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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income $ 67,741 $ 180,550 $ 169,075
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 123,512 118,299 119,836
Non-cash impairment charges 0 0 2,754
Deferred income tax (benefit) provision (11,885) (4,585) (2,755)
Share-based compensation 20,143 27,725 36,210
Amortization of debt issuance costs and expenses associated with debt refinancing 6,164 6,845 7,030
Non-cash lease expense 2,189 2,816 3,834
Loss (Gain) on disposal of property and equipment and construction in-progress 777 (6,813) 2,240
Gain from the sale of businesses 0 (644) (41,798)
Change in fair value of contingent consideration and others 12,888 (20,304) (2,162)
Changes in assets and liabilities:      
Accounts receivable 4,593 (33,905) 7,265
Inventories (59,773) (29,124) 5,374
Prepaid expenses and other current assets 2,652 8,612 (21,143)
Other non-current assets (8,535) (2,182) 7,875
Accounts payable, accrued expenses and other current liabilities (20,229) 17,343 32,874
Contract liabilities 128 4,274 28
Other non-current liabilities (410) (4,438) (14,110)
Net cash provided by operating activities 139,955 264,469 312,427
INVESTING ACTIVITIES:      
Purchases of property and equipment (66,865) (42,343) (48,022)
Proceeds from sale of business 0 23,960 190,468
Acquired in-process research and development and intangibles 0 (4,742) (58)
Purchases of Investments (32,694) 0 0
Cash paid for business acquisitions, net of cash acquired 0 (51,509) (303,910)
Proceeds from sales of property and equipment 0 11,145 3
Net proceeds on swaps designated as net investment hedges 5,381 4,909 76
Net cash used in investing activities (94,178) (58,580) (161,443)
FINANCING ACTIVITIES:      
Proceeds from borrowings of long-term indebtedness 165,100 40,750 25,500
Payments on debt (110,600) (148,550) (125,500)
Payment of debt issuance costs (7,879) 0 (249)
Purchase of treasury stock (275,000) (125,000) 0
Proceeds from exercised stock options 4,317 5,465 6,824
Cash taxes paid in net equity settlement (5,863) (24,618) (4,801)
Net cash used in financing activities (229,925) (251,953) (98,226)
Effect of exchange rate changes on cash and cash equivalents 3,889 (10,723) (9,476)
Net increase (decrease) in cash and cash equivalents (180,259) (56,787) 43,282
Cash and cash equivalents at beginning of period 456,661 513,448 470,166
Cash and cash equivalents at end of period $ 276,402 $ 456,661 $ 513,448