Nordstrom 2015 Annual Report Download - page 40

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Nordstrom, Inc.
Consolidated Statements of Cash Flows
In millions
Fiscal year
2015
2014
2013
Operating Activities
Net earnings
$600
$720
$734
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization expenses
576
508
454
Amortization of deferred property incentives and other, net
(79)
(76)
(58)
Deferred income taxes, net
142
7
12
Stock-based compensation expense
70
68
58
Tax benefit from stock-based compensation
15
20
21
Excess tax benefit from stock-based compensation
(15)
(22)
(23)
Bad debt expense
26
41
52
Change in operating assets and liabilities:
Accounts receivable
(56)
(161)
(93)
Proceeds from sale of credit card receivables originated at Nordstrom
1,297
…
…
Merchandise inventories
(203)
(176)
(157)
Prepaid expenses and other assets
(126)
(4)
(6)
Accounts payable
(2)
15
167
Accrued salaries, wages and related benefits
(2)
18
(12)
Other current liabilities
50
155
60
Deferred property incentives
156
110
89
Other liabilities
2
(3)
22
Net cash provided by operating activities
2,451
1,220
1,320
Investing Activities
Capital expenditures
(1,082)
(861)
(803)
Change in credit card receivables originated at third parties
34
(8)
(6)
Proceeds from sale of credit card receivables originated at third parties
890
…
…
Other, net
14
(20)
(13)
Net cash used in investing activities
(144)
(889)
(822)
Financing Activities
Proceeds from long-term borrowings, net of discounts
16
34
399
Principal payments on long-term borrowings
(8)
(7)
(407)
Defeasance of long-term debt
(339)
…
…
Increase (decrease) in cash book overdrafts
23
(4)
47
Cash dividends paid
(1,185)
(251)
(234)
Payments for repurchase of common stock
(1,192)
(610)
(515)
Proceeds from issuances under stock compensation plans
94
141
103
Excess tax benefit from stock-based compensation
15
22
23
Other, net
37
(23)
(5)
Net cash used in financing activities
(2,539)
(698)
(589)
Net decrease in cash and cash equivalents
(232)
(367)
(91)
Cash and cash equivalents at beginning of year
827
1,194
1,285
Cash and cash equivalents at end of year
$595
$827
$1,194
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes, net of refunds
$383
$391
$445
Interest, net of capitalized interest
136
152
170
Non-cash investing and financing activities:
Beneficial interest asset acquired from the sale of credit card receivables
62
…
…
Issuance of common stock for Trunk Club acquisition
23
280
…
Debt exchange
—
…
201
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
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