OfficeMax 2011 Annual Report Download - page 77

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OfficeMax Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
Fiscal year ended
December 31,
2011
December 25,
2010
December 26,
2009
(thousands)
Cash provided by operations:
Net income (loss) attributable to OfficeMax and noncontrolling
interest ................................................. $ 38,120 $ 73,864 $ (1,575)
Non-cash items in net income (loss):
Dividend income from investment in Boise Cascade Holdings,
L.L.C. ............................................. (7,846) (7,254) (6,707)
Depreciation and amortization ............................ 84,218 100,936 116,417
Non-cash impairment charges ............................. 11,197 10,979 17,612
Non-cash deferred taxes on impairment charges .............. (4,355) (4,271) (6,484)
Pension and other postretirement benefits expense ............ 8,328 4,965 11,537
Other ................................................ 19,296 2,530 9,131
Changes in operating assets and liabilities:
Receivables ........................................... (14,674) 6,678 26,334
Inventories ............................................ 17,269 (27,606) 164,027
Accounts payable and accrued liabilities .................... (54,873) (51,515) (56,471)
Current and deferred income taxes ......................... 10,349 51,169 48,752
Borrowings (payments) of loans on company-owned life
insurance policies .................................... — (44,442) 45,668
Other ................................................ (53,350) (27,896) (9,297)
Cash provided by operations .............................. 53,679 88,137 358,944
Cash provided by (used for) investment:
Expenditures for property and equipment ........................ (69,632) (93,511) (38,277)
Distribution from escrow account .............................. — — 25,142
Withdrawal from company-owned life insurance policies ........... — — 14,977
Proceeds from sales of assets, net .............................. 259 6,173 980
Cash provided by (used for) investment ..................... (69,373) (87,338) 2,822
Cash used for financing:
Cash dividends paid - preferred stock ........................... (3,286) (2,698) (3,089)
Payments of short-term debt, net .............................. 20 (654) (11,035)
Payments of long-term debt .................................. (6,136) (21,858) (52,936)
Borrowings of long-term debt ................................. — — 6,255
Purchase of preferred stock ................................... (2,125) (5,233) (6,079)
Proceeds from exercise of stock options ......................... 1,949 1,961 —
Payments related to other share-based compensation ............... (4,854) — (990)
Other .................................................... (3,520) 13 7,316
Cash used for financing .................................. (17,952) (28,469) (60,558)
Effect of exchange rates on cash and cash equivalents .............. (1,569) 3,426 14,583
Increase (decrease) in cash and cash equivalents .................. (35,215) (24,244) 315,791
Balance at beginning of the year ............................... 462,326 486,570 170,779
Balance at end of the year .................................... $427,111 $462,326 $486,570
See accompanying notes to consolidated financial statements
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