Napa Auto Parts 2006 Annual Report Download - page 31

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29
Consolidated Statements of Cash Flows
(in thousands) Year ended December 31, 2006 2005 2004
Operating activities
Net income $ 475,405 $ 437,434 $ 395,552
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 73,423 65,529 62,207
Excess tax benefits from share-based compensation (3,005) – –
Loss (gain) on sale of property, plant, and equipment 509 (2,675) (1,656)
Deferred income taxes (5,481) 43,935 19,670
Minority interests 3,991 3,271 2,688
Stock based compensation 11,948 12,126 8,590
Changes in operating assets and liabilities:
Trade accounts receivable, net (31,821) (59,949) (33,370)
Merchandise inventories, net (7,240) (19,869) (28,406)
Trade accounts payable (66,116) 112,087 143,456
Other long-term assets (7,052) (118,358) (60,147)
Other, net (11,061) (33,014) 46,652
(41,905) 3,083 159,684
Net cash provided by operating activities 433,500 440,517 555,236
Investing activities
Purchases of property, plant and equipment (126,044) (85,714) (72,077)
Proceeds from sale of property, plant, and equipment 4,452 7,110 7,140
Acquisition of businesses and other investments (29,007) (27,518) (3,018)
Proceeds from disposal of businesses – 35,948 –
Other 5,000 – –
Net cash used in investing activities (145,599) (70,174) (67,955)
Financing activities
Proceeds from credit facilities 160,000 113,432 555,848
Payments on credit facilities (160,881) (113,519) (732,649)
Stock options exercised 8,677 17,725 37,523
Excess tax benefits from share-based compensation 3,005 – –
Dividends paid (228,052) (215,868) (208,575)
Purchase of stock (123,478) (119,239) (21,475)
Net cash used in financing activities (340,729) (317,469) (369,328)
Effect of exchange rate changes on cash (110) 1,097 1,594
Net (decrease) increase in cash and cash equivalents (52,938) 53,971 119,547
Cash and cash equivalents at beginning of year 188,911 134,940 15,393
Cash and cash equivalents at end of year $ 135,973 $ 188,911 $ 134,940
Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes $ 285,696 $ 235,384 $ 205,148
Interest $ 32,521 $ 33,544 $ 40,082
See accompanying notes.