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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 188,811 $ 154,975 $ 101,157
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization 50,374 44,572 36,488
Non-cash lease expense 17,406 13,808 11,699
Share-based compensation 10,973 11,731 10,066
Deferred income taxes (1,230) 126 (4,268)
(Gain)/Loss on disposals of plant and equipment 1,285 (269) 1,241
Gain from bargain purchase of business 0 (6,482) 0
Foreign exchange (income)/expense 7,236 2,269 1,392
Changes in assets and liabilities, net of acquisitions:      
Receivables (44,800) (31,925) 22,053
Inventory (101,080) (123,076) 13,144
Accounts payable and accrued expenses (12,283) 89,038 20,519
Operating leases 17,406 13,808 11,698
Income taxes (679) (2,241) 2,507
Income taxes-U.S. Tax Cuts and Jobs Act (355) 0 0
Employee benefit plans 3,488 1,245 604
Other, net (66) (10,200) 6,950
Net cash flows from operating activities 101,674 129,763 211,854
Cash flows from investing activities:      
Additions to property, plant, and equipment (41,903) (30,116) (22,856)
Proceeds from sale of property, plant, and equipment 6 979 34
Cash paid for acquisitions, net of cash acquired (1,186) (235,701) (55,915)
Other, net 9 33 (74)
Net cash flows from investing activities (43,074) (264,805) (78,811)
Cash flows from financing activities:      
Proceeds from issuance of debt 477,558 321,299 117,758
Repayments of debt (448,622) (226,583) (138,831)
Proceeds from issuance of common stock 3,859 15,524 3,721
Purchases of common stock (40,490) (25,949) (19,553)
Dividends paid (36,991) (33,398) (29,675)
Deferred payments for acquisitions (3,786) 0 0
Net cash flows from financing activities (48,472) 50,893 (66,580)
Effect of exchange rate changes on cash and cash equivalents (4,874) (6,102) (81)
Net change in cash and cash equivalents 5,254 (90,251) 66,382
Cash paid for income taxes, net of refunds 48,335 37,387 23,869
Cash paid for interest 11,209 5,192 4,695
Cash and cash equivalents at beginning of period 40,536 130,787 64,405
Cash and cash equivalents at end of period 45,790 40,536 130,787
Non-cash items:      
Additions to property, plant, and equipment, not yet paid 628 1,454 1,059
Lease right-of-use assets obtained in exchange for new operating lease liabilities 17,599 19,627 15,421
Payable to sellers of acquired entities 354 4,000 0
Payable for share repurchases $ 1,083 $ 0 $ 0