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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 438,290 $ 325,944
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 56,186 54,633
Impairment charges 0 2,346
Provision for credit losses 3,857 3,358
Deferred income taxes (12,932) (23,517)
Share-based compensation expense 29,292 23,543
Other (157) 1,200
Changes in assets and liabilities:    
Accounts receivable (61,158) (53,794)
Inventories (38,906) (49,349)
Other assets and liabilities (24,236) (94,729)
Accounts payable (4,155) (6,735)
Deferred revenue (1,855) (2,344)
Net cash provided by operating activities 384,226 180,556
Cash Flows from Investing Activities:    
Purchases of property and equipment (66,981) (61,924)
Acquisition of intangible assets 0 (10,000)
Equity investment 0 (25,000)
Net cash used by investing activities (66,981) (96,924)
Cash Flows from Financing Activities:    
(Repayments) borrowings under credit facility, net (315,000) 537,500
Payment of senior debt 0 (75,000)
Proceeds from maturity of net investment hedges 6,256 0
Payments of acquisition-related contingent consideration and holdbacks (1,780) (2,816)
Repurchases of common stock, net 0 (573,060)
Proceeds from exercises of stock options and employee stock purchase plans 23,086 18,379
Shares withheld for statutory tax withholding payments on restricted stock (9,676) (10,390)
Net cash used by financing activities (297,114) (105,387)
Net effect of changes in exchange rates on cash 161 (8,337)
Net increase (decrease) in cash and cash equivalents 20,292 (30,092)
Cash and cash equivalents at beginning of period 112,546 144,454
Cash and cash equivalents at end of period 132,838 114,362
Supplemental Cash Flow Information:    
Cash paid for income taxes 97,127 128,325
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 15,448 $ 10,340