt.......... (5) (8) (16)
Changes in assets and liabilities:...........................................................
(Increase) decrease in receivables.................................................... 22 (58) 7
(Increase) decrease in merchandise inventories............................... 40 (249) (191)
Increase in prepaid expenses and other current assets ..................... (3) (2) (7)
(Increase) decrease in other assets not separately identified............ (61) (1) 23
Increase (decrease) in merchandise accounts payable ..................... (17) 101 23
Increase (decrease) in accounts payable, accrued
liabilities and other items not separately identified.................... 37 48 (33)
Increase (decrease) in current income taxes..................................... (65) 7 (16)
Increase (decrease) in deferred income taxes................................... 29 (142) 14
Increase (decrease) in other liabilities not separately identified ...... 10 197 (75)
Net cash provided by operating activities .......................... 2,709 2,549 2,179
Cash flows from investing activities:
Purchase of property and equipment............................................................. (770) (607) (698)
Capitalized software...................................................................................... (298) (256) (244)
Disposition of property and equipment......................................................... 172 132 66
Other, net....................................................................................................... (74) (57) 95
Net cash used by investing activities.................................. (970) (788) (781)
Cash flows from financing activities:
Debt issued.................................................................................................... 1,044 400 1,000
Financing costs.............................................................................................. (9) (9) (11)
Debt repaid.................................................................................................... (870) (124) (1,803)
Dividends paid .............................................................................................. (421) (359) (324)
Increase (decrease) in outstanding checks .................................................... 133 24 (88)
Acquisition of treasury stock ........................................................................ (1,901) (1,571) (1,397)
Issuance of common stock............................................................................ 258 315 234
Net cash used by financing activities ................................. (1,766) (1,324) (2,389)
Net increase (decrease) in cash and cash equivalents........................................... (27) 437 (991)
Cash and cash equivalents beginning of period.................................................... 2,273 1,836 2,827
Cash and cash equivalents end of period .............................................................. $ 2,246 $ 2,273 $ 1,836
Supplemental cash flow information:
Interest paid................................................................................................... $ 413 $ 388 $ 585
Interest received............................................................................................ 222
Income taxes paid (net of refunds received)................................................. 834 835 738
The accompanying notes are an integral part of these Consolidated Financial Statements.