Nordstrom 2009 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 2009 2008 2007
Operating Activities
Net earnings $441 $401 $715
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization of buildings and equipment, net 313 302 269
Amortization of deferred property incentives and other, net (42) (21) (36)
Stock-based compensation expense 32 28 26
Deferred income taxes, net (58) (36) (42)
Tax benefit from stock-based payments 6 3 28
Excess tax benefit from stock-based payments (7) (4) (26)
Provision for bad debt expense 251 173 107
Gain on sale of Façonnable – — (34)
Change in operating assets and liabilities:
Accounts receivable (159) (93) (1,083)
Investment in asset-backed securities – — 420
Merchandise inventories (1) 53 —
Prepaid expenses and other assets (38) 38 (36)
Accounts payable 168 16 (19)
Accrued salaries, wages and related benefits 120 (54) (64)
Other current liabilities 8 28 36
Income taxes 73 (76) (6)
Deferred property incentives 96 119 58
Other liabilities 48 (29) (1)
Net cash provided by operating activities 1,251 848 312
Investing Activities
Capital expenditures (360) (563) (501)
Change in credit card receivables originated at third parties (182) (232) (151)
Proceeds from sale of Façonnable – — 216
Other, net 1 3 15
Net cash used in investing activities (541) (792) (421)
Financing Activities
(Repayments) proceeds from commercial paper borrowings, net (275) 275 —
Proceeds from long-term borrowings, net of discounts 399 150 2,510
Principal payments on long-term borrowings (25) (410) (680)
Increase in cash book overdrafts 9 20 5
Cash dividends paid (139) (138) (134)
Repurchase of common stock – (264) (1,702)
Proceeds from exercise of stock options 21 13 34
Proceeds from employee stock purchase plan 13 17 17
Excess tax benefit from stock-based payments 7 4 26
Other, net 3 (9) (12)
Net cash provided by (used in) financing activities 13 (342) 64
Net increase (decrease) in cash and cash equivalents 723 (286) (45)
Cash and cash equivalents at beginning of year 72 358 403
Cash and cash equivalents at end of year $795 $72 $358
Supplemental Cash Flow Information
Cash paid during the year for:
Interest (net of capitalized interest) $134 $145 $75
Income taxes $240 $340 $478
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.