Big Lots 2012 Annual Report Download - page 126

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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)
2012 2011 2010
Operating activities:
Net income.................................................... $ 177,121 $ 207,064 $ 222,524
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense.............................. 95,602 82,851 74,041
Deferred income taxes........................................... 12,482 10,456 20,485
Non-cash share-based compensation expense......................... 17,879 24,993 24,628
Excess tax benefit from share-based awards .......................... (8,144) (2,701) (13,779)
Non-cash impairment charge...................................... 984 2,242 18
Loss on disposition of equipment .................................. 432 1,376 639
Pension expense, net of contributions............................... 3,810 2,023 4,479
Change in assets and liabilities, excluding effects of acquisition
and foreign currency adjustments:
Inventories................................................. (92,721) (54,512) (30,809)
Accounts payable ........................................... 43,460 31,555 (7,045)
Current income taxes......................................... 9,844 10,293 12,043
Other current assets .......................................... (4,078) (6,082) (5,250)
Other current liabilities ....................................... 397 (16,465) (5,816)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,894) (4,098) (2,988)
Other liabilities ............................................. 41,959 29,476 22,087
Net cash provided by operating activities...................... 281,133 318,471 315,257
Investing activities:
Capital expenditures ............................................ (131,273) (131,293) (107,563)
Cash proceeds from sale of property and equipment ................... 912 867 1,301
Purchase of business, net of cash acquired ........................... — 1,835 —
Return from (Deposit in) restricted account .......................... — 8,000 (8,000)
Other ........................................................ 4 (121) (290)
Net cash used in investing activities .......................... (130,357) (120,712) (114,552)
Financing activities:
Net proceeds from borrowings under bank credit facility................ 105,300 65,900 —
Payment of notes payable ........................................ — (16,664) —
Payment of capital lease obligations ................................ (1,321) (1,953) (2,463)
Proceeds from the exercise of stock options .......................... 33,288 10,409 32,512
Excess tax benefit from share-based awards .......................... 8,144 2,701 13,779
Payment for treasury shares acquired ............................... (304,038) (363,957) (350,823)
Deferred bank credit facility fees paid .............................. — (2,970) —
Other ........................................................ 353 279 96
Net cash used in financing activities.......................... (158,274) (306,255) (306,899)
Impact of foreign currency on cash .................................... (468) (496) —
Decrease in cash and cash equivalents.................................. (7,966) (108,992) (106,194)
Cash and cash equivalents:
Beginning of year ........................................... 68,547 177,539 283,733
End of year ................................................ $ 60,581 $ 68,547 $ 177,539