XML 25 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating activities    
Net income $ 113,009 $ 102,305
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 10,749 9,716
Amortization 1,075 922
Share-based compensation 6,854 6,090
Excess tax benefits from share-based compensation (4,141) (4,367)
Equity earnings in unconsolidated investments (209) (52)
Other (727) (194)
Changes in operating assets and liabilities, net of effects of acquisitions:    
Receivables (79,891) (65,638)
Product inventories 19,262 34,709
Prepaid expenses and other assets (1,212) 1,063
Accounts payable (61,544) (57,641)
Accrued expenses and other current liabilities 33,995 26,933
Net cash provided by operating activities 37,220 53,846
Investing activities    
Acquisition of businesses, net of cash acquired (9,381) (1,244)
Purchase of property and equipment, net of sale proceeds (14,687) (14,407)
Other investments, net 133 76
Net cash used in investing activities (23,935) (15,575)
Financing activities    
Proceeds from revolving line of credit 658,720 596,642
Payments on revolving line of credit (542,018) (567,092)
Proceeds from asset-backed financing 121,600 0
Payments on asset-backed financing (93,600) 0
Proceeds from long-term debt and other long-term liabilities 1,621 0
Payments on long-term debt and other long-term liabilities 0 (10)
Payments of deferred financing costs (7) (754)
Excess tax benefits from share-based compensation 4,141 4,367
Proceeds from stock issued under share-based compensation plans 8,090 19,040
Payments of cash dividends (28,075) (25,120)
Purchases of treasury stock (135,155) (53,027)
Net cash used in financing activities (4,683) (25,954)
Effect of exchange rate changes on cash and cash equivalents (2,153) (558)
Change in cash and cash equivalents 6,449 11,759
Cash and cash equivalents at beginning of period 8,006 12,463
Cash and cash equivalents at end of period $ 14,455 $ 24,222