Nordstrom 2013 Annual Report Download - page 53

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Nordstrom, Inc. and subsidiaries 53
Rent expense for 2013, 2012 and 2011 was as follows:
Fiscal year 2013 2012 2011
Minimum rent:
Store locations $145 $124 $108
Offices, warehouses and equipment 35 32 23
Percentage rent 14 14 12
Property incentives (69) (65) (65)
Total rent expense $125 $105 $78
The rent expense above does not include common area charges, real estate taxes and other executory costs which were $81 in 2013, $74 in
2012 and $69 in 2011.
NOTE 11: COMMITMENTS AND CONTINGENT LIABILITIES
Our estimated total purchase obligations, capital expenditure contractual commitments and inventory purchase orders were $2,125 as of
February 1, 2014. In connection with the purchase of foreign merchandise, we have outstanding trade letters of credit totaling $3 as of
February 1, 2014.
As of February 1, 2014, we had approximately $125 of fee interest in our Manhattan full-line store subject to lien. We have committed to
make future installment payments based on the developer of the property meeting construction and development milestones. Our fee interest
in the property is subject to lien until project completion or fulfillment of our existing installment payment commitment.
NOTE 12: SHAREHOLDERS’ EQUITY
Share Repurchase Program
In February 2013, our Board of Directors authorized a new program to repurchase up to $800 of our outstanding common stock, through
March 1, 2015, in addition to the remaining amount available for repurchase under previously authorized programs. In December 2013, we
completed the $800 repurchase program authorized in February 2012. The following is a summary of the activity related to our share
repurchase programs in 2011, 2012 and 2013:
Shares Average price
per share Amount
Capacity at January 29, 2011 411
May 2011 authorization (ended February 2, 2013) $750
Shares repurchased 18.5 $46 (851)
Capacity at January 28, 2012 $310
February 2012 authorization (ended February 1, 2014) 800
Shares repurchased 14.0 $51 (717)
Capacity at February 2, 2013 $393
February 2013 authorization (ends February 1, 2015) 800
Shares repurchased 9.1 $57 (523)
Capacity at February 1, 2014 $670
The actual number and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities
and Exchange Commission rules.
Dividends
We paid dividends of $1.20 per share in 2013, $1.08 per share in 2012 and $0.92 per share in 2011. In February 2014, we declared a
quarterly dividend of $0.33 per share, increased from a quarterly dividend of $0.30 per share in 2013.
Table of Contents
Nordstrom, Inc.
Notes to Consolidated Financial Statements
Dollar and share amounts in millions except per share, per option and unit amounts