Lifetime Fitness 2009 Annual Report Download - page 60

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
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Supplemental Cash Flow Information — Decreases (increases) in operating assets and increases (decreases) in
operating liabilities are as follows:
For the Year Ended December 31,
2009 2008 2007
Accounts receivable............................................................................... $1,762 $ (1,747) ($ 2,155)
Income tax receivable ............................................................................ – 5,917 (1,112)
Inventories and center operating supplies .............................................. 11 (308) (5,551)
Prepaid expenses and other current assets ............................................. 1,126 5,028 (6,762)
Deferred membership origination costs ................................................. 5,093 (3,515) (7,122)
Other assets............................................................................................ (1,564) – –
Accounts payable .................................................................................. 349 (5,364) 4,895
Accrued expenses .................................................................................. 2,167 (315) 9,861
Deferred revenue ................................................................................... (4,025) (2,190) 6,690
Deferred rent .......................................................................................... 1,123 2,399 (190)
Other liabilities ...................................................................................... (16,993) 13,638 902
Changes in operating assets and liabilities ............................................ (10,951) $13,543 ($ 544)
Our capital expenditures were as follows:
For the Year Ended December 31,
2009 2008 2007
Purchases of property and equipment .................................................... $146,632 $463,337 $415,822
Non-cash property and equipment purchases financed through
capital lease obligations ...................................................................... 31 9,910 1,445
Non-cash property purchases financed through notes payable
obligations .......................................................................................... – – 95
Non-cash property purchases in construction accounts payable ............ (53,789) 3,963 10,218
Non-cash share-based compensation capitalized to projects under
development ....................................................................................... 385 641 744
Total capital expenditures ...................................................................... $ 93,259 $477,851 $428,324
We made cash payments for income taxes for each of the three years ended December 31, 2009, 2008 and 2007 of
$41.3 million, $19.9 million and $33.7 million, respectively.
We made cash payments for interest, net of capitalized interest, for each of the three years ended December 31,
2009, 2008 and 2007 of $29.9 million, $35.6 million and $30.6 million, respectively. Capitalized interest was of
$3.6 million, $9.1 million and $8.4 million during those same periods, respectively.
Construction accounts payable and accounts payable related to property and equipment was $9.9 million at
December 31, 2009 and $63.7 million at December 31, 2008.
New Accounting Pronouncements — In June 2009, the Financial Accounting Standards Board (“FASB”) issued
guidance which establishes the FASB Accounting Standards Codification as the source of authoritative accounting
principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial
statements in conformity with Generally Accepted Accounting Principles (“GAAP”) in the United States. It became
effective for our interim reporting period ended September 30, 2009.