Napa Auto Parts 2014 Annual Report Download - page 52

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Genuine Parts Company and Subsidiaries
Consolidated Statements of Cash Flows
Year Ended December 31
2014 2013 2012
(In Thousands)
Operating activities
Net income ................................................ $ 711,286 $ 684,959 $ 648,041
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization ............................. 148,313 133,957 98,383
Excess tax benefits from share-based compensation ............ (17,766) (12,905) (11,018)
Gain on sale of property, plant, and equipment ................ (3,719) (4,729) (3,943)
Deferred income taxes ................................... 54,319 (21,622) 14,751
Share-based compensation ................................ 16,239 12,648 10,747
Gain on GPC Asia Pacific equity investment ................. —(59,000) —
Changes in operating assets and liabilities:
Trade accounts receivable, net ........................... (225,178) (116,080) 13,366
Merchandise inventories, net ............................ (100,820) (79,253) (25,845)
Trade accounts payable ................................ 292,257 473,424 220,694
Other short-term assets and liabilities ..................... 15,616 (14,418) (86,294)
Other long-term assets and liabilities ...................... (100,402) 59,750 27,556
78,859 371,772 258,397
Net cash provided by operating activities ........................ 790,145 1,056,731 906,438
Investing activities
Purchases of property, plant and equipment ...................... (107,681) (124,063) (101,987)
Proceeds from sale of property, plant, and equipment ............... 8,866 10,657 8,504
Acquisition of businesses and other investing activities ............. (287,900) (712,173) (558,384)
Net cash used in investing activities ............................ (386,715) (825,579) (651,867)
Financing activities
Proceeds from debt .......................................... 2,727,924 3,019,931 750,000
Payments on debt ........................................... (2,735,862) (2,995,335) (750,000)
Stock options exercised ...................................... (22,051) (15,728) (7,043)
Excess tax benefits from share-based compensation ................ 17,766 12,905 11,018
Dividends paid ............................................. (347,271) (326,217) (300,983)
Purchase of stock ........................................... (95,946) (120,673) (81,826)
Net cash used in financing activities ............................ (455,440) (425,117) (378,834)
Effect of exchange rate changes on cash ......................... (7,153) (12,237) 2,304
Net decrease in cash and cash equivalents ........................ (59,163) (206,202) (121,959)
Cash and cash equivalents at beginning of year .................... 196,893 403,095 525,054
Cash and cash equivalents at end of year ......................... $ 137,730 $ 196,893 $ 403,095
Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes ............................................. $ 408,604 $ 342,372 $ 381,407
Interest ................................................. $ 25,155 $ 27,221 $ 20,416
See accompanying notes.
F-8