Napa Auto Parts 2008 Annual Report Download - page 31

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consolidated statements of cashows
29
(in thousands) Year ended December 31, 2008 2007 2006
Operating activities
Net income $ 475,417 $ 506,339 $ 475,405
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 88,698 87,702 73,423
Excess tax expense (benefits) from share-based compensation 586 (4,438) (3,005)
(Gain) Loss on sale of property, plant, and equipment (2,086) (2,214) 509
Deferred income taxes (40,023) (8,066) (5,481)
Minority interests 4,561 4,939 3,991
Stock-based compensation 12,977 14,300 11,948
Changes in operating assets and liabilities:
Trade accounts receivable, net (19,695) 38,330 (31,821)
Merchandise inventories, net (20,709) (42,087) (7,240)
Trade accounts payable (14,307) 65,103 (66,116)
Other long-term assets 49,729 (11,806) (7,052)
Other, net (4,839) (6,631) (11,061)
54,892 135,132 (41,905)
Net cash provided by operating activities 530,309 641,471 433,500
Investing activities
Purchases of property, plant and equipment (105,026) (115,648) (126,044)
Proceeds from sale of property, plant, and equipment 11,721 67,656 4,452
Acquisition of businesses and other investments (133,604) (44,855) (29,007)
Proceeds from disposal of businesses 12,575 5,249 –
Other – – 5,000
Net cash used in investing activities (214,334) (87,598) (145,599)
Financing activities
Proceeds from debt 1,283,000 – 160,000
Payments on debt (1,283,000) – (160,881)
Stock options exercised 821 10,530 8,677
Excess tax (expense) benefits from share-based compensation (586) 4,438 3,005
Dividends paid (251,808) (243,244) (228,052)
Purchase of stock (273,000) (241,220) (123,478)
Other 52,000 – –
Net cash used in financing activities (472,573) (469,496) (340,729)
Effect of exchange rate changes on cash (7,462) 11,487 (110)
Net (decrease) increase in cash and cash equivalents (164,060) 95,864 (52,938)
Cash and cash equivalents at beginning of year 231,837 135,973 188,911
Cash and cash equivalents at end of year $ 67,777 $ 231,837 $ 135,973
Supplemental disclosures of cash flow information
Cash paid during the year for:
Income taxes $ 338,859 $ 324,399 $ 285,696
Interest $ 31,297 $ 31,540 $ 32,521
See accompanying notes.