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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 188,145 $ 122,872
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss/(gain) on sale of assets and other (1,126) 118
Depreciation and amortization 28,324 22,753
Noncash lease expense 5,430 4,914
Inventory step-up expense 9,236 0
Loss/(gain) in equity method investment, before tax (229) 2,653
Deferred income taxes (4,557) 1,144
Noncash compensation related to stock plans 9,528 10,245
Provision of doubtful accounts 223 (377)
Deferred hedge gain (693) 0
Changes in operating assets and liabilities (net of amounts acquired from ETANCO. see Note 3)    
Trade accounts receivable (88,635) (84,702)
Inventories (15,203) (27,270)
Trade accounts payable 15,668 10,774
Other current assets (5,834) (14,802)
Accrued liabilities and other current liabilities 21,904 35,879
Other noncurrent assets and liabilities (23,730) (2,569)
Net cash provided by operating activities 138,451 81,632
Cash flows from investing activities    
Capital expenditures (31,829) (19,296)
Acquisitions, net of cash (see Note 3) (805,904) (218)
Equity method investments (1,170) (6,829)
Proceeds from sale of property and equipment 1,816 129
Terminated forward contract 3,535 0
Net cash used in investing activities (833,552) (26,214)
Cash flows from financing activities    
Termination of cash flow hedge 21,252 0
Repurchase of common stock (46,281) 0
Proceeds from borrowing under lines of credit and term loan 701,083 0
Repayments of lines of credit and capital leases (6,600) (384)
Debt issuance costs (6,804) 0
Dividends paid (21,596) (19,956)
Cash paid on behalf of employees for shares withheld (9,523) (5,263)
Net cash provided by (used in) financing activities 631,531 (25,603)
Effect of exchange rate changes on cash and cash equivalents 8,549 1,342
Net increase (decrease) in cash and cash equivalents (55,021) 31,157
Cash and cash equivalents at beginning of period 301,155 274,639
Cash and cash equivalents at end of period 246,134 305,796
Noncash activity during the period    
Noncash capital expenditures 1,082 1,462
Dividends declared but not paid 11,223 10,847
Issuance of Company’s common stock for compensation $ 960 $ 692