Big Lots 2013 Annual Report Download - page 188
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46
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
2013 2012 2011
Operating activities:
Net income $125,295 $177,121 $ 207,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 102,196 95,602 82,851
Deferred income taxes (32,138) 12,482 10,456
Non-cash share-based compensation expense 13,183 17,879 24,993
Excess tax benefit from share-based awards (123) (8,144) (2,701)
Non-cash impairment charge 21,091 984 2,242
(Gain) loss on disposition of property and equipment (3,036) 432 1,376
Pension expense, net of contributions 3,378 3,810 2,023
Change in assets and liabilities, excluding effects of acquisition and foreign currency
adjustments:
Inventories 1,385 (92,721) (54,512)
Accounts payable (27,468) 43,460 31,555
Current income taxes (28,538) 9,844 10,293
Other current assets 420 (4,078) (6,082)
Other current liabilities 4,350 397 (16,465)
Other assets 10,300 (17,894) (4,098)
Other liabilities 8,039 41,959 29,476
Net cash provided by operating activities 198,334 281,133 318,471
Investing activities:
Capital expenditures (104,786) (131,273) (131,293)
Cash proceeds from sale of property and equipment 7,260 912 867
Purchase of business, net of cash acquired
—
—
1,835
Return from restricted account — — 8,000
Other 31 4 (121)
Net cash used in investing activities (97,495)(130,357) (120,712)
Financing activities:
Net proceeds from borrowings under bank credit facility (94,200) 105,300 65,900
Payment of notes payable
—
—
(16,664)
Payment of capital lease obligations (1,089) (1,321) (1,953)
Proceeds from the exercise of stock options 4,884 33,288 10,409
Excess tax benefit from share-based awards 123 8,144 2,701
Payment for treasury shares acquired (214) (304,038) (363,957)
Deferred bank credit facility fees paid (895)
—
(2,970)
Other 195 353 279
Net cash used in financing activities (91,196)(158,274) (306,255)
Impact of foreign currency on cash (1,595)(468) (496)
Increase (Decrease) in cash and cash equivalents 8,048 (7,966) (108,992)
Cash and cash equivalents:
Beginning of year 60,581 68,547 177,539
End of yea
r
$68,629 $60,581 $ 68,547
The accompanying notes are an integral part of these consolidated financial statements.
(In thousands)