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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 194,734 $ 188,811 $ 154,975
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization 52,260 50,374 44,572
Non-cash lease expense 18,852 17,406 13,808
Share-based compensation 10,133 10,973 11,731
Deferred income taxes (1,609) (1,230) 126
(Gain)/Loss on disposals of plant and equipment (256) 1,285 (269)
Gain from bargain purchase of business 0 0 (6,482)
Foreign exchange expense 12,124 7,236 2,269
Changes in assets and liabilities, net of acquisitions:      
Receivables 19,150 (44,800) (31,925)
Inventory 48,176 (101,080) (123,076)
Accounts payable and accrued expenses (23,085) (12,283) 89,038
Operating leases 18,874 17,406 13,808
Income taxes (1,524) (679) (2,241)
Income taxes-U.S. Tax Cuts and Jobs Act (2,902) (355) 0
Employee benefit plans 1,458 3,488 1,245
Other, net 7,073 (66) (10,200)
Net cash flows from operating activities 315,710 101,674 129,763
Cash flows from investing activities:      
Additions to property, plant, and equipment (41,415) (41,903) (30,116)
Proceeds from sale of property, plant, and equipment 1,494 6 979
Cash paid for acquisitions, net of cash acquired (34,831) (1,186) (235,701)
Other, net 463 9 33
Net cash flows from investing activities (74,289) (43,074) (264,805)
Cash flows from financing activities:      
Proceeds from issuance of debt 443,217 477,558 321,299
Repayments of debt (558,746) (448,622) (226,583)
Proceeds from issuance of common stock 9,193 3,859 15,524
Purchases of common stock (43,332) (40,490) (25,949)
Dividends paid (41,723) (36,991) (33,398)
Deferred payments for acquisitions (802) (3,786) 0
Net cash flows from financing activities (192,193) (48,472) 50,893
Effect of exchange rate changes on cash and cash equivalents (10,055) (4,874) (6,102)
Net change in cash and cash equivalents 39,173 5,254 (90,251)
Cash paid for income taxes, net of refunds 55,120 48,335 37,387
Cash paid for interest 12,115 11,209 5,192
Cash and cash equivalents at beginning of period 45,790 40,536 130,787
Cash and cash equivalents at end of period 84,963 45,790 40,536
Non-cash items:      
Additions to property, plant, and equipment, not yet paid 2,229 628 1,454
Lease right-of-use assets obtained in exchange for new operating lease liabilities 25,899 17,599 19,627
Payable to sellers of acquired entities 7,027 354 4,000
Payable for share repurchases 0 1,083 0
Accrued dividends payable to noncontrolling interests 821 0 0
Non-cash investment to acquire property in lieu of cash payment for products provided $ 419 $ 0 $ 0