Kohl's 2014 Annual Report Download - page 23

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Table of Contents
The following table summarizes expected and actual capital expenditures by major category as a percentage of total capital expenditures:

Computer hardware and software

45%
33%
Store refresh
29
29
New stores
9
19
Distribution centers
7
15
Corporate expansion including credit
9
3
Other
1
1
Total
100%
100%
We expect total capital expenditures of approximately $800 million in fiscal 2015. The actual amount of our future capital expenditures will depend
on the number and timing of new stores and refreshes; expansion and renovations to distribution centers; the mix of owned, leased or acquired stores; and IT
and corporate spending. We do not anticipate that our capital expenditures will be limited by any restrictive covenants in our financing agreements.
Net cash used in investing activities decreased $37 million to $623 million in 2013. The decrease reflects a $142 million decrease in capital
expenditures which was substantially offset by a $108 million decrease in auction rate securities sales.
Financing activities.
Our financing activities used cash of $995 million in 2014 and $827 million in 2013.
We repurchased 12 million shares of our common stock for $677 million in 2014 and 15 million shares for $799 million in 2013. Share repurchases are
discretionary in nature. The timing and amount of repurchases is based upon available cash balances, our stock price and other factors. The shares were
purchased as part of our share repurchase program. We have $1.6 billion of authorized share repurchases remaining from the $3.5 billion program approved
by our Board of Directors in November 2012. We expect to execute the share repurchase program primarily in open market transactions, subject to market
conditions.
In September 2013, we issued $300 million of 4.75% notes with semi-annual interest payments that began in December 2013.
We have various facilities upon which we may draw funds, including a 5-year, $1 billion senior unsecured revolving credit facility which matures in
2018. There were no draws on these facilities during 2014 or 2013.
As of January 31, 2015, our credit ratings were as follows:
  
Long-term debt Baa1 BBB
BBB+
We may from time to time seek to retire or purchase our outstanding debt through open market cash purchases, privately negotiated transactions or
otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The
amounts involved could be material.
During 2014, we paid cash dividends of $317 million as detailed in the following table:
   
Declaration date February 26 May 14 August 12 November 12
Record date March 12 June 11 September 10 December 10
Payment date March 26 June 25 September 24 December 24
Amount per common share $0.39 $0.39 $0.39 $0.39
On February 25, 2015 our Board of Directors approved a 15% increase to our dividend to $0.45 per common share which will be paid on March 25,
2015 to shareholders of record as of March 11, 2015.
23