XML 21 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 161,354 $ 316,978 $ 217,120
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and finance lease amortization 93,328 74,025 62,408
Amortization of intangible assets 101,507 97,743 104,194
Amortization of deferred financing costs and original issue discount 2,380 3,242 3,885
Change in fair value of investments 20,610 38,006 0
Loss on refinancing of debt 1,225 [1] 4,861 [1] 0
Deferred income tax expense (benefit) 15,080 (60,615) (34,478)
Share-based compensation expense [2] 49,947 49,248 35,492
Loss (gain) on disposal of assets (688) 138 (285)
Loss attributable to the disposition of a business 3,905 0 0
Other noncash charges 2,857 5,780 5,922
Excess tax benefits from equity awards (404) (5,069) (977)
Net changes in operating assets and liabilities:      
Accounts receivable 45,637 (82,816) (18,272)
Inventories (163,117) 122,952 262,670
Other assets (40,109) 546 24,266
Accounts payable (40,701) 123,571 (120,900)
Accrued wages and employee benefits (13,555) 26,870 7,962
Other accrued liabilities 198,722 25,841 (27,337)
Net cash provided by operating activities 437,978 741,301 521,670
Investing activities      
Proceeds from sale of property and equipment 3,078 211 2,896
Proceeds from beneficial interest in securitization transactions 0 0 3,294
Contribution to tax equity investment 0 (1,629) (6,627)
Purchase of long-term investments (3,035) (37,821) (32,592)
Proceeds from sale of long-term investments 0 2,000 0
Expenditures for property and equipment (169,850) (136,733) (129,060)
Acquisition of businesses, net of cash acquired (762) (34,740) (15,974)
Other investing activities (2,335) 0 0
Net cash used in investing activities (172,904) (208,712) (178,063)
Financing activities      
Proceeds from short-term borrowings 36,402 29,219 64,257
Proceeds from long-term borrowings 132,826 541,475 348,827
Repayments of short-term borrowings (48,211) (54,548) (37,104)
Repayments of long-term borrowings and finance lease obligations (168,503) (794,600) (288,699)
Stock repurchases (147,917) (152,743) (251,513)
Payment of debt issuance costs (5,275) (3,616) 0
Payment of contingent acquisition consideration (2,700) 0 (4,979)
Payment of deferred acquisition consideration (603) (7,421) 0
Contributions received from noncontrolling interest in subsidiary 979 0 0
Dividends paid to noncontrolling interest of subsidiary (293) (273) 0
Purchase of additional ownership interest 0 (9,117) (104,844)
Taxes paid related to equity awards (14,284) (24,769) (10,897)
Proceeds from the exercise of stock options 4,860 27,558 7,815
Net cash used in financing activities (212,719) (448,835) (277,137)
Net increase in cash and cash equivalents 60,136 80,283 68,271
Cash and cash equivalents at beginning of period 281,277 200,994 132,723
Cash and cash equivalents at end of period 341,413 281,277 200,994
Effect of foreign exchange rate changes on cash and cash equivalents 7,781 (3,471) 1,801
Supplemental disclosure of cash flow information      
Interest 75,874 89,420 84,027
Income taxes $ 89,415 $ 148,828 $ 100,082
[1] For the three and nine months ended September 30, 2025, the loss represents third party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Original Tranche A Term Loan Facility and Original Revolving Facility. For the three and nine months ended September 30, 2024, the loss represents fees paid to creditors and the write-off of the original issue discount and deferred financing costs in connection with the refinancing of the Tranche B Term Loan Facility.
[2] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.