Dillard's 2012 Annual Report Download - page 59

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Consolidated Statements of Cash Flows
Dollars in Thousands
Years Ended
February 2, 2013 January 28, 2012 January 29, 2011
Operating activities:
Net income .................................... $335,962 $ 463,909 $ 179,620
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and deferred
financing cost ............................... 261,572 259,467 263,395
Deferred income taxes ........................... (61,093) (9,494) 18,439
Gain on disposal of assets ........................ (12,435) (3,955) (5,632)
Asset impairment and store closing charges ............. 1,591 1,200 2,208
Excess tax benefits from share-based compensation ....... (49,949) (10,171) (3,446)
Gain on repurchase of debt ....................... — (173) (21)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable .............. (2,811) (2,758) 37,272
Decrease (increase) in merchandise inventories .......... 9,543 (13,977) 10,533
Decrease in federal income tax receivable .............. — — 217
(Increase) decrease in other current assets ............. (7,195) 7,913 626
Decrease (increase) in other assets .................. 7,923 (210,443) 6,536
Increase (decrease) in trade accounts payable and accrued
expenses and other liabilities ..................... 11,472 (17,981) 24,647
Increase (decrease) in income taxes payable ............ 28,123 37,603 (21,472)
Net cash provided by operating activities ................ 522,703 501,140 512,922
Investing activities:
Purchase of property and equipment ................. (136,632) (115,651) (98,184)
Proceeds from disposal of assets .................... 30,923 29,946 17,569
Distribution from joint venture ..................... — 2,481 —
Investment in joint venture ........................ — — (9,000)
Net cash used in investing activities .................... (105,709) (83,224) (89,615)
Financing activities:
Principal payments on long-term debt and capital lease
obligations ................................. (79,020) (56,767) (17,466)
Cash dividends paid ............................. (252,341) (10,002) (11,110)
Purchase of treasury stock ........................ (185,536) (491,157) (413,889)
Proceeds from issuance of common stock .............. 6,315 10,820 17,310
Excess tax benefits from share-based compensation ....... 49,949 10,171 3,446
Issuance cost of line of credit ...................... (5,375) — —
Purchase and retirement of common stock ............. (51,198) — —
Net cash used in financing activities ................... (517,206) (536,935) (421,709)
(Decrease) increase in cash and cash equivalents ........... (100,212) (119,019) 1,598
Cash and cash equivalents, beginning of year ............. 224,272 343,291 341,693
Cash and cash equivalents, end of year ................. $124,060 $ 224,272 $ 343,291
Non-cash transactions:
Accrued capital expenditures ....................... $ — $ 7,089 $ 1,553
Stock awards ................................. 4,764 2,762 2,292
Capital lease transactions ......................... — — 3,966
See notes to consolidated financial statements.
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