Exhibit 99.2
FEDERATED DEPARTMENT STORES, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(millions)
39 Weeks Ended 39 Weeks Ended
October 28, 2000 October 30, 1999
Cash flows from operating activities:
Net income (loss) $ (516) $ 347
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 486 493
Amortization of intangible assets 62 57
Amortization of financing costs 5 5
Amortization of unearned restricted stock 5 1
Asset impairment and restructuring charges 795 -
Changes in assets and liabilities:
Decrease in accounts receivable 489 109
Increase in merchandise inventories (1,489) (1,317)
Increase in supplies and prepaid expenses (39) (67)
Increase in other assets not separately
identified (44) (18)
Increase in accounts payable and accrued
liabilities not separately identified 688 741
Decrease in current income taxes (220) (64)
Increase in deferred income taxes 52 17
Increase (decrease) in other liabilities
not separately identified (6) 3
Net cash provided by operating activities 268 307
Cash flows from investing activities:
Purchase of property and equipment (490) (470)
Capitalized software (62) (34)
Investments in companies (31) (90)
Acquisition of Fingerhut Companies, Inc.,
net of cash acquired - (1,539)
Disposition of property and equipment 62 32
Net cash used by investing activities (521) (2,101)
Cash flows from financing activities:
Debt issued 802 2,055
Financing costs (4) (10)
Debt repaid (50) (158)
Increase in outstanding checks 101 140
Acquisition of treasury stock (551) -
Issuance of common stock 40 55
Net cash provided by financing activities 338 2,082
Net increase in cash $ 85 $ 288
Cash at beginning of period 218 307
Cash at end of period $ 303 $ 595
Supplemental cash flow information:
Interest paid $ 317 $ 259
Interest received 5 8
Income taxes paid (net of refunds received) 251 278
Schedule of noncash investing and
financing activities:
Debt assumed in acquisition - 125
Equity issued in acquisition - 12
Consolidation of net assets and debt of
previously unconsolidated subsidiary - 1,132
