Napa Auto Parts 2002 Annual Report Download - page 30

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28
consolidated statements of cash flows
(dollars in thousands) Year ended December 31, 2002 2001 2000
Operating activities
Net (loss) income $(27,590) $297,147 $ 385,323
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation and amortization 70,151 85,793 92,303
Gain on sale of property, plant and equipment (25) (1,626) (5,674)
Deferred income taxes 43,995 (21,704) (6,714)
Cumulative effect of a change in accounting principle 395,090 ——
Non-cash portion of facility consolidation and impairment charges —89,500 —
Income applicable to minority interests 2,315 3,077 2,430
Income tax benefit of stock options exercised 4,468 2,488 —
Changes in operating assets and liabilities:
Trade accounts receivable (27,380) 6,974 (14,298)
Merchandise inventories (243,005) (45,063) (84,508)
Trade accounts payable 88,215 7,354 50,899
Other, net (33,826) (88,300) (105,336)
299,998 38,493 (70,898)
Net cash provided by operating activities 272,408 335,640 314,425
Investing activities
Purchases of property, plant and equipment (64,758) (41,944) (71,129)
Proceeds from sale of property, plant and equipment 10,137 5,261 10,605
Acquisition of businesses and other investments, net of cash acquired (6,042) (16,358) (46,226)
Net cash used in investing activities (60,663) (53,041) (106,750)
Financing activities
Proceeds from credit facilities 1,021,168 3,223,466 2,813,820
Payments on credit facilities (1,122,237) (3,251,769) (2,731,601)
Stock options exercised 36,009 11,913 8
Dividends paid (201,150) (195,022) (189,995)
Purchase of stock (11,615) (12,658) (117,815)
Net cash used in financing activities (277,825) (224,070) (225,583)
Effect of exchange rate changes on cash 305 (497) (89)
Net (decrease) increase in cash and cash equivalents (65,775) 58,032 (17,997)
Cash and cash equivalents at beginning of year 85,770 27,738 45,735
Cash and cash equivalents at end of year $19,995 $85,770 $ 27,738
Supplemental disclosure of cash flow information
Cash paid during the year for:
Income taxes $173,595 $257,280 $ 252,416
Interest $60,807 $60,461 $ 61,750
See accompanying notes.