Consolidated Statements of Cash Flows - 4Q 2006 (Unaudited)
(millions)
| |
53 Weeks Ended |
52 Weeks Ended |
| |
February 3, 2007 |
January 28, 2006 |
| Cash flows from continuing operating activities: |
| Net income |
$995 |
$1,406 |
Adjustments to reconcile net income to net cash
provided by continuing operating activities: |
| Income from discontinued operations |
(7) |
(33) |
| Gains on the sale of accounts receivable |
(191) |
(480) |
| Stock-based compensation expense |
91 |
10 |
| May integration costs |
628 |
194 |
| Depreciation and amortization |
1,265 |
976 |
Amortization of financing costs and premium on
acquired debt |
(49) |
(20) |
| Gain on early debt extingusihment |
(54) |
– |
| Changes in assets and liabilities: |
Proceeds from the sale of proprietary accounts
receivable |
1,860 |
2,195 |
(Increase) decrease in proprietary and other accounts
receivable not separately identified |
207 |
(147) |
| (Increase) decrease in merchandise inventories |
(51) |
495 |
| (Increase) decrease in supplies and prepaid expenses |
(41) |
122 |
(Increase) decrease in other assets not separately
identified |
25 |
(2) |
Decrease in accounts payable and accrued liabilities
not separately identified |
(841) |
(444) |
| Increase (decrease) in current income taxes |
(139) |
49 |
| Decrease in deferred income taxes |
(18) |
(36) |
Increase (decrease) in other liabilities not
separately identified |
12 |
(140) |
| Net cash provided by continuing operating activities |
3,692 |
4,145 |
| |
| Cash flows from continuing investing activities: |
| Purchase of property and equipment |
(1,317) |
(568) |
| Capitalized software |
(75) |
(88) |
| Proceeds from the disposition of Lord & Taylor |
1,047 |
– |
| Proceeds from the disposition of David's Bridal and Priscilla of Boston |
740 |
– |
| Repurchase of accounts receivable |
(1,141) |
– |
| Proceeds from the sale of repurchased accounts receivable |
1,323 |
– |
| Proceeds from hurricane insurance claim |
17 |
– |
| Disposition of property and equipment |
679 |
19 |
Proceeds from the sale of non-proprietary accounts
receivable |
– |
1,388 |
Acquisition of The May Department Stores Company,
net of cash acquired |
– |
(5,321) |
| Increase in non-proprietary accounts receivable |
– |
(131) |
Net cash provided (used) by
continuing investing activities |
1,273 |
(4,701) |
| |
| Cash flows from continuing financing activities: |
| Debt issued |
1,146 |
4,580 |
| Financing costs |
(10) |
(2) |
| Debt repaid |
(2,680) |
(4,755) |
| Dividends paid |
(274) |
(157) |
| Decrease in outstanding checks |
(77) |
(53) |
| Acquisition of treasury stock |
(2,500) |
(7) |
| Issuance of common stock |
382 |
336 |
Net cash used by continuing
financing activities |
(4,013) |
(58) |
| |
| Net cash provided (used) by continuing operations |
952 |
(614) |
| Net cash provided (used) by discontinued operating activities |
(2) |
63 |
| Net cash used by discontinued investing activities |
(97) |
(61) |
| Net cash provided (used) by discontinued financing activities |
110 |
(8) |
| Net cash provided (used) by discontinued operations |
11 |
(6) |
| |
| Net increase (decrease) in cash and cash equivalents |
963 |
(620) |
| Cash and cash equivalents at beginning of period |
248 |
868 |
| |
| Cash and cash equivalents at end of period |
$1,211 |
$248 |
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 consists of compensation expense for restricted stock grants, stock credit plans and stock options.
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Historical Data:
Consolidated Financial Statements: