Nordstrom 2013 Annual Report Download - page 39

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Nordstrom, Inc. and subsidiaries 39
Nordstrom, Inc.
Consolidated Statements of Cash Flows
In millions
Fiscal year 2013 2012 2011
Operating Activities
Net earnings $734 $735 $683
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization expenses 454 429 371
Amortization of deferred property incentives and other, net (58) (63) (46)
Deferred income taxes, net 12 22 14
Stock-based compensation expense 58 53 50
Tax benefit from stock-based compensation 21 23 20
Excess tax benefit from stock-based compensation (23) (24) (22)
Bad debt expense 52 42 84
Change in operating assets and liabilities:
Accounts receivable (93) (99) (81)
Merchandise inventories (157) (170) (137)
Prepaid expenses and other assets (6) 5 —
Accounts payable 167 48 54
Accrued salaries, wages and related benefits (12) 13 6
Other current liabilities 60 36 95
Deferred property incentives 89 58 78
Other liabilities 22 2 8
Net cash provided by operating activities 1,320 1,110 1,177
Investing Activities
Capital expenditures (803) (513) (511)
Change in restricted cash —200 (200)
Change in credit card receivables originated at third parties (6) (42) (7)
Other, net (13) (14) (10)
Net cash used in investing activities (822) (369) (728)
Financing Activities
Proceeds from long-term borrowings, net of discounts 399 — 824
Principal payments on long-term borrowings (407) (506) (6)
Proceeds from sale of interest rate swap —— 72
Increase (decrease) in cash book overdrafts 47 5 (30)
Cash dividends paid (234) (220) (197)
Payments for repurchase of common stock (515) (725) (840)
Proceeds from issuances under stock compensation plans 103 91 76
Excess tax benefit from stock-based compensation 23 24 22
Other, net (5) (2) 1
Net cash used in financing activities (589) (1,333) (78)
Net (decrease) increase in cash and cash equivalents (91) (592) 371
Cash and cash equivalents at beginning of year 1,285 1,877 1,506
Cash and cash equivalents at end of year $1,194 $1,285 $1,877
Supplemental Cash Flow Information
Cash paid during the year for:
Interest (net of capitalized interest) $170 $169 $124
Income taxes (net of refunds) $445 $429 $398
Non-cash investing and financing activities:
Debt exchange $201 $— $—
Issuance of common stock for HauteLook acquisition $— $— $148
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
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