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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 196,650 $ 157,362
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss/(gain) on sale of assets and other 2,251 (204)
Depreciation and amortization 33,192 30,088
Noncash lease expense 7,237 6,246
Deferred income taxes 1,197 1,852
Noncash compensation related to stock plans 13,391 9,459
Provision of doubtful accounts 74 23
Changes in operating assets and liabilities:    
Trade accounts receivable (73,219) (87,170)
Inventories (104,223) (7,199)
Trade accounts payable 15,527 7,825
Other current assets (11,272) (618)
Accrued liabilities and other current liabilities 45,924 21,762
Other noncurrent assets and liabilities (4,631) (9,808)
Net cash provided by operating activities 122,098 129,618
Cash flows from investing activities    
Capital expenditures (31,285) (20,879)
Asset acquisitions, net of cash acquired (218) (1,425)
Equity method investments (9,829) 0
Proceeds from sale of property and equipment 132 750
Net cash used in investing activities (41,200) (21,554)
Cash flows from financing activities    
Repurchase of common stock (24,125) (62,679)
Proceeds from lines of credit 8,530 164,330
Repayments of lines of credit and capital leases (8,632) (89,347)
Debt issuance costs (819) (712)
Dividends paid (30,815) (30,164)
Cash paid on behalf of employees for shares withheld (5,397) (7,581)
Net cash used in financing activities (61,258) (26,153)
Effect of exchange rate changes on cash and cash equivalents (99) (656)
Net increase in cash and cash equivalents 19,541 81,255
Cash and cash equivalents at beginning of period 274,639 230,210
Cash and cash equivalents at end of period 294,180 311,465
Noncash activity during the period    
Noncash capital expenditures 550 778
Dividends declared but not paid 10,847 10,000
Issuance of Company’s common stock for compensation $ 692 $ 342