Foot Locker 2010 Annual Report Download - page 55
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CONSOLIDATED STATEMENTS OF CASH FLOWS
2010 2009 2008
(in millions)
From Operating Activities
Net income (loss) ....................................... $169 $ 48 $ (80)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities of continuing operations:
Discontinued operations, net of tax .......................... — (1) 1
Non-cash impairment and other charges....................... 10 36 259
Depreciation and amortization ............................. 106 112 130
Share-based compensation expense.......................... 13 12 9
Deferred tax provision (benefit) ............................ 84 2 (44)
Qualified pension plan contributions ......................... (32) (100) (6)
Change in assets and liabilities:
Merchandise inventories ............................... (19) 111 128
Accounts payable .................................... 7 23 (39)
Other accruals ...................................... 35 (30) (4)
Income taxes....................................... (9) 9 (7)
Payment on the settlement of the net investment hedge .......... (24) — —
Proceeds from the termination of interest rate swaps............. — 19 —
Other, net ......................................... (14) 105 36
Net cash provided by operating activities of continuing operations....... 326 346 383
From Investing Activities
Business acquisition ..................................... — — (106)
Gain from lease terminations ................................ 1 — 3
Gain from insurance recoveries .............................. — 1 —
Reclassification of cash equivalents to short-term investments ......... — — (23)
Sales of short-term investments .............................. 9 16 —
Capital expenditures ..................................... (97) (89) (146)
Net cash used in investing activities of continuing operations .......... (87) (72) (272)
From Financing Activities
Reduction in long-term debt ................................ — (3) (94)
Dividends paid on common stock ............................. (93) (94) (93)
Issuance of common stock ................................. 10 3 2
Purchase of treasury shares ................................. (50) — —
Treasury stock reissued under employee stock plan ................. 3 — —
Excess tax benefits on share-based compensation .................. 3 — —
Net cash used in financing activities of continuing operations.......... (127) (94) (185)
Effect of Exchange Rate Fluctuations on Cash and Cash Equivalents .... 2 18 (29)
Net Cash used by Discontinued Operations ..................... — (1) —
Net Change in Cash and Cash Equivalents ...................... 114 197 (103)
Cash and Cash Equivalents at Beginning of Year .................. 582 385 488
Cash and Cash Equivalents at End of Year....................... $696 $582 $385
Cash Paid During the Year:
Interest ............................................ $ 12 $ 12 $ 11
Income taxes ........................................ $ 53 $ 19 $ 64
See Accompanying Notes to Consolidated Financial Statements.
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