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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 195,164 $ 188,145
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets and other (489) (1,126)
Depreciation and amortization 36,045 28,324
Noncash lease expense 6,595 5,430
(Gain) loss in equity method investment, before tax 102 (229)
Deferred income taxes (6,517) (4,557)
Noncash compensation related to stock plans 11,164 9,528
Provision for doubtful accounts 459 223
Deferred hedge gain (2,148) (693)
Changes in operating assets and liabilities    
Trade accounts receivable (118,922) (88,635)
Inventories 34,884 (15,203)
Trade accounts payable 672 15,668
Other current assets (1,416) (5,834)
Accrued liabilities and other current liabilities 48,971 21,904
Other noncurrent assets and liabilities (7,324) (23,730)
Net cash provided by operating activities 197,240 138,451
Cash flows from investing activities    
Capital expenditures (37,918) (31,829)
Acquisitions, net of cash (see Note 3) (18,195) (805,904)
Equity method investments (663) (1,170)
Proceeds from sale of property and equipment 183 1,816
Proceeds from Divestiture of Businesses 8,544 0
Terminated forward contract 0 3,535
Net cash used in investing activities (48,049) (833,552)
Cash flows from financing activities    
Termination of cash flow hedge 0 21,252
Repurchase of common stock 0 (46,281)
Proceeds from borrowing under lines of credit and term loan 265 701,083
Repayments of lines of credit and term loan (11,705) (6,600)
Debt issuance costs 0 (6,804)
Dividends paid (22,158) (21,596)
Cash paid on behalf of employees for shares withheld (7,398) (9,523)
Net cash provided by (used in) financing activities (40,996) 631,531
Effect of exchange rate changes on cash and cash equivalents (955) 8,549
Net increase (decrease) in cash and cash equivalents 107,240 (55,021)
Cash and cash equivalents at beginning of period 300,742 301,155
Cash and cash equivalents at end of period 407,982 246,134
Noncash activity during the period    
Noncash capital expenditures 1,059 1,082
Dividends declared but not paid 11,518 11,222
Issuance of Company’s common stock for compensation $ 0 $ 960