Macy's 2014 Annual Report Download - page 97

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-50
MACY’S, INC.
Condensed Consolidating Statement of Cash Flows
For 2013
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Cash flows from operating activities:
Net income..................................................... $ 1,486 $ 611 $ 1,438 $ (2,049) $ 1,486
Impairments, store closing and other costs.... — 37 51 — 88
Equity in earnings of subsidiaries.................. (1,492) (557) — 2,049 —
Dividends received from subsidiaries ........... 911 4 — (915) —
Depreciation and amortization ...................... — 467 553 — 1,020
(Increase) decrease in working capital .......... (54) 12 (111) — (153)
Other, net....................................................... (25) 158 (25) — 108
Net cash provided by
operating activities................................ 826 732 1,906 (915) 2,549
Cash flows from investing activities:
Purchase of property and equipment and
capitalized software, net............................. —(289)(442) — (731)
Other, net....................................................... —(6)(51) — (57)
Net cash used by
investing activities .............................. —(295)(493) — (788)
Cash flows from financing activities:
Debt issued, net of debt repaid ...................... — 278 (2) — 276
Dividends paid............................................... (359) — (915) 915 (359)
Common stock acquired, net of
issuance of common stock ......................... (1,256) — — — (1,256)
Intercompany activity, net............................. 1,310 (728)(582) — —
Other, net....................................................... (104) 56 63 — 15
Net cash used by financing activities..... (409) (394)(1,436) 915 (1,324)
Net increase (decrease) in
cash and cash equivalents ................................. 417 43 (23) — 437
Cash and cash equivalents at
beginning of period........................................... 1,538 41 257 — 1,836
Cash and cash equivalents at
end of period ..................................................... $ 1,955 $ 84 $ 234 $ — $ 2,273