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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 94,576 $ 50,387
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss/(gain) on sale of assets and other (1,267) 333
Depreciation and amortization 10,795 11,225
Noncash lease expense 2,477 2,393
Deferred income taxes (1,810) 314
Noncash compensation related to stock plans 4,872 6,542
Provision of doubtful accounts (211) (215)
Changes in operating assets and liabilities:    
Trade accounts receivable (89,799) (62,660)
Inventories (381) (14,750)
Trade accounts payable 17,929 17,301
Other current assets (16,479) (14,109)
Accrued liabilities and other current liabilities 21,707 22,126
Other noncurrent assets and liabilities 2,270 (1,054)
Net cash provided by operating activities 44,679 17,833
Cash flows from investing activities    
Capital expenditures (17,823) (10,505)
Asset acquisitions (488) 0
Equity method investments (600) (5,329)
Proceeds from sale of property and equipment 1,830 105
Net cash used in investing activities (17,081) (15,729)
Cash flows from financing activities    
Repurchase of common stock (21,281) 0
Proceeds from lines of credit and term loan borrowing 700,038 0
Repayments of lines of credit and capital leases (1,024) (192)
Debt issuance costs (6,804) 0
Dividends paid (10,806) (9,967)
Cash paid on behalf of employees for shares withheld (9,523) (5,263)
Net cash provided by (used in) financing activities 650,600 (15,422)
Effect of exchange rate changes on cash and cash equivalents 5,019 (3,893)
Net increase (decrease) in cash and cash equivalents 683,217 (17,211)
Cash and cash equivalents at beginning of period 301,155 274,639
Cash and cash equivalents at end of period 984,372 257,428
Noncash activity during the period    
Noncash capital expenditures 761 1,526
Dividends declared but not paid 10,847 9,967
Issuance of Company’s common stock for compensation $ 960 $ 692