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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended 77 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Operating activities        
Net income $ 556,569 $ 347,218 $ 252,308  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation 42,155 36,493 32,265  
Amortization of intangible assets 49,886 32,280 28,644  
Amortization of original issue discount and deferred financing costs 2,589 2,598 4,712  
Loss on extinguishment of debt [1] 831 0 926  
Loss on pension settlement [2] 0 0 10,920  
Deferred income taxes (2,096) 21,195 18,733  
Share-based compensation expense [3] 23,954 20,882 16,694  
Loss (gain) on disposal of assets (4,393) 0 0  
Other 206 7,145 1,086  
Net changes in operating assets and liabilities, net of acquisitions:        
Accounts receivable (131,861) (55,976) 8,231  
Inventories (470,991) (77,983) 26,369  
Other assets (819) 12,859 (358)  
Accounts payable 297,323 66,040 (69,404)  
Accrued wages and employee benefits 5,814 20,157 (3,724)  
Other accrued liabilities 73,798 60,593 (16,252)  
Excess tax benefits from equity awards (31,809) (6,968) (2,263)  
Net cash provided by operating activities 411,156 486,533 308,887  
Investing activities        
Proceeds from sale of property and equipment 259 179 95  
Proceeds from sale of investment 4,968 0 0  
Proceeds from beneficial interest in securitization transactions 4,609 2,651 2,630  
Contribution to equity method investment (3,660) 0 0  
Expenditures for property and equipment (109,992) (62,128) (60,802)  
Acquisition of businesses, net of cash acquired (713,471) (64,797) (112,001)  
Net cash used in investing activities (817,287) (124,095) (170,078)  
Financing activities        
Proceeds from short-term borrowings 272,818 257,593 73,340  
Proceeds from long-term borrowings 150,088 277 1,660  
Repayments of short-term borrowings (239,113) (277,719) (59,518)  
Repayments of long-term borrowings and finance lease obligations (108,556) (4,758) (53,049)  
Stock repurchases (125,992) 0 0 $ (431,539)
Payment of contingent acquisition consideration (3,750) (4,000) (5,550)  
Payment of debt issuance costs (1,185) 0 (1,473)  
Purchase of additional ownership interest (27,164) 0 0  
Cash dividends paid to noncontrolling interest of subsidiary 0 0 (285)  
Taxes paid related to equity awards (58,903) (14,910) (6,438)  
Proceeds from the exercise of stock options 38,787 13,089 9,395  
Net cash used in financing activities (102,970) (30,428) (41,918)  
Effect of exchange rate changes on cash and cash equivalents 1,312 235 1,510  
Net (decrease) increase in cash and cash equivalents (507,789) 332,245 98,401  
Cash and cash equivalents at beginning of period 655,128 322,883 224,482  
Cash and cash equivalents at end of period 147,339 655,128 322,883 $ 147,339
Supplemental disclosure of cash flow information        
Interest 27,842 28,765 35,465  
Income taxes $ 156,728 $ 61,861 $ 61,767  
[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.