Target 2010 Annual Report Download - page 57

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Consolidated Statements of Cash Flows
(millions) 2010 2009 2008
Operating activities
Net earnings $ 2,920 $ 2,488 $ 2,214
Reconciliation to cash flow
Depreciation and amortization 2,084 2,023 1,826
Share-based compensation expense 109 103 72
Deferred income taxes 445 364 91
Bad debt expense 528 1,185 1,251
Non-cash (gains)/losses and other, net (145) 143 316
Changes in operating accounts:
Accounts receivable originated at Target (78) (57) (458)
Inventory (417) (474) 77
Other current assets (124) (129) (99)
Other noncurrent assets (212) (114) (55)
Accounts payable 115 174 (389)
Accrued and other current liabilities 149 257 (230)
Other noncurrent liabilities (103) (82) (186)
Cash flow provided by operations 5,271 5,881 4,430
Investing activities
Expenditures for property and equipment (2,129) (1,729) (3,547)
Proceeds from disposal of property and equipment 69 33 39
Change in accounts receivable originated at third parties 363 (10) (823)
Other investments (47) 3 (42)
Cash flow required for investing activities (1,744) (1,703) (4,373)
Financing activities
Reductions of short-term notes payable —— (500)
Additions to long-term debt 1,011 — 3,557
Reductions of long-term debt (2,259) (1,970) (1,455)
Dividends paid (609) (496) (465)
Repurchase of stock (2,452) (423) (2,815)
Stock option exercises and related tax benefit 294 47 43
Other —— (8)
Cash flow required for financing activities (4,015) (2,842) (1,643)
Net increase/(decrease) in cash and cash equivalents (488) 1,336 (1,586)
Cash and cash equivalents at beginning of year 2,200 864 2,450
Cash and cash equivalents at end of year $ 1,712 $ 2,200 $ 864
Cash paid for income taxes was $1,259, $1,040 and $1,399 during 2010, 2009 and 2008, respectively. Cash paid for interest (net of interest
capitalized) was $752, $805 and $873 during 2010, 2009 and 2008, respectively.
See accompanying Notes to Consolidated Financial Statements.
35
PART II