Nordstrom 1999 Annual Report Download - page 39

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37NORDSTROM, INC. AND SUBSIDIARIES
Consolidated Statements
of Cash Flows
Dollars in thousands
Year ended January 31 , 2000 1999 1998
Operating Activities
Net earnings $ 202,557 $ 206,723 $ 186,213
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization 193,718 180,655 158,969
Amortization of deferred lease credits and other, net (6,387) (3,501) (2,092)
Stock-based compensation expense 3,331 10,037 246
Change in:
Accounts receivable, net (29,854) 77,313 50,141
Merchandise inventories (47,576) 75,776 (106,126)
Prepaid income taxes and other (23,017) 30,983 (11,616)
Accounts payable 51,053 18,324 10,881
Accrued salaries, wages and related benefits 14,942 17,156 9,635
Income tax liabilities and other accruals 12,205 (20,454) 2,104
Other liabilities 7,154 8,296 2,301
Net cash provided by operating activities 378,126 601,308 300,656
Investing Activities
Capital expenditures (305,052) (306,737) (259,935)
Additions to deferred lease credits 114,910 74,264 —
Investments in unconsolidated affiliates — (32,857) —
Other, net (9,332) (2,251) (49)
Net cash used in investing activities (199,474) (267,581) (259,984)
Financing Activities
(Decrease) increase in notes payable (7,849) (184,984) 99,997
Proceeds from issuance of long-term debt — 544,165 91,644
Principal payments on long-term debt (63,341) (101,106) (51,210)
Capital contribution to subsidiary from minority shareholders 16,000 — —
Proceeds from issuance of common stock 9,577 14,971 17,406
Cash dividends paid (44,463) (44,059) (41,168)
Purchase and retirement of common stock (302,965) (346,077) (160,831)
Net cash used in financing activities (393,041) (117,090) (44,162)
Net (decrease) increase in cash and cash equivalents (214,389) 216,637 (3,490)
Cash and cash equivalents at beginning of year 241,431 24,794 28,284
Cash and cash equivalents at end of year $ 27,042 $ 241,431 $ 24,794
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.