Aarons 2011 Annual Report Download - page 28

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CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
(In Thousands) 2011 2010 2009
CONTINUING OPERATIONS
OPERATING ACTIVITIES:
Net Earnings from Continuing Operations $ 113,767 $ 118,376 $ 112,878
Depreciation of Lease Merchandise 550,732 504,105 474,958
Other Depreciation and Amortization 52,832 45,427 44,413
Additions to Lease Merchandise (1,024,602) (1,034,474) (847,094)
Book Value of Lease Merchandise Sold or Disposed 430,540 400,304 363,975
Change in Deferred Income Taxes 59,449 63,843 15,032
Bad Debt Expense 25,402 23,988 20,469
Loss on Sale of Property, Plant, and Equipment 1,172 2,441 1,136
Gain on Dispositions of Business and Contracts (3,045) (1,917) (7,826)
Change in Income Tax Receivable 79,762 (82,378) 28,443
Change in Accounts Payable and Accrued Expenses 20,916 33,969 2,410
Change in Accrued Litigation Expense 40,043 1,352 (396)
Change in Accounts Receivable (43,211) (27,555) (27,051)
Excess Tax Benefits from Stock-Based Compensation (1,264) (321) (3,909)
Change in Other Assets (6,348) (4,943) 3,356
Change in Customer Deposits 4,358 2,015 4,763
Stock-Based Compensation 8,385 4,759 3,696
Other Changes, Net (1,693) 270 4,441
Cash Provided by Operating Activities 307,195 49,261 193,694
INVESTING ACTIVITIES:
Additions to Property, Plant and Equipment (78,211) (87,636) (83,140)
Acquisitions of Businesses and Contracts (32,176) (17,891) (25,202)
Purchase of Investment Securities (100,513) — —
Proceeds from Calls of Investment Securities 1,063 — —
Proceeds from Dispositions of Businesses and Contracts 7,282 8,025 32,042
Proceeds from Sale of Property, Plant, and Equipment 11,481 53,399 37,533
Cash Used by Investing Activities (191,074) (44,103) (38,767)
FINANCING ACTIVITIES:
Proceeds from Credit Facilities 129,150 2,429 57,383
Repayments on Credit Facilities (17,151) (15,683) (117,156)
Dividends Paid (4,073) (2,929) (4,649)
Excess Tax Benefits from Stock-Based Compensation 1,264 321 3,909
Acquisition of Treasury Stock (127,193) (28,046) —
Issuance of Stock Under Stock Option Plans 6,117 1,087 8,172
Cash Used by Financing Activities (11,886) (42,821) (52,341)
DISCONTINUED OPERATIONS:
Operating Activities — — (277)
Cash Used by Discontinued Operations — — (277)
Increase (Decrease) in Cash and Cash Equivalents 104,235 (37,663) 102,309
Cash and Cash Equivalents at Beginning of Year 72,022 109,685 7,376
Cash and Cash Equivalents at End of Year $ 176,257 $ 72,022 $ 109,685
Cash Paid During the Year:
Interest $ 3,983 $ 3,203 $ 4,591
Income Taxes 10,991 94,793 15,286
The accompanying notes are an integral part of the Consolidated Financial Statements.
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