Foot Locker 2003 Annual Report Download - page 38

CONSOLIDATED STATEMENTS OF CASH FLOWS
2003 2002 2001
(in millions)
From Operating Activities
Net income ............................................................... $ 207 $ 153 $ 92
Adjustments to reconcile net income to net cash provided
by operating activities of continuing operations:
Loss on disposal of discontinued operations, net of tax ................ 1 9 19
Restructuring charges (income) ........................................ 1 (2) 34
Cumulative effect of accounting change, net of tax .................... 1 — —
Depreciation and amortization ......................................... 147 149 154
Impairment of long-lived assets ....................................... — 7 2
Restricted stock compensation expense ................................ 4 2 2
Tax benefit on stock compensation .................................... 2 2 2
Gains on sales of real estate and assets ................................ — (3) (2)
Deferred income taxes ................................................. (5) 38 38
Change in assets and liabilities, net of dispositions:
Merchandise inventories ............................................ (63) (22) (69)
Accounts payable and other accruals ................................ (17) (22) 9
Repositioning and restructuring reserves ............................ (1) (3) (62)
Pension contribution ................................................ (50) — —
Income taxes ........................................................ 9 42 (45)
Other, net ........................................................... 28 (3) 30
Net cash provided by operating activities of continuing operations ...... 264 347 204
From Investing Activities
Proceeds from sales of real estate and assets ............................. — 6 20
Lease acquisition costs ................................................... (15) (18) (20)
Capital expenditures ..................................................... (144) (150) (116)
Net cash used in investing activities of continuing operations ........... (159) (162) (116)
From Financing Activities
Issuance of convertible long-term debt .................................. — — 150
Debt issuance costs ...................................................... — — (8)
Reduction in long-term debt ............................................. (19) (41) (58)
Reduction in capital lease obligations .................................... — (1) (4)
Dividends paid on common stock ......................................... (21) (4) —
Issuance of common stock ............................................... 27 10 9
Net cash (used in) provided by financing activities of continuing
operations ............................................................. (13) (36) 89
Net Cash Provided by (Used in) Discontinued Operations ............. 7 (10) (75)
Effect of Exchange Rate Fluctuations on Cash
and Cash Equivalents ................................................. (8) 3 4
Net Change in Cash and Cash Equivalents .............................. 91 142 106
Cash and Cash Equivalents at Beginning of Year ....................... 357 215 109
Cash and Cash Equivalents at End of Year .............................. $ 448 $ 357 $ 215
Cash Paid During the Year:
Interest ............................................................... $ 25 $ 27 $ 36
Income taxes .......................................................... $ 77 $ 39 $ 35
See Accompanying Notes to Consolidated Financial Statements.
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