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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 260,852 $ 228,410
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 46,786 42,976
Provision for credit losses (Note 2 & Note 6) 5,352 299
Benefit of deferred income taxes 2,658 3,426
Share-based compensation expense 15,081 13,232
Other 699 448
Changes in assets and liabilities:    
Accounts receivable (57,277) (37,699)
Inventories (29,254) (22,911)
Other assets and liabilities 4,540 (45,822)
Accounts payable (6,729) (4,030)
Deferred revenue (6,695) (6,849)
Net cash provided by operating activities 236,013 171,480
Cash Flows from Investing Activities:    
Purchases of property and equipment (73,558) (71,987)
Payments to Acquire Intangible Assets (668) 0
Acquisitions of a business, net of cash acquired 0 (304)
Net cash used by investing activities (74,226) (72,291)
Cash Flows from Financing Activities:    
Repayments on revolving credit facilities, net (167,692) (147,519)
Issuance of senior notes 200,000 100,000
Debt issuance costs (4,988) (142)
Payment of acquisition-related contingent consideration (1,080) (1,695)
Repurchases of common stock, net (182,815) (74,994)
Proceeds from exercises of stock options and employee stock purchase plans 20,613 19,653
Shares withheld for statutory tax withholding on restricted stock (8,668) (7,572)
Net cash used by financing activities (144,630) (112,269)
Net effect of changes in exchange rates on cash (2,190) 131
Net increase (decrease) in cash and cash equivalents 14,967 (12,949)
Cash and cash equivalents at beginning of period 90,326 123,794
Cash and cash equivalents at end of period 105,293 110,845
Supplemental Cash Flow Information:    
Cash paid for income taxes 29,983 56,950
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 12,670 $ 11,633