O'Reilly Auto Parts 2014 Annual Report Download - page 39

FORM 10-K
32
February 4, 2015, our Board of Directors each time approved a resolution to increase the authorization amount under our share repurchase
program by an additional $500 million, resulting in a cumulative authorization amount of $5.0 billion. Each additional $500 million
authorization is effective for a three-year period beginning on their respective announcement date.
The following table identifies shares of our common stock that have been repurchased as part of our publicly announced share repurchase
program (in thousands, except per share data):
For the Year Ended
December 31,
2014 2013
Shares repurchased 5,743 8,529
Average price per share $ 150.86 $ 109.38
Total investment $ 866,398 $ 932,900
As of December 31, 2014, we had $279 million remaining under our share repurchase program. Subsequent to the end of the year and
through February 27, 2015, we repurchased an additional 0.1 million shares of our common stock under our share repurchase program,
at an average price of $197.48, for a total investment of $28 million. We have repurchased a total of 46 million shares of our common
stock under our share repurchase program since the inception of the program in January of 2011 and through February 27, 2015, at an
average price of $91.38 for a total aggregate investment of $4.2 billion. As of February 27, 2015, we had approximately $752 million
remaining under our share repurchase program.
CONTRACTUAL OBLIGATIONS
Our contractual obligations as of December 31, 2014, included commitments for short and long-term debt arrangements, interest payments
related to long-term debt, future payments under non-cancelable lease arrangements, self-insurance reserves, purchase obligations for
construction contract commitments and other long-term liabilities, which are identified in the table below and are fully disclosed in Note
6 "Leasing," Note 9 "Share-Based Compensation and Benefit Plans" and Note 10 "Commitments" to the Consolidated Financial
Statements. We expect to fund these commitments primarily with operating cash flows expected to be generated in the normal course
of business or through borrowings under our Revolving Credit Facility.
Deferred income taxes, as well as commitments with various suppliers for the purchase of inventory, are not reflected in the table below
due to the absence of scheduled maturities, the nature of the account or the commitment's cancellation terms. Due to the absence of
scheduled maturities, the timing of certain of these payments cannot be determined, except for amounts estimated to be payable in 2015,
which are included in "Current liabilities" on our Consolidated Balance Sheets.
We record a reserve for potential liabilities related to uncertain tax positions, including estimated interest and penalties, which are fully
disclosed in Note 13 "Income Taxes" to the Consolidated Financial Statements. These estimates are not included in the table below
because the timing related to the realized deferred income taxes' ultimate resolution or settlement of these positions cannot be determined.
As of December 31, 2014, we recorded a net liability of $58 million related to these uncertain tax positions on our Consolidated Balance
Sheets, all of which was included as a component of "Other liabilities".
Payments Due By Period
Total
Before
1 Year
Years
1 and 2
Years
3 and 4
Years 5
and Over
(In thousands)
Contractual Obligations:
Long-term debt principal and interest payments (1) $1,844,781 $ 61,200 $ 122,400 $ 122,400 $1,538,781
Future minimum lease payments under capital leases (2) 25 25 — — —
Future minimum lease payments under operating leases (2) 2,021,511 252,098 460,191 368,126 941,096
Other obligations 1,200 600 600 — —
Self-insurance reserves (3) 132,879 64,882 40,247 16,416 11,334
Construction commitments 65,871 65,871 — — —
Other long-term liabilities (4) 15,378 — — — 15,378
Total contractual cash obligations $4,081,645 $ 444,676 $ 623,438 $ 506,942 $2,506,589
(1) Our Revolving Credit Facility, which has a maximum aggregate commitment of $600 million and matures in July of 2018, bears interest (other
than swing line loans), at our option, at either the Base Rate or Eurodollar Rate (both as defined in the agreement) plus a margin, that will vary
from 0.875% to 1.250% in the case of loans bearing interest at the Eurodollar Rate and 0.000% to 0.250% in the case of loans bearing interest at