Target 2014 Annual Report Download - page 39

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Consolidated Statements of Cash Flows
(millions) 2014 2013 2012
Operating activities
Net (loss)/earnings
Losses from discontinued operations, net of tax
$ (1,636) $
(4,085)
1,971
(723)
$ 2,999
(316)
Net earnings from continuing operations
Adjustments to reconcile net earnings to cash provided by operations:
Depreciation and amortization
Share-based compensation expense
Deferred income taxes
Gain on receivables transaction
Loss on debt extinguishment
Noncash losses/(gains) and other, net (a)
Changes in operating accounts:
Accounts receivable originated at Target
Proceeds on sale of accounts receivable originated at Target
Inventory
Other assets
Accounts payable and accrued liabilities
2,449
2,129
71
7
—
285
40
—
—
(512)
(115)
777
2,694
1,996
106
58
(391)
445
121
157
2,703
(504)
(79)
213
3,315
2,044
102
67
(161)
—
220
(217)
—
160
(155)
193
Cash provided by operating activities—continuing operations
Cash required for operating activities—discontinued operations
5,131
(692)
7,519
(999)
5,568
(243)
Cash provided by operations 4,439 6,520 5,325
Investing activities
Expenditures for property and equipment
Proceeds from disposal of property and equipment
Change in accounts receivable originated at third parties
Proceeds from sale of accounts receivable originated at third parties
Cash paid for acquisitions, net of cash assumed
Other investments
(1,786)
95
—
—
(20)
106
(1,886)
70
121
3,002
(157)
130
(2,346)
66
254
—
—
102
Cash (required for)/ provided by investing activities—continuing operations
Cash required for investing activities—discontinued operations
(1,605)
(321)
1,280
(1,551)
(1,924)
(931)
Cash required for investing activities (1,926) (271) (2,855)
Financing activities
Change in commercial paper, net
Reductions of short-term debt
Additions to long-term debt
Reductions of long-term debt
Dividends paid
Repurchase of stock
Stock option exercises and related tax benefit
Other
(80)
—
1,993
(2,079)
(1,205)
—
373
—
(890)
—
—
(3,463)
(1,006)
(1,461)
456
—
970
(1,500)
1,971
(1,529)
(869)
(1,875)
360
(16)
Cash required for financing activities (998) (6,364) (2,488)
Effect of exchange rate changes on cash and cash equivalents — 26 8
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period (b)
1,515
695
(89)
784
(10)
794
Cash and cash equivalents at end of period (c) $ 2,210 $ 695 $ 784
Supplemental information
Interest paid, net of capitalized interest
Income taxes paid
Property and equipment acquired through capital lease obligations
$ 871
1,251
88
$ 1,043
1,386
132
$ 697
1,603
251
(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.
(b) Includes cash of our discontinued operations
of
$25 million, $59 million
and $98 million
for 2014, 2013 and 2012, respectively.
(c) Includes cash of our discontinued operations
of
$25 million
and $59 million for 2013 and 2012, respectively
.
See accompanying
Notes to
Consolidated
Financial Statements.
34