Foot Locker 2007 Annual Report Download - page 47

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31
See Accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2007 2006 2005
(in millions)
From Operating Activities
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51 $ 251 $264
Adjustments to reconcile net income to net cash provided by operating
activities of continuing operations:
Income on disposal of discontinued operations, net of tax . . . . . . . . . . . . . . . . . . (2) (3) (1)
Non-cash impairment charges and store closing program costs . . . . . . . . . . . . . . . 124 17 —
Cumulative effect of accounting change, net of tax. . . . . . . . . . . . . . . . . . . . . . . . — (1) —
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 175 171
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 10 6
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (129) 21 24
Change in assets and liabilities:
Merchandise inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 (38) (111)
Accounts payable and other accruals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36) (103) 14
Qualified pension plan contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (68) (26)
Income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (3) (8)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 (69) 16
Net cash provided by operating activities of continuing operations. . . . . . . . . . . . . . 283 189 349
From Investing Activities
Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1
Gain from lease termination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 —
Gain from insurance recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 3
Purchases of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,378) (1,992) (2,798)
Sales of short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,620 2,041 2,767
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (148) (165) (155)
Proceeds from investment and note. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 — —
Net cash provided by (used in) investing activities of continuing operations. . . . . . . 117 (108) (182)
From Financing Activities
Reduction in long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (86) (35)
Repayment of capital lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14) (1) —
Dividends paid on common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (77) (61) (49)
Issuance of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 12
Treasury stock reissued under employee stock plans. . . . . . . . . . . . . . . . . . . . . . . . . . — 3 2
Purchase of treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50) (8) (35)
Tax benefit on stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 —
Net cash used in financing activities of continuing operations . . . . . . . . . . . . . . . . . (138) (142) (105)
Net Cash Used In operating activities of Discontinued Operations . . . . . . . . . . . . . . — (8) —
Effect of Exchange Rate Fluctuations on Cash and Cash Equivalents. . . . . . . . . . . . . 5 1 2
Net Change in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267 (68) 64
Cash and Cash Equivalents at Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 289 225
Cash and Cash Equivalents at End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 488 $ 221 $ 289
Cash Paid During the Year:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18 $20 $21
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52 $133 $93