Big Lots 2009 Annual Report Download - page 160

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BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
2009 2008 2007
Operating activities:
Net income................................................. $ 200,369 $ 151,547 $ 158,461
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense........................... 71,501 73,787 83,103
Deferred income taxes........................................ 18,014 13,518 457
KB Toys matters ............................................ 409 3,119 (6,108)
Non-cash share-based compensation expense...................... 20,275 15,456 9,907
Non-cash impairment charges .................................. 358 137 757
Loss on disposition of property and equipment..................... 1,072 1,626 2,919
Gain on sale of real estate ..................................... (12,964) — —
Pension.................................................... (5,193) (8,734) 2,901
Change in assets and liabilities:
Inventories.............................................. 5,279 11,326 10,243
Accounts payable ........................................ 73,889 (24,299) 66,276
Current income taxes...................................... (4,359) (12,362) 6,010
Other current assets....................................... (2,177) (1,258) (1,653)
Other current liabilities .................................... 18,064 (9,590) (25,414)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,285) 1,595 (2,491)
Other Iiabilities .......................................... 12,774 (4,805) 2,564
Net cash provided by operating activities................... 392,026 211,063 307,932
Investing activities:
Capital expenditures ......................................... (78,708) (88,735) (60,360)
Proceeds from HCC Note ..................................... — — 235
Purchases of short-term investments............................. — — (436,040)
Redemptions of short-term investments .......................... — — 436,040
Cash proceeds from sale of property and equipment ................ 861 550 1,394
Other ..................................................... (90) (7) (33)
Net cash used in investing activities ....................... (77,937) (88,192) (58,764)
Financing activities:
Proceeds from borrowings under bank credit facility ................ 280,000 2,918,600 821,100
Payment of borrowings under bank credit facility .................. (341,700) (3,020,600) (657,400)
Payment of capital lease obligations ............................. (2,612) (1,523) (592)
Proceeds from the exercise of stock options ....................... 4,931 10,860 35,923
Excess tax benefit from share-based awards....................... 1,568 4,590 19,821
Payment for treasury shares acquired ............................ (1,849) (37,508) (714,911)
Deferred bank credit facility fees paid ........................... (5,579) — —
Treasury shares sold for deferred compensation plan ................ 112 352 2,365
Net cash used in financing activities ...................... (65,129) (125,229) (493,694)
Increase (decrease) in cash and cash equivalents ...................... 248,960 (2,358) (244,526)
Cash and cash equivalents:
Beginning of year ........................................ 34,773 37,131 281,657
End of year ............................................. $ 283,733 $ 34,773 $ 37,131
Supplemental disclosure of cash flow information:
Cash paid for interest, including capital leases........................ $ 277 $ 5,568 $ 1,732
Cash paid for income taxes, excluding impact of refunds ............... $ 105,961 $ 92,433 $ 65,767
Non-cash activity:
Assets acquired under capital leases ............................. $ — $ 5,525 $ 3,089
Accrued property and equipment ............................... $ 3,901 $ 3,588 $ 7,930