Big Lots 2008 Annual Report Download - page 112

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44
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
2008 2007 2006
Operating activities:
Net income................................................ $ 151,547 $ 158,461 $ 124,045
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense.......................... 73,787 83,103 95,613
Deferred income taxes....................................... 13,518 457 (13,641)
Employee benefits paid with common shares ..................... — — 5,174
KB Toys matters ........................................... 3,119 (6,108) (14,218)
Non-cash share-based compensation expense..................... 15,456 9,907 6,585
Non-cash impairment charges ................................. 137 757 7,720
Loss on disposition of property and equipment.................... 1,626 2,919 4,503
Pension................................................... (8,734) 2,901 3,599
Change in assets and liabilities:
Inventories............................................. 11,326 10,243 77,907
Accounts payable ....................................... (24,299) 66,276 24,044
Current income taxes..................................... (12,362) 6,010 44,115
Other current assets ...................................... (1,258) (1,653) 4,898
Other current liabilities ................................... (9,590) (25,414) 9,713
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,595 (2,491) 600
Other liabilities ......................................... (4,805) 2,564 820
Net cash provided by operating activities.................. 211,063 307,932 381,477
Investing activities:
Capital expenditures ........................................ (88,735) (60,360) (35,878)
Proceeds from HCC Note .................................... — 235 677
Purchases of short-term investments ............................ — (436,040) (488,075)
Redemptions of short-term investments ......................... — 436,040 488,075
Cash proceeds from sale of property and equipment ............... 550 1,394 4,883
Other .................................................... (7) (33) (103)
Net cash used in investing activities ...................... (88,192) (58,764) (30,421)
Financing activities:
Proceeds from borrowings under bank credit facility ............... 2,918,600 821,100 269,900
Payment of borrowings under bank credit facility ................. (3,020,600) (657,400) (275,400)
Payment of capital lease obligations ............................ (1,523) (592) —
Proceeds from the exercise of stock options ...................... 10,860 35,923 57,519
Excess tax benefit from share-based awards ...................... 4,590 19,821 11,898
Payment for treasury shares acquired ........................... (37,508) (714,911) (150,450)
Structured share repurchase................................... — — 627
Treasury shares sold for deferred compensation plan ............... 352 2,365 1,514
Proceeds from finance obligation .............................. — — 13,283
Net cash used in financing activities...................... (125,229) (493,694) (71,109)
Increase (decrease) in cash and cash equivalents..................... (2,358) (244,526) 279,947
Cash and cash equivalents:
Beginning of year ....................................... 37,131 281,657 1,710
End of year ............................................ $ 34,773 $ 37,131 $ 281,657
Supplemental disclosure of cash flow information:
Cash paid for interest, including capital leases....................... $ 5,568 $ 1,732 $ 322
Cash paid for income taxes, excluding impact of refunds .............. $ 92,433 $ 65,767 $ 35,727
Non-cash activity:
Assets acquired under capital leases ............................ $ 5,525 $ 3,089 $ —
Accrued property and equipment .............................. $ 3,588 $ 7,930 $ 2,106
The accompanying notes are an integral part of these consolidated financial statements.