Big Lots 2011 Annual Report Download - page 168

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BIG LOTS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 1 — Basis of Presentation and Summary of Significant Accounting Policies (Continued)
Supplemental Cash Flow Disclosures
The following table provides supplemental cash flow information for 2011, 2010, and 2009:
2011 2010 2009
(In thousands)
Supplemental disclosure of cash flow information:
Cash paid for interest, including capital leases ........................ $ 2,742 $ 830 $ 277
Cash paid for income taxes, excluding impact of refunds................ $114,406 $100,973 $105,961
Non-cash activity:
Assets acquired under capital leases........................... $ 2,925 $ — $ —
Accrued property and equipment ............................. $ 8,711 $ 9,449 $ 3,901
Notes payable assumed in acquisition ......................... $ 16,664 $ — $ —
During 2011, our gross proceeds from borrowings under the bank credit facility were $846.3 million and our
gross repayments of borrowings under the bank credit facility were $780.4 million.
Reclassifications
In the third quarter of 2011, we realigned the merchandise categories in our U.S. segment to be consistent with
the realignment of our merchandising team and changes to our management reporting. Prior to the third quarter
of 2011, we reported sales in the former Hardlines category and the former Other category. We moved the
electronics department out of the former Hardlines category and repositioned it in the former Other category,
which was renamed Play n’ Wear. We also moved the results of certain large closeout deals that are typically
acquired through our alternate product sourcing operations out of the former Other category and repositioned
them in the former Hardlines category, which was renamed Hardlines & Other. Additionally, we reclassified the
results of all periods presented to reflect this realignment of our merchandise categories.
We reclassified the impact of the excess tax benefit from share-based awards in cash flows from operating
activities from the change in assets and liabilities associated with current income taxes to a separate line within
the cash flows from operating activities.
Recent Accounting Standards - Future Adoptions
Other Comprehensive Income
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update
(“ASU”) 2011-05, Comprehensive Income (Topic 220) - Presentation of Comprehensive Income, which provides
new guidance on the presentation of comprehensive income. Specifically, ASU 2011-05 allows an entity to
present components of net income and other comprehensive income in one continuous statement, referred
to as the statement of comprehensive income, or in two separate, but consecutive statements. ASU 2011-05
eliminates the current option to report other comprehensive income and its components in the statement of
shareholders’ equity. While the new guidance changes the presentation of comprehensive income, there are no
changes to the components that are recognized in net income or other comprehensive income under current
accounting guidance. This new guidance is effective for fiscal years and interim periods beginning after
December 15, 2011. Separately, in November 2011, the FASB issued ASU 2011-12 which amended the guidance
under ASU 2011-05 to defer certain proposed changes to the presentation of reclassification adjustments. We do
not believe our adoption of this guidance in the first quarter of 2012 will have a material effect on our financial
condition, results of operations, or liquidity.