Nordstrom 2011 Annual Report Download - page 41

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Nordstrom, Inc. and subsidiaries 41
Nordstrom, Inc.
Consolidated Statements of Cash Flows
In millions
Fiscal year 2011 2010 2009
Operating Activities
Net earnings $683 $613 $441
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization expenses 371 327 313
Amortization of deferred property incentives and other, net (46) (54) (42)
Deferred income taxes, net 14 2 (58)
Stock–based compensation expense 50 42 32
Tax benefit from stock–based compensation 20 15 6
Excess tax benefit from stock–based compensation (22) (16) (7)
Provision for bad debt expense 101 149 251
Change in operating assets and liabilities:
Accounts receivable (98) (74) (159)
Merchandise inventories (137) (80) (1)
Prepaid expenses and other assets – 1 (38)
Accounts payable 54 72 168
Accrued salaries, wages and related benefits 6 37 120
Other current liabilities 95 42 81
Deferred property incentives 78 95 96
Other liabilities 8 6 48
Net cash provided by operating activities 1,177 1,177 1,251
Investing Activities
Capital expenditures (511) (399) (360)
Change in restricted cash (200) – –
Change in credit card receivables originated at third parties (7) (66) (182)
Other, net (10) 3 1
Net cash used in investing activities (728) (462) (541)
Financing Activities
Repayments from commercial paper borrowings, net – – (275)
Proceeds from long–term borrowings, net of discounts 824 498 399
Principal payments on long–term borrowings (6) (356) (25)
Proceeds from sale of interest rate swap 72 – –
(Decrease) increase in cash book overdrafts (30) 37 9
Cash dividends paid (197) (167) (139)
Payments for repurchase of common stock (840) (84) –
Proceeds from issuances under stock compensation plans 76 48 34
Excess tax benefit from stock–based compensation 22 16 7
Other, net 1 4 3
Net cash (used in) provided by financing activities (78) (4) 13
Net increase in cash and cash equivalents 371 711 723
Cash and cash equivalents at beginning of year 1,506 795 72
Cash and cash equivalents at end of year $1,877 $1,506 $795
Supplemental Cash Flow Information
Cash paid during the year for:
Interest (net of capitalized interest) $124 $121 $134
Income taxes $398 $381 $240
Non–cash investing activity:
Issuance of common stock for HauteLook acquisition $148 – –
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.