Napa Auto Parts 2005 Annual Report Download - page 28

Download and view the complete annual report

Please find page 28 of the 2005 Napa Auto Parts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

Consolidated Statements of Cash Flows
(dollars in thousands) Year ended December 31, 2005 2004 2003
Operating activities
Net income $ 437,434 $395,552 $ 334,101
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 65,529 62,207 69,013
Gain on sale of property, plant and equipment (2,675) (1,656) (5,210)
Deferred income taxes 43,935 19,670 27,354
Cumulative effect of a change in accounting principle —— 19,541
Minority interests 3,271 2,688 2,565
Stock based compensation 12,126 8,590 1,254
Changes in operating assets and liabilities:
Trade accounts receivable, net (59,949) (33,370) (21,735)
Merchandise inventories, net (19,869) (28,406) 20,232
Trade accounts payable 112,087 143,456 (43,230)
Other long-term assets (118,358) (60,147) (4,189)
Other, net (33,014) 46,652 2,489
3,083 159,684 68,084
Net cash provided by operating activities 440,517 555,236 402,185
Investing activities
Purchases of property, plant and equipment (85,714) (72,077) (73,904)
Proceeds from sale of property,plant and equipment 7,110 7,140 13,619
Acquisition of businesses and other investments (27,518) (3,018) (14,990)
Proceeds from disposal of businesses 35,948 ——
Net cash used in investing activities (70,174) (67,955) (75,275)
Financing activities
Proceeds from credit facilities 113,432 555,848 935,000
Payments on credit facilities (113,519) (732,649) (1,047,976)
Stock options exercised 17,725 37,523 4,601
Dividends paid (215,868) (208,575) (204,556)
Purchase of stock (119,239) (21,475) (17,709)
Net cash used in financing activities (317,469) (369,328) (330,640)
Effect of exchange rate changes on cash 1,097 1,594 (872)
Net increase (decrease) in cash and cash equivalents 53,971 119,547 (4,602)
Cash and cash equivalents at beginning of year 134,940 15,393 19,995
Cash and cash equivalents at end of year $ 188,911 $ 134,940 $ 15,393
Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes $ 235,384 $ 205,148 $ 205,451
Interest $ 29,084 $ 38,714 $ 49,807
See accompanying notes.
26