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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 $ 887,867 $ 845,042 $ 679,089
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 129,936 114,908 111,900
Impairment charges 250 1,484 2,346
Provision for uncollectible accounts 6,867 5,552 5,829
Deferred income taxes (24,194) (48,306) (35,065)
Share-based compensation expense 60,295 59,739 49,770
Other 1,218 520 2,645
Changes in assets and liabilities:      
Accounts receivable (28,280) (53,871) (41,398)
Inventories (28,001) (28,651) (121,731)
Accounts payable 8,086 (557) 3,467
Deferred revenue (4,378) (3,032) (11,019)
Other assets and liabilities (80,665) 13,682 (102,849)
Net cash provided by operating activities 929,001 906,510 542,984
Cash Flows from Investing Activities:      
Purchases of property and equipment (120,922) (133,631) (148,838)
Acquisitions of intangible assets (10,000) 0 (10,000)
Equity investments (1,004) 0 (25,000)
Acquisitions of businesses, net of cash acquired (76,694) 0 (11,512)
Proceeds from net investment hedges 1,558 8,377 0
Net cash used by investing activities (207,062) (125,254) (195,350)
Cash Flows from Financing Activities:      
(Payments) borrowings on credit facility, net 0 (329,000) 505,500
Payments of senior notes (75,000) (75,000) (75,000)
Debt issuance costs 0 0 (435)
Repurchases of common stock (837,034) (71,920) (819,711)
Proceeds from exercises of stock options and employee stock purchase plans 44,492 47,034 35,747
Payments of acquisition-related contingent consideration and holdbacks 0 (3,135) (6,431)
Shares withheld for statutory tax withholding payments on restricted stock (10,531) (9,975) (10,606)
Net cash used by financing activities (878,073) (441,996) (370,936)
Net effect of changes in exchange rates on cash (9,532) 2,126 (8,606)
Net increase (decrease) in cash and cash equivalents (165,666) 341,386 (31,908)
Cash and cash equivalents at beginning of period 453,932 112,546 144,454
Cash and cash equivalents at end of period $ 288,266 $ 453,932 $ 112,546