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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 84,559 $ 93,619
Adjustments to reconcile net income to cash flows used in operating activities    
Depreciation and amortization 13,781 12,631
Unrealized foreign exchange gain (350) (2,768)
Amortization of debt issuance costs 431 165
Share-based compensation 7,424 7,283
Loss (gain) on disposals of property, plant and equipment 424 (6)
Deferred income taxes 4,541 14,278
Changes in operating assets and liabilities    
Accounts receivable (267,847) (218,544)
Inventories 69,891 35,126
Accounts payable (1,419) (4,833)
Accrued taxes 12,340 31,468
Other assets and liabilities (33,291) (54,837)
Cash flows used in operating activities (109,516) (86,418)
Cash flows from investing activities    
Additions to property, plant and equipment (7,275) (11,698)
Additions to intangible assets (Note 17) 0 (22,235)
Other, net 0 (901)
Cash flows used in investing activities (7,275) (34,834)
Cash flows from financing activities    
Repayments of short-term borrowings, net (Note $5) 0 (3,796)
Proceeds from credit facilities (Note 5) 436,709 539,783
Repayments of credit facilities (Note 5) (271,829) (275,873)
Purchases of common stock (33,322) (116,123)
Dividends paid on common stock (14,630) (14,304)
Payment of employee restricted stock tax withholdings (15,357) (11,455)
Other, net 0 1,078
Cash flows provided by financing activities 101,571 119,310
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1,493) 322
Net decrease in cash, cash equivalents and restricted cash (16,713) (1,620)
Cash, cash equivalents and restricted cash, beginning of year 65,435 58,904
Cash, cash equivalents and restricted cash, end of period 48,722 57,284
Supplemental non-cash information    
Purchases of property, plant and equipment, accrued not paid 3,923 3,595
Additions to right-of-use assets obtained in exchange for operating lease obligations 3,274 41,894
Additions to right-of-use assets obtained in exchange for finance lease obligations 434 607
Dividend equivalents rights ("DERs") declared not paid 496 452
Contingent consideration (Note 17) $ 0 $ 3,000