Napa Auto Parts 2003 Annual Report Download - page 25

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23
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands) Year ended December 31, 2003 2002 2001
OPERATING ACTIVITIES
Net income (loss) $334,101 $(27,590) $ 297,147
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 69,013 70,151 85,793
Gain on sale of property, plant and equipment (5,210) (25) (1,626)
Deferred income taxes 27,354 43,995 (21,704)
Cumulative effect of a change in accounting principle 19,541 395,090 —
Non-cash portion of facility consolidation and impairment charges ——89,500
Income applicable to minority interests 2,565 2,315 3,077
Income tax benefit of stock options exercised 1,254 4,468 2,488
Changes in operating assets and liabilities:
Trade accounts receivable (21,735) (27,380) 6,974
Merchandise inventories 20,232 (243,005) (45,063)
Trade accounts payable (43,230) 88,215 7,354
Other, net (1,700) (33,826) (88,300)
68,084 299,998 38,493
Net cash provided by operating activities 402,185 272,408 335,640
INVESTING ACTIVITIES
Purchases of property, plant and equipment (73,904) (64,758) (41,944)
Proceeds from sale of property, plant and equipment 13,619 10,137 5,261
Acquisition of businesses and other investments, net of cash acquired (14,990) (6,042) (16,358)
Net cash used in investing activities (75,275) (60,663) (53,041)
FINANCING ACTIVITIES
Proceeds from credit facilities 935,000 1,021,168 3,223,466
Payments on credit facilities (1,047,976) (1,122,237) (3,251,769)
Stock options exercised 4,601 36,009 11,913
Dividends paid (204,556) (201,150) (195,022)
Purchase of stock (17,709) (11,615) (12,658)
Net cash used in financing activities (330,640) (277,825) (224,070)
Effect of exchange rate changes on cash (872) 305 (497)
Net (decrease) increase in cash and cash equivalents (4,602) (65,775) 58,032
Cash and cash equivalents at beginning of year 19,995 85,770 27,738
Cash and cash equivalents at end of year $15,393 $19,995 $ 85,770
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for:
Income taxes $205,451 $173,595 $ 257,280
Interest $49,807 $60,807 $ 60,461
See accompanying notes.