Big Lots 2010 Annual Report Download - page 116

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The accompanying notes are an integral part of these consolidated financial statements.
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
2010 2009 2008
Operating activities:
Net income.................................................... $ 222,524 $ 200,369 $ 151,547
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense.............................. 74,041 71,501 73,787
Deferred income taxes ........................................... 20,485 18,014 13,518
KB Toys matters ............................................... — 409 3,119
Non-cash share-based compensation expense......................... 24,628 20,275 15,456
Non-cash impairment charges ..................................... 18 358 137
Loss on disposition of property and equipment........................ 639 1,072 1,626
Gain on sale of real estate ........................................ — (12,964) —
Pension....................................................... 4,479 (5,193) (8,734)
Change in assets and liabilities:
Inventories................................................. (30,809) 5,279 11,326
Accounts payable ........................................... (7,045) 73,889 (24,299)
Current income taxes......................................... (1,736) (4,359) (12,362)
Other current assets .......................................... (5,250) (2,177) (1,258)
Other current liabilities ....................................... (5,816) 18,064 (9,590)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,988) (5,285) 1,595
Other liabilities ............................................. 22,087 12,774 (4,805)
Net cash provided by operating activities...................... 315,257 392,026 211,063
Investing activities:
Capital expenditures ............................................ (107,563) (78,708) (88,735)
Cash proceeds from sale of property and equipment ................... 1,301 861 550
Deposit in restricted account ...................................... (8,000) — —
Other ........................................................ (290) (90) (7)
Net cash used in investing activities .......................... (114,552) (77,937) (88,192)
Financing activities:
Net payments of borrowings under bank credit facility ................. — (61,700) (102,000)
Payment of capital lease obligations ................................ (2,463) (2,612) (1,523)
Proceeds from the exercise of stock options .......................... 32,512 4,931 10,860
Excess tax benefit from share-based awards .......................... 13,779 1,568 4,590
Payment for treasury shares acquired ............................... (350,823) (1,849) (37,508)
Deferred bank credit facility fees paid .............................. — (5,579) —
Other ........................................................ 96 112 352
Net cash used in financing activities.......................... (306,899) (65,129) (125,229)
Increase (decrease) in cash and cash equivalents ......................... (106,194) 248,960 (2,358)
Cash and cash equivalents:
Beginning of year ........................................... 283,733 34,773 37,131
End of year ................................................ $ 177,539 $283,733 $ 34,773
Supplemental disclosure of cash flow information:
Cash paid for interest, including capital leases........................... $ 830 $ 277 $ 5,568
Cash paid for income taxes, excluding impact of refunds .................. $ 100,973 $105,961 $ 92,433
Non-cash activity:
Assets acquired under capital leases ................................ $ — $ — $ 5,525
Accrued property and equipment .................................. $ 9,449 $ 3,901 $ 3,588