Target 2013 Annual Report Download - page 43

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38
Consolidated Statements of Cash Flows
(millions) 2013 2012 2011
Operating activities
Net earnings $ 1,971 $ 2,999 $ 2,929
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization 2,223 2,142 2,131
Share-based compensation expense 110 105 90
Deferred income taxes (254) (14) 371
Bad debt expense (a) 41 206 154
Gain on receivables transaction (391) (161) —
Loss on debt extinguishment 445 — —
Noncash (gains)/losses and other, net 82 14 22
Changes in operating accounts:
Accounts receivable originated at Target 157 (217) (187)
Proceeds on sale of accounts receivable originated at Target 2,703 — —
Inventory (885) 15 (322)
Other current assets (267) (123) (150)
Other noncurrent assets 19 (98) 43
Accounts payable 625 199 232
Accrued and other current liabilities (9) 138 218
Other noncurrent liabilities (50) 120 (97)
Cash provided by operations 6,520 5,325 5,434
Investing activities
Expenditures for property and equipment (3,453) (3,277) (4,368)
Proceeds from disposal of property and equipment 86 66 37
Change in accounts receivable originated at third parties 121 254 259
Proceeds from sale of accounts receivable originated at third parties 3,002 — —
Cash paid for acquisitions, net of cash assumed (157) — —
Other investments 130 102 (108)
Cash required for investing activities (271) (2,855) (4,180)
Financing activities
Change in commercial paper, net (890) 970 —
Additions to short-term debt —— 1,500
Reductions of short-term debt —(1,500) —
Additions to long-term debt —1,971 1,994
Reductions of long-term debt (3,463) (1,529) (3,125)
Dividends paid (1,006) (869) (750)
Repurchase of stock (1,461) (1,875) (1,842)
Stock option exercises and related tax benefit 456 360 89
Other —(16) (6)
Cash required for financing activities (6,364) (2,488) (2,140)
Effect of exchange rate changes on cash and cash equivalents 26 8 (32)
Net decrease in cash and cash equivalents (89) (10) (918)
Cash and cash equivalents at beginning of period 784 794 1,712
Cash and cash equivalents at end of period $ 695 $ 784 $ 794
Supplemental information
Interest paid, net of capitalized interest $ 1,120 $ 775 $ 816
Income taxes paid 1,386 1,603 1,109
Noncash financing activities
Property and equipment acquired through capital lease obligations 211 282 1,388
(a) Includes net write-offs of credit card receivables prior to the sale of our U.S. consumer credit card receivables on March 13, 2013, and bad
debt expense on credit card receivables during the twelve months ended February 2, 2013.
See accompanying Notes to Consolidated Financial Statements.