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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 650,521 $ 506,882
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 85,171 83,180
Impairment charges 0 2,346
Provision for credit losses 5,464 5,112
Deferred income taxes (14,749) (36,890)
Share-based compensation expense 44,516 36,491
Other (12) 2,032
Changes in assets and liabilities:    
Accounts receivable (54,557) (35,061)
Inventories (31,647) (99,621)
Other assets and liabilities (17,902) (87,566)
Accounts payable (6,799) (3,930)
Deferred revenue (3,347) (3,419)
Net cash provided by operating activities 656,659 369,556
Cash Flows from Investing Activities:    
Purchases of property and equipment (101,075) (99,609)
Acquisition of intangible assets 0 (10,000)
Equity investment 0 (25,000)
Acquisitions of a business, net of cash acquired 0 (11,512)
Proceeds from net investment hedges 6,256 0
Net cash used by investing activities (94,819) (146,121)
Cash Flows from Financing Activities:    
(Repayments) borrowings under credit facility, net (329,000) 559,500
Payment of senior debt 0 (75,000)
Payments of acquisition-related contingent consideration and holdbacks (1,879) (5,730)
Repurchases of common stock, net (35,070) (745,691)
Proceeds from exercises of stock options and employee stock purchase plans 35,704 23,257
Shares withheld for statutory tax withholding payments on restricted stock (9,907) (10,552)
Net cash used by financing activities (340,152) (254,216)
Net effect of changes in exchange rates on cash (2,538) (14,497)
Net increase (decrease) in cash and cash equivalents 219,150 (45,278)
Cash and cash equivalents at beginning of period 112,546 144,454
Cash and cash equivalents at end of period 331,696 99,176
Supplemental Cash Flow Information:    
Cash paid for income taxes 160,860 179,720
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 11,328 $ 19,661