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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 679,089 $ 744,844 $ 582,131
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 111,900 104,596 95,998
Impairment charge 2,346 5,148 2,501
Provision for uncollectible accounts 5,829 1,484 4,946
Deferred income taxes (35,065) (3,377) (38,082)
Share-based compensation expense 49,770 37,755 30,951
Other 2,645 2,619 1,379
Changes in assets and liabilities:      
Accounts receivable (41,398) (33,141) (60,722)
Inventories (121,731) (52,919) (18,885)
Accounts payable 3,467 11,233 981
Deferred revenue (11,019) (7,551) (13,373)
Other assets and liabilities (102,849) (55,145) 60,238
Net cash provided by operating activities 542,984 755,546 648,063
Cash Flows from Investing Activities:      
Purchases of property and equipment (148,838) (119,549) (106,958)
Acquisitions of intangible assets (10,000) 0 (668)
Equity investments (25,000) 0 (250)
Acquisitions of businesses, net of cash acquired (11,512) (173,418) (1,500)
Net cash used by investing activities (195,350) (292,967) (109,376)
Cash Flows from Financing Activities:      
Borrowings (repayments) on credit facility, net 505,500 73,500 (289,625)
Issuance of senior notes 0 0 200,000
Payments of senior notes (75,000) (50,000) 0
Debt issuance costs (435) (2,650) (5,025)
Purchase of minority interest 0 (990) 0
Repurchases of common stock, net (819,711) (746,777) (182,815)
Proceeds from exercises of stock options and employee stock purchase plans 35,747 46,565 51,328
Payment of acquisition-related contingent consideration and holdbacks (6,431) (1,500) (1,676)
Shares withheld for statutory tax withholding payments on restricted stock (10,606) (15,562) (20,603)
Net cash used by financing activities (370,936) (697,414) (248,416)
Net effect of changes in exchange rates on cash (8,606) (4,639) 3,331
Net (decrease) increase in cash and cash equivalents (31,908) (239,474) 293,602
Cash and cash equivalents at beginning of period 144,454 383,928 90,326
Cash and cash equivalents at end of period $ 112,546 $ 144,454 $ 383,928