Sears 2011 Annual Report Download - page 56

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SEARS HOLDINGS CORPORATION
Consolidated Statements of Cash Flows
millions 2011 2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) ............................................................... $(3,147) $ 150 $ 297
(Income) loss from discontinued operations, net of tax .................................. 27 (11) (17)
Income (loss) from continuing operations ............................................ (3,120) 139 280
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred tax valuation allowance .............................................. 1,798 — —
Depreciation and amortization ................................................. 853 869 894
Impairment charges ......................................................... 649 — —
Gain on sales of assets ....................................................... (64) (67) (74)
Pension and postretirement plan contributions .................................... (390) (316) (209)
Settlement of Canadian dollar hedges ........................................... — (3) —
Change in operating assets and liabilities (net of acquisitions and dispositions):
Deferred income taxes ................................................... (533) (15) 94
Merchandise inventories ................................................. 545 (353) 193
Merchandise payables ................................................... (134) (285) 284
Income and other taxes .................................................. (50) (34) 98
Mark-to-market asset on Sears Canada U.S. dollar collar contracts ................ 2 7 65
Other operating assets ................................................... 67 (7) 55
Other operating liabilities ................................................ 70 142 (200)
Net cash provided by (used in) operating activities—continuing operations ......... (307) 77 1,480
Net cash provided by operating activities—discontinued operations ............... 32 46 27
Net cash provided by (used in) operating activities ................................. (275) 123 1,507
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of property and investments .................................. 72 35 23
Net decrease in investments and restricted cash ................................... 8 — 166
Purchases of property and equipment ........................................... (432) (426) (350)
Net cash used in investing activities—continuing operations ..................... (352) (391) (161)
Net cash provided by (used in) investing activities—discontinued operations ........ 43 (15) (11)
Net cash used in investing activities ............................................ (309) (406) (172)
CASH FLOWS FROM FINANCING ACTIVITIES
Stock issued under executive compensation plans ................................. — — 13
Proceeds from debt issuances ................................................. 104 1,353 —
Repayments of long-term debt ................................................. (611) (358) (319)
Increase (decrease) in short-term borrowings, primarily 90 days or less ................ 815 35 (117)
Debt issuance costs ......................................................... (35) (28) (81)
Purchase of Sears Canada shares ............................................... (43) (603) (7)
Sears Canada dividends paid to minority shareholders .............................. — (69) —
Purchase of treasury stock .................................................... (183) (394) (424)
Net cash provided by (used in) financing activities—continuing operations ......... 47 (64) (935)
Net cash used in financing activities—discontinued operations ................... (75) (31) (16)
Net cash used in financing activities ............................................ (28) (95) (951)
Effect of exchange rate changes on cash and cash equivalents ............................ — 57 132
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ................. (612) (321) 516
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ....................... 1,359 1,680 1,164
CASH AND CASH EQUIVALENTS, END OF YEAR ............................... $ 747 $1,359 $1,680
SUPPLEMENTAL INFORMATION:
Capital lease obligation incurred ................................................... 3 15 —
Supplemental Cash Flow Data:
Income taxes paid (refunds received) ........................................... 94 47 (82)
Cash interest paid ........................................................... 223 164 169
Unpaid liability to acquire equipment and software ................................ 52 56 58
Non-cash dividend in connection with Spin-Off ................................... (74) — —
See accompanying Notes to Consolidated Financial Statements.
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