Nordstrom 2007 Annual Report Download - page 47

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Nordstrom, Inc. and subsidiaries 39
Nordstrom, Inc.
Consolidated Statements of Cash Flows
In millions
Fiscal year 2007 2006 2005
Operating Activities
Net earnings $715 $678 $551
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization of buildings and equipment 269 285 276
Gain on sale of Façonnable (34) — —
Amortization of deferred property incentives and other, net (36) (36) (33)
Stock-based compensation expense 26 37 13
Deferred income taxes, net (42) (58) (11)
Tax benefit from stock-based payments 28 44 41
Excess tax benefit from stock-based payments (26) (38) —
Provision for bad debt expense 107 17 21
Change in operating assets and liabilities:
Accounts receivable (1,234) (61) (15)
Investment in asset backed securities 420 128 (136)
Merchandise inventories — (39) (21)
Prepaid expenses (9) (5) (1)
Other assets (27) (8) (3)
Accounts payable (19) 84 32
Accrued salaries, wages and related benefits (64) 49 (11)
Other current liabilities 36 23 39
Income taxes payable (6) (6) (34)
Deferred property incentives 58 31 49
Other liabilities (1) 17 19
Net cash provided by operating activities 161 1,142 776
Investing Activities
Capital expenditures (501) (264) (272)
Proceeds from sale of Façonnable 216 — —
Proceeds from sale of assets 12 — —
Purchases of short-term investments — (110) (543)
Sales of short-term investments — 164 531
Other, net 3(8) (8)
Net cash used in investing activities (270) (218) (292)
Financing Activities
Proceeds from long-term borrowings, net 2,510 — —
Principal payments on long-term borrowings (680) (307) (101)
Increase (decrease) in cash book overdrafts 5(51) 5
Proceeds from exercise of stock options 34 51 73
Proceeds from employee stock purchase plan 17 16 15
Excess tax benefit from stock-based payments 26 38 —
Cash dividends paid (134) (110) (87)
Repurchase of common stock (1,702) (621) (287)
Other, net (12) — —
Net cash provided by (used in) financing activities 64 (984) (382)
Net (decrease) increase in cash and cash equivalents (45) (60) 102
Cash and cash equivalents at beginning of year 403 463 361
Cash and cash equivalents at end of year $358 $403 $463
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.