Macy's 2014 Annual Report Download - page 99

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-52
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 and other costs.... — 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) (75)(66) — (217)
Other, net....................................................... 31 (31) 7 — 7
Net cash provided by
operating activities.............................. 731 447 1,909 (908) 2,179
Cash flows from investing activities:
Purchase of property and equipment and
capitalized software, net............................. —(324)(552) — (876)
Other, net....................................................... — 51 44 — 95
Net cash used by
investing activities .............................. —(273)(508) — (781)
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