Napa Auto Parts 2004 Annual Report Download - page 28

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26
Consolidated Statements of Cash Flows
(dollars in thousands) Year ended December 31, 2004 2003 2002
Operating activities
Net income (loss) $395,552 $334,101 $ (27,590)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 62,207 69,013 70,151
Gain on sale of property, plant and equipment (1,656) (5,210) (25)
Deferred income taxes 19,670 27,354 43,995
Cumulative effect of a change in accounting principle —19,541 395,090
Minority interests 2,688 2,565 2,315
Stock based compensation 8,590 1,254 4,468
Changes in operating assets and liabilities:
Trade accounts receivable, net (33,370) (21,735) (27,380)
Merchandise inventories, net (28,406) 20,232 (243,005)
Trade accounts payable 143,456 (43,230) 88,215
Other, net (13,495) (1,700) (33,826)
159,684 68,084 299,998
Net cash provided by operating activities 555,236 402,185 272,408
Investing activities
Purchases of property, plant and equipment (72,077) (73,904) (64,758)
Proceeds from sale of property, plant and equipment 7,140 13,619 10,137
Acquisition of businesses and other investments,
net of cash acquired (3,018) (14,990) (6,042)
Net cash used in investing activities (67,955) (75,275) (60,663)
Financing activities
Proceeds from credit facilities 555,848 935,000 1,021,168
Payments on credit facilities (732,649) (1,047,976) (1,122,237)
Stock options exercised 37,523 4,601 36,009
Dividends paid (208,575) (204,556) (201,150)
Purchase of stock (21,475) (17,709) (11,615)
Net cash used in financing activities (369,328) (330,640) (277,825)
Effect of exchange rate changes on cash 1,594 (872) 305
Net increase (decrease) in cash and cash equivalents 119,547 (4,602) (65,775)
Cash and cash equivalents at beginning of year 15,393 19,995 85,770
Cash and cash equivalents at end of year $134,940 $15,393 $ 19,995
Supplemental disclosure of cash flow information
Cash paid during the year for:
Income taxes $205,148 $205,451 $ 173,595
Interest $38,714 $49,807 $ 60,807
See accompanying notes.