Foot Locker 2014 Annual Report Download - page 62

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FOOT LOCKER, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2014 2013 2012
(in millions)
From Operating Activities
Net income $ 520 $ 429 $ 397
Adjustments to reconcile net income to net cash provided by operating
activities:
Non-cash impairment charges 4—12
Depreciation and amortization 139 133 118
Deferred tax provision 20 19 20
Share-based compensation expense 24 25 20
Excess tax benefits on share-based compensation (12) (8) (9)
Gain on sale of real estate (4) ——
Qualified pension plan contributions (6) (2) (26)
Change in assets and liabilities:
Merchandise inventories (81) (20) (91)
Accounts payable 51 (48) 57
Accrued and other liabilities 33 (10) (4)
Income tax receivables and payables —38 (34)
Other, net 24 (26) (44)
Net cash provided by operating activities 712 530 416
From Investing Activities
Gain from lease terminations —2—
Proceeds from sale of real estate 5——
Purchases of short-term investments —(23) (88)
Sales and maturities of short-term investments 960 39
Purchase of business, net of cash acquired —(81) —
Capital expenditures (190) (206) (163)
Net cash used in investing activities (176) (248) (212)
From Financing Activities
Purchase of treasury shares (305) (229) (129)
Dividends paid on common stock (127) (118) (109)
Issuance of common stock 17 27 43
Treasury stock reissued under employee stock plan 535
Excess tax benefits on share-based compensation 12 911
Reduction in long-term debt and obligations under capital leases (3) (1) (2)
Net cash used in financing activities (401) (309) (181)
Effect of Exchange Rate Fluctuations on Cash and
Cash Equivalents (26) 56
Net Change in Cash and Cash Equivalents 109 (22) 29
Cash and Cash Equivalents at Beginning of Year 858 880 851
Cash and Cash Equivalents at End of Year $ 967 $ 858 $ 880
Cash Paid During the Year:
Interest $11 $1
1$11
Income taxes $ 251 $ 175 $ 230
See Accompanying Notes to Consolidated Financial Statements.
39