Big Lots 2011 Annual Report Download - page 159

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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)
2011 2010 2009
Operating activities:
Net income..................................................... $ 207,064 $ 222,524 $200,369
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense............................... 82,851 74,041 71,501
Deferred income taxes............................................ 10,456 20,485 18,014
KB Toys matters ................................................ — — 409
Non-cash share-based compensation expense.......................... 24,993 24,628 20,275
Excess tax benefit from share-based awards........................... (2,701) (13,779) (1,568)
Non-cash impairment charge....................................... 2,242 18 358
Loss on disposition of equipment ................................... 1,376 639 1,072
Gain on sale of real estate ......................................... — — (12,964)
Pension........................................................ 2,023 4,479 (5,193)
Change in assets and liabilities, excluding effects of acquisition:
Inventories.................................................. (54,512) (30,809) 5,279
Accounts payable ............................................ 31,555 (7,045) 73,889
Current income taxes.......................................... 10,293 12,043 (2,791)
Other current assets........................................... (6,082) (5,250) (2,177)
Other current liabilities ........................................ (16,465) (5,816) 18,064
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,098) (2,988) (5,285)
Other liabilities .............................................. 29,476 22,087 12,774
Net cash provided by operating activities....................... 318,471 315,257 392,026
Investing activities:
Capital expenditures ............................................. (131,293) (107,563) (78,708)
Cash proceeds from sale of property and equipment .................... 867 1,301 861
Acquisition..................................................... 1,835 — —
Return from (Deposit in) restricted account ........................... 8,000 (8,000) —
Other ......................................................... (121) (290) (90)
Net cash used in investing activities ........................... (120,712) (114,552) (77,937)
Financing activities:
Net proceeds from borrowings under bank credit facility................. 65,900 — (61,700)
Payment of notes payable ......................................... (16,664) — —
Payment of capital lease obligations ................................. (1,953) (2,463) (2,612)
Proceeds from the exercise of stock options ........................... 10,409 32,512 4,931
Excess tax benefit from share-based awards........................... 2,701 13,779 1,568
Payment for treasury shares acquired ................................ (363,957) (350,823) (1,849)
Deferred bank credit facility fees paid ............................... (2,970) — (5,579)
Other ......................................................... 279 96 112
Net cash used in financing activities........................... (306,255) (306,899) (65,129)
Impact of foreign currency on cash ..................................... (496) — —
(Decrease) Increase in cash and cash equivalents .......................... (108,992) (106,194) 248,960
Cash and cash equivalents:
Beginning of year ............................................ 177,539 283,733 34,773
End of year ................................................. $ 68,547 $ 177,539 $283,733