O'Reilly Auto Parts 2011 Annual Report Download - page 61

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18
51
Consolidated Statements of Cash Flows
(In thousands)
Operating activities:
Net income $ 507,673 $ 419,373 $ 307,498
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization of property, equipment and intangibles 165,880 161,442 148,179
Amortization of debt premium, discount and issuance costs 1,797 7,852 7,758
Write-off of asset-based revolving credit facility debt issuance costs 21,626 - -
Excess tax benefit from stock options exercised (22,985) (18,587) (10,215)
Deferred income taxes 54,120 99,257 50,381
Gain on settlement of note receivable - (11,639) -
Share-based compensation programs 20,579 16,973 21,413
Other 8,292 6,893 8,739
Changes in operating assets and liabilities:
Accounts receivable (21,219) (21,748) (9,714)
Inventory 37,740 (110,271) (339,742)
Accounts payable 383,632 82,574 79,824
Income taxes payable (8,625) 15,346 6,505
Accrued payroll (269) 9,939 (16,830)
Accrued benefits and withholdings 1,500 8,930 6,018
Other (30,750) 37,353 25,386
Net cash provided by operating activities 1,118,991 703,687 285,200
Investing activities:
Purchases of property and equipment (328,319) (365,419) (414,779)
Proceeds from sale of property and equipment 2,715 2,124 4,288
Payments received on notes receivable 5,435 17,364 5,819
Other 516 (5,346) (5,989)
Net cash used in investing activities (319,653) (351,277) (410,661)
Financing activities:
Proceeds from borrowings on asset-based revolving credit facility 42,400 548,700 664,550
Payments on asset-based revolving credit facility (398,400) (871,500) (599,950)
Proceeds from the issuance of long-term debt 795,963 - -
Payment of debt issuance costs (9,942) - -
Principal payments on debt and capital leases (1,443) (108,527) (13,648)
Repurchases of common stock (976,632) - -
Excess tax benefit from stock options exercised 22,985 18,587 10,215
Net proceeds from issuance of common stock 57,562 63,116 59,508
Other - - 420
Net cash (used in) / provided by financing activities (467,507) (349,624) 121,095
Net increase/(decrease) in cash and cash equivalents 331,831 2,786 (4,366)
Cash and cash equivalents at beginning of year 29,721 26,935 31,301
Cash and cash equivalents at end of year $ 361,552 $ 29,721 $ 26,935
Supplemental disclosures of cash flow information:
Income taxes paid $ 252,769 $ 154,146 $ 130,720
Interest paid, net of capitalized interest 13,350 31,211 36,881
Property and equipment acquired through issuance of capital lease obligations - - 8,337
Years ended December 31,
2011
2010
2009
See accompanying Notes to consolidated financial statements.
FORM 10-K