Napa Auto Parts 2009 Annual Report Download - page 47

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Table of Contents


 
The changes in the carrying amount of goodwill during the years ended December 31, 2009, 2008, and 2007 by reportable segment,
as well as other identifiable intangible assets, are summarized as follows (in thousands):

 
  
     
Balance as of January 1, 2007 $ 23,887 $ 31,409 $ 2,131 $ — $ 4,827 $ 62,254
Additions 300 13,593 — — 7,424 21,317
Amortization — — — — (1,118) (1,118)
Balance as of December 31, 2007 24,187 45,002 2,131 — 11,133 82,453
Additions 19,767 25,834 8,423 2,870 27,548 84,442
Amortization — — — — (2,861) (2,861)
Foreign currency translation (3,742) — — — (1,467) (5,209)
Balance as of December 31, 2008 40,212 70,836 10,554 2,870 34,353 158,825
Additions   
Amortization  
Foreign currency translation   
Balance as of December 31, 2009      
 
There were no amounts subject to variable rates at December 31, 2009 and 2008. The weighted average interest rate on the
Company’s outstanding borrowings was approximately 5.45% at December 31, 2009 and 2008.
The Company maintains a $350,000,000 unsecured revolving line of credit with a consortium of financial institutions that matures
in December 2012 and bears interest at LIBOR plus 0.30% (0.53% at December 31, 2009). The Company also has the option under this
agreement to increase its borrowing an additional $200,000,000. No amounts were outstanding under this line of credit at December 31,
2009 and 2008. Certain borrowings contain covenants related to a maximum debt-to-capitalization ratio and certain limitations on
additional borrowings. At December 31, 2009, the Company was in compliance with all such covenants. Due to the workers
compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of $50,403,000 and
$50,553,000 outstanding at December 31, 2009 and 2008, respectively.
Amounts outstanding under the Company’s credit facilities consist of the following:

 

Unsecured term notes:
November 30, 2001, Series B Senior Notes, $250,000,000, 6.23% fixed, due November 30, 2011  $250,000
November 30, 2008, Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November 30, 2013  250,000
Long-term debt  $ 500,000
F-14