XML 55 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities      
Net earnings $ 164,637 $ 171,642 $ 167,855
Adjustments to reconcile net earnings to net cash provided by operating activities      
Depreciation of rental merchandise 556,945 506,854 519,103
Bad debt expense 3,407 16,168 17,395
Stock-based compensation expense 4,471 4,123 3,731
Depreciation of property assets 65,214 63,410 65,788
Loss on sale or disposal of property assets 2,237 13,599 5,856
Amortization of intangibles 4,285 701 1,291
Amortization of financing fees 2,344 2,047 1,970
Finance charges from refinancing   3,100  
Deferred income taxes 78,759 95,837 35,899
Tax benefit related to stock option exercises (7,036) (2,974) (270)
Impairment charge 7,320 18,939  
Restructuring charge 13,943    
Changes in operating assets and liabilities, net of effects of acquisitions      
Rental merchandise (670,347) (567,733) (449,128)
Receivables 2,262 (6,620) (34,781)
Prepaid expenses and other assets 99,114 (123,649) (9,421)
Accounts payable - trade (20,987) 25,467 16,367
Accrued liabilities (19,942) (4,422) (11,534)
Net cash provided by operating activities 286,626 216,489 330,121
Cash flows from investing activities      
Purchase of property assets (132,710) (93,007) (68,841)
Proceeds from sale of property assets 208 203 3,122
Acquisitions of businesses, net of cash acquired (26,747) (74,378) (7,221)
Net cash used in investing activities (159,249) (167,182) (72,940)
Cash flows from financing activities      
Purchase of treasury stock (164,169) (84,520) (8,833)
Exercise of stock options 34,910 19,040 1,537
Tax benefit related to stock option exercises 7,036 2,974 270
Payments on capital leases (285) (979) (2,100)
Issuance of senior notes   300,000  
Proceeds from debt 982,825 92,230 186,100
Repayments of debt (943,264) (402,274) (196,654)
Repurchase of subordinated notes     (225,375)
Dividends paid (26,891) (7,804)  
Net cash used in financing activities (109,838) (81,333) (245,055)
Effect of exchange rate changes on cash (201) 950 2,295
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 17,338 (31,076) 14,421
Cash and cash equivalents at beginning of year 70,727 101,803 87,382
Cash and cash equivalents at end of year 88,065 70,727 101,803
Cash paid during the year for:      
Interest 35,609 20,569 27,920
Income taxes (excludes $113,202, $330 and $1,380 of income taxes refunded in 2011, 2010 and 2009, respectively) $ 10,522 $ 124,065 $ 69,312