Aarons 2010 Annual Report Download - page 31

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Consolidated Statements of Cash Flows
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2010 2009 2008
Continuing Operations
Operating Activities:
Net Earnings from Continuing Operations $ 118,376 $ 112,878 $ 85,769
Depreciation of Lease Merchandise 504,105 474,958 429,907
Other Depreciation and Amortization 45,427 44,413 41,486
Additions to Lease Merchandise (1,034,474) (847,094) (865,881)
Book Value of Lease Merchandise Sold or Disposed 400,304 363,975 330,032
Change in Deferred Income Taxes 63,843 15,032 66,345
Loss on Sale of Property, Plant, and Equipment 2,441 1,136 1,725
Gain on Asset Dispositions (1,917) (7,826) (8,490)
Change in Income Tax Receivable (82,378) 28,443 (28,443)
Change in Accounts Payable and Accrued Expenses 35,321 2,014 35,384
Change in Accounts Receivable (3,567) (6,582) (13,219)
Excess Tax Benefits from Stock-Based Compensation (321) (3,909) (1,767)
Change in Other Assets (4,943) 3,356 (941)
Change in Customer Deposits 2,015 4,763 4,845
Stock-Based Compensation 4,759 3,696 1,421
Other Changes, Net 270 4,441 1,078
Cash Provided by Operating Activities 49,261 193,694 79,251
Investing Activities:
Additions to Property, Plant and Equipment (87,636) (83,140) (74,924)
Acquisitions of Businesses and Contracts (17,891) (25,202) (80,935)
Proceeds from Dispositions of Businesses and Contracts 8,025 32,042 99,152
Proceeds from Sale of Property, Plant, and Equipment 53,399 37,533 54,546
Cash Used by Investing Activities (44,103) (38,767) (2,161)
Financing Activities:
Proceeds from Credit Facilities 2,429 57,383 536,469
Repayments on Credit Facilities (15,683) (117,156) (607,484)
Dividends Paid (2,929) (4,649) (3,430)
Excess Tax Benefits from Stock-Based Compensation 321 3,909 1,767
Acquisition of Treasury Stock (28,046) — (7,529)
Issuance of Stock Under Stock Option Plans 1,087 8,172 6,476
Cash Used by Financing Activities (42,821) (52,341) (73,731)
Discontinued Operations:
Operating Activities — (277) (3,512)
Investing Activities — — 2,739
Cash Used by Discontinued Operations — (277) (773)
(Decrease) Increase in Cash and Cash Equivalents (37,663) 102,309 2,586
Cash and Cash Equivalents at Beginning of Year 109,685 7,376 4,790
Cash and Cash Equivalents at End of Year $ 72,022 $ 109,685 $ 7,376
Cash Paid During the Year:
Interest $ 3,203 $ 4,591 $ 8,869
Income Taxes 94,793 15,286 29,186
The accompanying notes are an integral part of the Consolidated Financial Statements.
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