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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Operating activities            
Net income $ 157,637   $ 127,909 $ 274,533 $ 277,854  
Adjustments to reconcile net income to net cash provided by operating activities:            
Depreciation       25,629 19,435  
Amortization of intangible assets 25,876   11,052 51,930 20,031  
Amortization of original issue discount and deferred financing costs       1,287 1,295  
Loss on extinguishment of debt 3,743 $ 3,743 [1] 831 [1] 3,743 [1] 831 [1]  
Deferred income taxes       (61,625) 7,003  
Share-based compensation expense [2]   7,735 6,973 16,562 12,421  
Gain on disposal of assets       (587) (3,978)  
Other noncash (gains) charges       (2,037) (142)  
Net changes in operating assets and liabilities, net of acquisitions:            
Accounts receivable       (143,308) (96,846)  
Inventories       (158,232) (163,820)  
Other assets       1,637 (4,172)  
Accounts payable       (54,583) 186,041  
Accrued wages and employee benefits       (11,876) 2,537  
Other accrued liabilities       86,616 38,028  
Excess tax benefits from equity awards       (15,996) (21,525)  
Net cash provided by operating activities       13,693 274,993  
Investing activities            
Proceeds from sale of property and equipment       1,883 74  
Proceeds from sale of investment       1,308 4,902  
Proceeds from beneficial interests in securitization transactions       1,843 1,363  
Contribution to equity method investment       (10,229) (216)  
Expenditures for property and equipment       (46,503) (54,222)  
Acquisition of business, net of cash acquired       (11,421) (419,017)  
Net cash used in investing activities       (63,119) (467,116)  
Financing activities            
Proceeds from short-term borrowings       216,681 57,589  
Proceeds from long-term borrowings       935,000 50,000  
Repayments of short-term borrowings       (208,244) (73,675)  
Repayments of long-term borrowings and finance lease obligations       (538,401) (53,095)  
Payment of contingent acquisition consideration       0 (3,750)  
Payment of debt issuance costs       (10,330) (1,185)  
Purchase of additional ownership interest       (375) (27,164)  
Taxes paid related to equity awards       (38,347) (39,967)  
Proceeds from exercise of stock options       10,383 18,567  
Net cash provided by (used in) financing activities       366,367 (72,680)  
Effect of exchange rate changes on cash and cash equivalents       2,860 (239)  
Net increase (decrease) in cash and cash equivalents       319,801 (265,042)  
Cash and cash equivalents at beginning of period       147,339 655,128 $ 655,128
Cash and cash equivalents at end of period $ 467,140 $ 467,140 $ 390,086 $ 467,140 $ 390,086 $ 147,339
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due primarily to a voluntary prepayment of Term Loan debt.
[2] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.