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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ 633,125 $ 408,375 $ 430,158
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense from property, plant and equipment and financing leases 170,343 153,472 147,962
Amortization of intangible assets and deferred proceeds, net 23,448 23,494 23,628
Fair value adjustment of acquisition related contingent consideration 59,166 159,354 32,301
Loss on sale of property, plant and equipment 3,168 7,181 5,642
Deferred income taxes 2,529 (49,021) 8,977
Amortization of debt costs 2,310 991 1,012
Pension plan settlement expense 0 112,796 0
Deferred payroll taxes under CARES Act 0 0 (18,739)
Change in current assets less current liabilities (3,774) 29,138 (74,784)
Change in other noncurrent assets 8,904 12,708 31,779
Change in other noncurrent liabilities (22,862) (47,798) (33,430)
Total adjustments 243,232 402,315 124,348
Net cash provided by operating activities 876,357 810,690 554,506
Cash Flows from Investing Activities:      
Additions to property, plant and equipment (371,015) (282,304) (298,611)
Purchases of short-term investments (446,309) 0 0
Proceeds from the disposal of short-term investments 150,274 0 0
Investment in equity method investees (15,720) (13,741) (3,094)
Proceeds from the sale of property, plant and equipment 569 695 7,369
Acquisition of distribution rights 0 0 (30,649)
Net cash used in investing activities (682,201) (295,350) (324,985)
Cash Flows from Financing Activities:      
Proceeds from bond issuance 1,200,000 0 0
Payments related to share repurchases (625,654) 0 0
Cash dividends paid (185,635) (46,868) (9,374)
Payments of acquisition related contingent consideration (64,312) (28,208) (36,515)
Debt issuance fees (15,512) (340) (310)
Payments on financing lease obligations (2,488) (2,303) (2,988)
Payments on term loan facility and senior notes 0 0 (125,000)
Net cash provided by (used in) financing activities 306,399 (77,719) (174,187)
Net increase in cash 500,555 437,621 55,334
Cash at beginning of year 635,269 197,648 142,314
Cash at end of year $ 1,135,824 $ 635,269 $ 197,648