Aarons 2013 Annual Report Download - page 53

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43
AARON’S, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Year Ended
December 31,
2011
(In Thousands)
OPERATING ACTIVITIES:
Net Earnings $ 120,666 $ 173,043 $ 113,767
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating
Activities:
Depreciation of Lease Merchandise 628,089 601,552 547,839
Other Depreciation and Amortization 57,016 56,783 52,832
Bad Debt Expense 35,894 31,842 25,402
Stock-Based Compensation 2,342 6,454 8,385
Loss (Gain) on Sale of Property, Plant, and Equipment and Assets
Held for Sale 613 (397) 1,172
Gain on Asset Dispositions (705) (265) (3,045)
Deferred Income Taxes (36,763) (23,241) 59,449
Excess Tax Benefits From Stock-Based Compensation (1,381) (5,967) (1,264)
Other Changes, Net 5,469 7,830 (1,693)
Changes in Operating Assets and Liabilities, Net of Effects of Acquisitions
and Dispositions:
Additions to Lease Merchandise (964,072) (1,162,703) (1,024,602)
Book Value of Lease Merchandise Sold or Disposed 425,673 469,897 433,433
Accounts Receivable (30,419) (18,528) (43,211)
Prepaid Expenses and Other Assets (1,349) (9,263) (4,317)
Income Tax Receivable 22,688 (22,379) 79,762
Accounts Payable and Accrued Expenses 16,893 (4,635) 18,885
Accrued Litigation Expense 28,400 (41,720) 40,043
Customer Deposits and Advance Payments (617) 1,451 4,358
Cash Provided by Operating Activities 308,437 59,754 307,195
INVESTING ACTIVITIES:
Purchase of Investments (74,845) (91,000) (100,513)
Proceeds from Maturities and Calls of Investments 47,930 102,118 1,063
Additions to Property, Plant and Equipment (58,145) (65,073) (78,211)
Acquisitions of Businesses and Contracts (10,898) (30,799) (32,176)
Proceeds from Dispositions of Businesses and Contracts 2,163 1,999 7,282
Proceeds from Sale of Property, Plant, and Equipment 6,841 6,790 11,481
Cash Used by Investing Activities (86,954) (75,965) (191,074)
FINANCING ACTIVITIES:
Proceeds from Credit Facilities 2,598 16,258 129,150
Repayments on Credit Facilities (4,954) (28,519) (17,151)
Acquisition of Treasury Stock (125,000) (34,131) (127,193)
Dividends Paid (3,875) (5,843) (4,073)
Excess Tax Benefits From Stock-Based Compensation 1,381 5,967 1,264
Issuance of Stock Under Stock Option Plans 9,924 15,756 6,117
Cash Used by Financing Activities (119,926) (30,512) (11,886)
Increase (Decrease) in Cash and Cash Equivalents 101,557 (46,723) 104,235
Cash and Cash Equivalents at Beginning of Year 129,534 176,257 72,022
Cash and Cash Equivalents at End of Year $ 231,091 $ 129,534 $ 176,257
Cash Paid During the Year:
Interest $ 5,614 $ 6,498 $ 3,983
Income Taxes 54,027 145,370 10,991
The accompanying notes are an integral part of the Consolidated Financial Statements.