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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:      
Net income $ 180,550 $ 169,075 $ 133,892
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 118,299 119,836 116,031
Non-cash in-process research and development expense 0 0 519
Non-cash impairment charges 0 2,754 0
Deferred income tax (benefit) provision (4,585) (2,755) (64,138)
Share-based compensation 27,725 36,210 19,590
Amortization of debt issuance costs and expenses associated with debt refinancing 6,845 7,030 12,076
Non-cash lease expense 2,816 3,834 2,955
Accretion of bond issuance discount 0 0 15,415
Loss (Gain) on disposal of property and equipment and construction in-progress (6,813) 2,240 7,855
Gain from the sale of businesses (644) (41,798) 0
Change in fair value of contingent consideration and others (20,304) (2,162) 951
Changes in assets and liabilities:      
Accounts receivable (33,905) 7,265 52,105
Inventories (29,124) 5,374 (48,348)
Prepaid expenses and other current assets 8,612 (21,143) 1,632
Other non-current assets (2,182) 7,875 13,735
Accounts payable, accrued expenses and other current liabilities 17,343 32,874 (57,512)
Contract liabilities 4,274 28 (37)
Other non-current liabilities (4,438) (14,110) (2,889)
Net cash provided by operating activities 264,469 312,427 203,832
INVESTING ACTIVITIES:      
Purchases of property and equipment (42,343) (48,022) (38,890)
Proceeds from sale of business 23,960 190,468 0
Acquired in-process research and development and intangibles (4,742) (58) (25,000)
Cash paid for business acquisitions, net of cash acquired (51,509) (303,910) 0
Proceeds from sales of property and equipment 11,145 3 3,657
Net proceeds (payments) on swaps designated as net investment hedges 4,909 76 (7,840)
Net cash used in investing activities (58,580) (161,443) (68,073)
FINANCING ACTIVITIES:      
Proceeds from borrowings of long-term indebtedness 40,750 25,500 171,500
Payments on debt (148,550) (125,500) (441,000)
Purchase of option hedge on convertible notes 0 0 (104,248)
Proceeds from convertible notes issuance 0 0 575,000
Proceeds from sale of stock purchase warrants 0 0 44,563
Payment of debt issuance costs 0 (249) (24,347)
Purchase of treasury stock (125,000) 0 (100,000)
Proceeds from exercised stock options 5,465 6,824 5,232
Cash taxes paid in net equity settlement (24,618) (4,801) (5,075)
Net cash (used in) provided by financing activities (251,953) (98,226) 121,625
Effect of exchange rate changes on cash and cash equivalents (10,723) (9,476) 13,871
Net increase (decrease) in cash and cash equivalents (56,787) 43,282 271,255
Cash and cash equivalents at beginning of period 513,448 470,166 198,911
Cash and cash equivalents at end of period $ 456,661 $ 513,448 $ 470,166