Big Lots 2014 Annual Report Download - page 122

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BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
2014 2013 2012
Operating activities:
Net income $ 114,276 $ 125,295 $ 177,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 105,849 102,196 95,602
Deferred income taxes 22,628 (32,138) 12,482
Non-cash share-based compensation expense 10,534 13,183 17,879
Excess tax benefit from share-based awards (3,776) (123) (8,144)
Non-cash impairment charge 3,532 21,091 984
Loss (gain) on disposition of property and equipment 2,759 (3,036) 432
Pension expense, net of contributions 4,190 3,378 3,810
Change in assets and liabilities, excluding effects of foreign currency adjustments:
Inventories 63,336 1,385 (92,721)
Accounts payable (6,864) (27,468) 43,460
Current income taxes (21,549) (28,538) 9,844
Other current assets 3,181 420 (4,078)
Other current liabilities 20,718 4,350 397
Other assets 3,206 10,300 (17,894)
Other liabilities (3,458) 8,039 41,959
Net cash provided by operating activities 318,562 198,334 281,133
Investing activities:
Capital expenditures (93,460) (104,786) (131,273)
Cash proceeds from sale of property and equipment 2,783 7,260 912
Other (72) 31 4
Net cash used in investing activities (90,749) (97,495) (130,357)
Financing activities:
Net (repayments of) proceeds from borrowings under bank credit facility (14,900) (94,200) 105,300
Payment of capital lease obligations (2,365) (1,089) (1,321)
Dividends paid (27,828) — —
Proceeds from the exercise of stock options 42,606 4,884 33,288
Excess tax benefit from share-based awards 3,776 123 8,144
Payment for treasury shares acquired (250,671) (214) (304,038)
Deferred bank credit facility fees paid — (895) —
Other 62 195 353
Net cash used in financing activities (249,320) (91,196) (158,274)
Impact of foreign currency on cash 5,139 (1,595) (468)
(Decrease) increase in cash and cash equivalents (16,368) 8,048 (7,966)
Cash and cash equivalents:
Beginning of year 68,629 60,581 68,547
End of year $ 52,261 $ 68,629 $ 60,581
The accompanying notes are an integral part of these consolidated financial statements.
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