Napa Auto Parts 2007 Annual Report Download - page 31

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29
Consolidated฀Statements฀of฀Cash฀Flows฀ ฀ ฀ ฀ ฀฀
(in thousands) Year ended December 31, 2007 2006 2005
Operating activities
Net income $ 506,339 $ 475,405 $ 437,434
Adjustments to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization 87,702 73,423 65,529
Excess tax benefits from share-based compensation (4,438) (3,005) –
(Gain) loss on sale of property, plant, and equipment (2,214) 509 (2,675)
Deferred income taxes (8,066) (5,481) 43,935
Minority interests 4,939 3,991 3,271
Stock-based compensation 14,300 11,948 12,126
Changes in operating assets and liabilities:
Trade accounts receivable, net 38,330 (31,821) (59,949)
Merchandise inventories, net (42,087) (7,240) (19,869)
Trade accounts payable 65,103 (66,116) 112,087
Other long-term assets (11,806) (7,052) (118,358)
Other, net (6,631) (11,061) (33,014)
135,132 (41,905) 3,083
Net cash provided by operating activities 641,471 433,500 440,517
Investing activities
Purchases of property, plant and equipment (115,648) (126,044) (85,714)
Proceeds from sale of property, plant, and equipment 67,656 4,452 7,110
Acquisition of businesses and other investments (44,855) (29,007) (27,518)
Proceeds from disposal of businesses 5,249 – 35,948
Other – 5,000 –
Net cash used in investing activities (87,598) (145,599) (70,174)
Financing activities
Proceeds from credit facilities – 160,000 113,432
Payments on credit facilities – (160,881) (113,519)
Stock options exercised 10,530 8,677 17,725
Excess tax benefits from share-based compensation 4,438 3,005 –
Dividends paid (243,244) (228,052) (215,868)
Purchase of stock (241,220) (123,478) (119,239)
Net cash used in financing activities (469,496) (340,729) (317,469)
Effect of exchange rate changes on cash 11,487 (110) 1,097
Net increase (decrease) in cash and cash equivalents 95,864 (52,938) 53,971
Cash and cash equivalents at beginning of year 135,973 188,911 134,940
Cash and cash equivalents at end of year $ 231,837 $ 135,973 $ 188,911
Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes $ 324,399 $ 285,696 $ 235,384
Interest $ 31,540 $ 32,521 $ 33,544
See accompanying notes.