Advance Auto Parts 2010 Annual Report Download - page 79

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
January 1, 2011, January 2, 2010 and January 3, 2009
(in thousands, except per share data)
.
F-25
11. Other Long-term Liabilities:
Other long-term liabilities consist of the following:
January 1, January 2,
2011 2010
Deferred income taxes 51,117$ 54,982$
Self-insurance reserves 50,292 -
Other 64,534 66,662
Total long-term liabilities 165,943$ 121,644$
12. Stock Repurchase Program:
The Company’s stock repurchase program allows it to repurchase its common stock on the open market or in
privately negotiated transactions from time to time in accordance with the requirements of the SEC.
During Fiscal 2010, the Company repurchased an aggregate of 13,025 shares of its common stock at a cost of
$633,911, or an average price of $48.67 per share. Of the total shares repurchased, the Company repurchased 2,746
shares at a cost of $178,436 under its $300,000 stock repurchase program authorized by its Board of Directors on
August 10, 2010, and 10,279 shares at a cost of $455,475 under its $500,000 stock repurchase program authorized
by its Board of Directors on February 16, 2010. At January 1, 2011, the Company had $121,564 remaining under the
$300,000 stock repurchase program.
At January 1, 2011, 225 shares repurchased during Fiscal 2010 at a cost of $14,994 had not settled. These
shares settled subsequent to January 1, 2011.
Additionally, the Company repurchased 72 shares of its common stock at an aggregate cost of $3,525 in
connection with the net settlement of shares issued as a result of the vesting of restricted stock.
During Fiscal 2009, the Company repurchased 2,467 shares of its common stock at an aggregate cost of
$99,567, or an average price of $40.36 per share, under its $250,000 stock repurchase program leaving $89,406
remaining under this program at January 2, 2010. Since the inception of the $250,000 stock repurchase program, the
Company repurchased 4,040 shares of its common stock at an aggregate cost of $160,594, or an average price of
$39.75, excluding related expenses. Additionally, the Company repurchased 12 shares of its common stock in Fiscal
2009 at an aggregate cost of $495 in connection with the net settlement of shares issued from the lapse of restricted
stock.
Subsequent to January 1, 2011, the Company repurchased 1,938 shares of its common stock at an aggregate cost
of $121,562, or an average price of $62.72 per share, which completed the availability under its $300,000 stock
repurchase program. On February 8, 2011 the Company’s Board of Directors authorized a new $500,000 stock
repurchase program.