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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 $ 113,234 $ 215,525 $ 279,881
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense 54,768 54,505 43,774
Depreciation of property, plant, and equipment 17,270 16,347 16,616
Loss (gain) on disposal of property, plant, and equipment 229 19 33
Amortization of intangible assets 4,610 3,274 3,667
Non-cash, loss from catastrophes 0 46,372 0
Excess and obsolete inventory charges 3,775 3,084 2,573
Fair value adjustment on acquired inventories (Note 21) 2,829 0 0
Amortization of discounts or premiums on investments 1,745 4,968 4,887
Realized (gain) loss on sale of investments 1,954 182 (236)
Change in deferred income taxes (19,779) (27,338) (3,118)
Accounts receivable 23,346 3,454 (4,503)
Unbilled revenue (255) 1,806 1,637
Inventories (22,591) (48,934) (54,920)
Prepaid expenses and other current assets 2,469 (6,998) (32,342)
Accounts payable (13,744) (17,277) 27,828
Accrued expenses (35,309) 2,056 16,861
Accrued income taxes (16,745) (444) (6,401)
Deferred revenue and customer deposits (9,122) 4,886 14,417
Other 4,232 (12,081) 3,411
Net cash provided by operating activities 112,916 243,406 314,065
Cash flows from investing activities:      
Purchases of investments (184,056) (233,720) (668,053)
Maturities and sales of investments 496,462 253,983 430,969
Purchases of property, plant, and equipment (23,077) (19,667) (15,455)
Net payments related to business acquisitions (257,056) (5,050) 0
Net cash provided by (used in) investing activities 32,273 (4,454) (252,539)
Cash flows from financing activities:      
Net payments from issuance of common stock under stock plans 3,268 9,861 63,292
Repurchase of common stock (79,794) (204,314) (161,652)
Payment of dividends (49,079) (45,921) (43,263)
Net cash used in financing activities (125,605) (240,374) (141,623)
Effect of foreign exchange rate changes on cash and cash equivalents 1,697 (3,365) (2,815)
Net change in cash and cash equivalents 21,281 (4,787) (82,912)
Cash and cash equivalents at beginning of year 181,374 186,161 269,073
Cash and cash equivalents at end of year $ 202,655 $ 181,374 $ 186,161