Kohl's 2012 Annual Report Download - page 45

F-6
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
2012 2011 2010
Operating activities
Net income................................................................................................................................... $ 986 $ 1,167 $ 1,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization.............................................................................................. 833 778 750
Share-based compensation.................................................................................................... 50 57 66
Excess tax benefits from share-based compensation............................................................ (4)(2)(3)
Deferred income taxes.......................................................................................................... (79)144 39
Other non-cash revenues and expenses ................................................................................ 29 39 36
Changes in operating assets and liabilities: ..........................................................................
Merchandise inventories................................................................................................ (523)(160)(107)
Other current and long-term assets................................................................................ (37)(42)(50)
Accounts payable........................................................................................................... 74 96 (50)
Accrued and other long-term liabilities......................................................................... (60)63 12
Income taxes.................................................................................................................. (4)(1)(63)
Net cash provided by operating activities.................................................................................... 1,265 2,139 1,750
Investing activities
Acquisition of property and equipment ....................................................................................... (785)(927)(801)
Sales of investments in auction rate securities............................................................................. 109 145 42
Other ............................................................................................................................................ 16 (20) 2
Net cash used in investing activities............................................................................................ (660)(802)(757)
Financing activities
Treasury stock purchases............................................................................................................. (1,293)(2,311)(1,004)
Dividends paid ............................................................................................................................. (300)(271) —
Proceeds from issuance of debt.................................................................................................... 350 646 —
Deferred financing costs .............................................................................................................. (3)(8) —
Interest rate hedge payment ......................................................................................................... —(48) —
Long-term debt payments ............................................................................................................ —(400) —
Proceeds from financing obligations ........................................................................................... 12 14 27
Capital lease and financing obligation payments......................................................................... (111)(91)(84)
Proceeds from stock option exercises.......................................................................................... 68 58 75
Excess tax benefits from share-based compensation................................................................... 42 3
Net cash used in financing activities............................................................................................ (1,273)(2,409)(983)
Net decrease in cash and cash equivalents................................................................................... (668)(1,072) 10
Cash and cash equivalents at beginning of period....................................................................... 1,205 2,277 2,267
Cash and cash equivalents at end of period ................................................................................. $ 537 $ 1,205 $ 2,277
Supplemental information:
Interest paid, net of capitalized interest................................................................................ $ 318 $ 297 $ 304
Income taxes paid ................................................................................................................. 654 550 689
Non-Cash Investing and Financing Activities
Property and equipment acquired through capital lease and financing obligations ............. $ 63 $ 79 $ 107
See accompanying Notes to Consolidated Financial Statements