Napa Auto Parts 2009 Annual Report Download - page 21

Table of Contents
The following table shows the Company’s approximate obligations and commitments, including interest due on credit facilities, to
make future payments under contractual obligations as of December 31, 2009:
Contractual Obligations

 
    

Credit facilities $ 575,579 $ 27,250 $ 287,627 $260,702 $ —
Capital leases 6,069 1,296 1,934 1,557 1,282
Operating leases 530,608 129,928 175,905 95,565 129,210
Total contractual cash obligations $1,112,256 $ 158,474 $465,466 $357,824 $ 130,492
Due to the uncertainty of the timing of future cash flows associated with the Company’s unrecognized tax benefits at December 31,
2009, the Company is unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities.
Therefore, $41 million of unrecognized tax benefits have been excluded from the contractual obligations table above. Refer to Note 6 of the
Consolidated Financial Statements for a discussion on income taxes.
Purchase orders or contracts for the purchase of inventory and other goods and services are not included in our estimates. We are not
able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent
authorizations to purchase rather than binding agreements. Our purchase orders are based on our current distribution needs and are
fulfilled by our vendors within short time horizons. The Company does not have significant agreements for the purchase of inventory or
other goods specifying minimum quantities or set prices that exceed our expected requirements.
The Company guarantees the borrowings of certain independently controlled automotive parts stores (independents) and certain other
affiliates in which the Company has a noncontrolling equity ownership interest (affiliates). The Company’s maximum exposure to loss as
a result of its involvement with these independents and affiliates is equal to the total borrowings subject to the Company’s guarantee. To
date, the Company has had no significant losses in connection with guarantees of independents’ and affiliates’ borrowings. The following
table shows the Company’s approximate commercial commitments as of December 31, 2009:
Other Commercial Commitments

  
    

Line of Credit $ — $ — $ — $ — $ —
Standby letters of credit 50,403 50,403 — — —
Guaranteed borrowings of independents and affiliates 200,857 61,622 13,220 13,220 112,795
Total commercial commitments $ 251,260 $112,025 $13,220 $13,220 $112,795
In addition, the Company sponsors defined benefit pension plans that may obligate us to make contributions to the plans from time
to time. Contributions in 2009 were $56 million. Contributions required for 2010 and future years will depend on a number of
unpredictable factors including the market performance of the plans’ assets and future changes in interest rates that affect the actuarial
measurement of the plans’ obligations.

On August 21, 2006, our Board of Directors authorized the repurchase of 15 million shares of our common stock, and on
November 17, 2008, the Board authorized the repurchase of an additional 15 million shares. Such
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