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F-8
Consolidated Statements of Cash Flows
Dollars in Thousands
Years Ended
February 1, 2014 February 2, 2013 January 28, 2012
Operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 323,671 $ 335,962 $ 463,909
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and deferred financing
cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,237 261,572 259,467
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,329)(61,093)(9,494)
Gain on disposal of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,379)(12,435)(3,955)
Asset impairment and store closing charges. . . . . . . . . . . . . . . . . . . 5,353 1,591 1,200
Excess tax benefits from share-based compensation . . . . . . . . . . . . —(49,949)(10,171)
Gain on repurchase of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ——
(173)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable . . . . . . . . . . . . . . . . . . . 679 (2,811)(2,758)
(Increase) decrease in merchandise inventories . . . . . . . . . . . . . . . . (50,740) 9,543 (13,977)
(Increase) decrease in other current assets . . . . . . . . . . . . . . . . . . . . (4,272)(7,195) 7,913
Decrease (increase) in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . 3,810 7,923 (210,443)
(Decrease) increase in trade accounts payable and accrued
expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,752) 11,472 (17,981)
Increase in income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,479 28,123 37,603
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . 501,757 522,703 501,140
Investing activities:
Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . (94,923)(136,632)(115,651)
Proceeds from disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,295 30,923 29,946
Distribution from joint venture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 2,481
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (76,628)(105,709)(83,224)
Financing activities:
Principal payments on long-term debt and capital lease obligations (1,691)(79,020)(56,767)
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,361)(252,341)(10,002)
Purchase of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (301,566)(185,536)(491,157)
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . — 6,315 10,820
Excess tax benefits from share-based compensation . . . . . . . . . . . . — 49,949 10,171
Issuance cost of line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,437)(5,375)—
Purchase and retirement of common stock. . . . . . . . . . . . . . . . . . . . —(51,198)—
Net cash used in financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . (312,055)(517,206)(536,935)
Increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . 113,074 (100,212)(119,019)
Cash and cash equivalents, beginning of year . . . . . . . . . . . . . . . . . . 124,060 224,272 343,291
Cash and cash equivalents, end of year. . . . . . . . . . . . . . . . . . . . . . . . $ 237,134 $ 124,060 $ 224,272
Non-cash transactions:
Accrued capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,775 $ — $ 7,089
Stock awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,713 4,764 2,762
See notes to consolidated financial statements.