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Consolidated Statements of Cash Flows - 2Q 2006 (Unaudited)
(millions)
| |
26 Weeks Ended |
| |
July 29, 2006 |
July 30, 2005 |
| Cash flows from continuing operating activities: |
| Net income |
$265 |
$271 |
| Adjustments to reconcile net income to net cash provided by continuing operating activities: |
| Income from discontinued operations |
(57) |
- |
| Gains on the sale of accounts receivable |
(191) |
- |
| Stock-based compensation expense |
43 |
9 |
| May integration costs |
306 |
- |
| Depreciation and amortization |
630 |
355 |
Amortization of financing costs and
premium on acquired debt |
(37) |
2 |
| Changes in assets and liabilities: |
Proceeds from the sale of proprietary
accounts receivable |
1,860 |
- |
Decrease in proprietary and other accounts
receivable not separately identified |
227 |
223 |
| (Increase) decrease in merchandise inventories |
157 |
(139) |
| Increase in supplies and prepaid expenses |
(45) |
(17) |
(Increase) decrease in other assets
not separately identified |
(7) |
10 |
Increase (decrease) in accounts payable and
accrued liabilities not separately identified |
(727) |
64 |
| Decrease in current income taxes |
(21) |
(147) |
| Increase (decrease) in deferred income taxes |
(203) |
26 |
| Increase in other liabilities not separately identified |
81 |
8 |
| Net cash provided by continuing operating activities |
2,281 |
665 |
| |
| Cash flows from continuing investing activities: |
| Purchase of property and equipment |
(353) |
(143) |
| Capitalized software |
(39) |
(32) |
| Increase in non-proprietary accounts receivable |
- |
(76) |
| Proceeds from hurricane insurance claims |
7 |
- |
| Repurchase of accounts receivable |
(1,141) |
- |
| Proceeds from the sale of repurchased accounts receivable |
1,323 |
- |
| Disposition of property and equipment |
443 |
14 |
| Net cash provided (used) by continuing investing activities |
240 |
(237) |
| |
| Cash flows from continuing financing activities: |
| Debt issued |
46 |
- |
| Debt repaid |
(1,512) |
(16) |
| Dividends paid |
(139) |
(46) |
| Decrease in outstanding checks |
(45) |
(55) |
| Acquisition of treasury stock |
(287) |
(7) |
| Issuance of common stock |
195 |
227 |
Net cash provided (used) by
continuing financing activities |
(1,742) |
103 |
| |
| Net cash provided by continuing operations |
779 |
531 |
| Net cash provided by discontinued operating activities |
99 |
– |
| Net cash used by discontinued investing activities |
(41) |
– |
| Net cash provided by discontinued financing activities |
(23) |
– |
| Net cash provided by discontinued operations |
35 |
– |
| |
| Net increase in cash and cash equivalents |
814 |
531 |
| Cash and cash equivalents at beginning of period |
248 |
868 |
| |
| Cash and cash equivalents at end of period |
$1,062 |
$1,399 |
Notes:
(1) Certain reclassifications were made to prior period amounts to conform with the classifications of such amounts for the most recent period.
(2) Stock-based compensation expense includes restricted stock grants, stock credit plans and stock options.
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Consolidated Financial Statements:
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