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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 252,308 $ 241,220 $ 159,557
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 32,265 25,296 23,127
Amortization of intangible assets 28,644 22,112 28,861
Amortization of original issue discount and deferred financing costs 4,712 4,749 3,516
Loss on extinguishment of debt [1] 926 1,332 0
Loss on pension settlement [2] 10,920 (0) (0)
Deferred income taxes 18,733 23,600 19,502
Share-based compensation expense [3] 16,694 14,563 10,205
Other 1,086 2,474 410
Net changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 8,231 (43,243) (32,857)
Inventories 26,369 (152,594) (22,986)
Other assets (358) (6,362) (14,783)
Accounts payable (69,404) 86,359 42,788
Accrued wages and employee benefits (3,724) 12,626 6,105
Other accrued liabilities (16,252) 16,972 37,029
Excess tax benefits from equity awards (2,263) (1,877) (3,152)
Net cash provided by operating activities 308,887 247,227 257,322
Investing activities      
Proceeds from sale of property and equipment 95 214 82
Proceeds from beneficial interest in securitization transactions 2,630 3,933 3,794
Expenditures for property and equipment (60,802) (47,601) (33,261)
Acquisition of business, net of cash acquired (112,001) (65,440) 1,257
Net cash used in investing activities (170,078) (108,894) (28,128)
Financing activities      
Proceeds from short-term borrowings 73,340 53,965 101,991
Proceeds from long-term borrowings 1,660 51,425 3,069
Repayments of short-term borrowings (59,518) (27,880) (114,874)
Repayments of long-term borrowings and finance lease obligations (53,049) (101,827) (117,475)
Stock repurchases 0 (25,656) (30,012)
Payment of contingent acquisition consideration (5,550) 0 0
Payment of debt issuance costs (1,473) (1,702) (3,901)
Cash dividends paid to noncontrolling interest of subsidiary (285) (314) 0
Taxes paid related to equity awards (6,438) (5,659) (5,892)
Proceeds from the exercise of stock options 9,395 5,614 6,951
Net cash used in financing activities (41,918) (52,034) (160,143)
Effect of exchange rate changes on cash and cash equivalents 1,510 (289) 2,149
Net increase in cash and cash equivalents 98,401 86,010 71,200
Cash and cash equivalents at beginning of period 224,482 138,472 67,272
Cash and cash equivalents at end of period 322,883 224,482 138,472
Supplemental disclosure of cash flow information      
Interest 35,465 41,007 41,105
Income taxes $ 61,767 $ 41,044 $ 23,836
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.
[2] Represents pre-tax settlement charges related to the termination of the Company’s domestic pension plan in the fourth quarter of 2019.
[3] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.