True Value 2010 Annual Report Download - page 35

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14 True Value Company
CONSOLIDATED STATEMENT OF CASH FLOWS
January 1, January 2, January 3,
For the Years Ended 2011 2010 2009
Operating activities:
Net margin $ 60,716 $ 65,446 $ 64,228
Adjustments to reconcile net margin to net cash and
cash equivalents from operating activities:
Depreciation and amortization 13,935 14,325 14,480
Provision to allowance for doubtful accounts 773 4,126 2,006
Provision for inventory reserves 5,306 9,488 14,025
Loss on disposal and sale of assets 373 149 503
Amortization of deferred gain on sale leaseback (2,778) (2,778) (2,778)
Changes in operating assets and liabilities:
Accounts and notes receivable (30,212) (4,176) 13,132
Inventories (16,431) 22,854 (3,893)
Other current assets 24 (775) 783
Accounts payable 9,043 (7,038) (46,659)
Accrued expenses 3,839 16 (11,117)
Pension (1,884) (4,479) 809
Other adjustments, net 1,859 (2,837) (1,201)
Net cash and cash equivalents provided by operating activities 44,563 94,321 44,318
Investing activities:
Additions to property, plant & equipment (14,602) (6,233) (13,015)
Proceeds from sale of properties 92 38 43
Other – – 303
Net cash and cash equivalents used for investing activities (14,510) (6,195) (12,669)
Financing activities:
Payment of patronage dividend (20,525) (15,799) (16,145)
Payment of notes, long-term debt and lease obligations (12,492) (9,817) (14,423)
Decrease in drafts payable (7,745) (7,740) (6,511)
Increase/(decrease) in revolving credit facility, net – (34,300) 6,600
Payment of debt issuance costs (1,068) – –
Proceeds from sale of Redeemable Class A common stock and
subscriptions receivable 426 324 737
Purchase of Class A and Class B common stock (1,264) (1,126) (1,057)
Net cash and cash equivalents used for financing activities (42,668) (68,458) (30,799)
Net (decrease)/increase in cash and cash equivalents (12,615) 19,668 850
Cash and cash equivalents at beginning of year 25,694 6,026 5,176
Cash and cash equivalents at end of year $ 13,079 $ 25,694 $ 6,026
The accompanying notes are an integral part of the Consolidated Financial Statements.
($ in thousands)