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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities    
Net Income (loss) $ 164,027 $ 148,388
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 13,558 12,888
Amortization 713 938
Share-based compensation 6,594 6,481
Equity earnings in unconsolidated investments, net (134) (106)
Other 2,558 1,861
Changes in operating assets and liabilities, net of effects of acquisitions:    
Receivables (206,271) (210,327)
Product inventories (5,380) (76,286)
Prepaid expenses and other assets 4,831 2,100
Accounts payable 97,232 55,964
Accrued expenses and other current liabilities 19,713 21,290
Net cash provided by (used in) operating activities 97,441 (36,809)
Investing activities    
Acquisition of businesses, net of cash acquired (9,345) (578)
Purchases of property and equipment, net of sale proceeds (19,193) (24,620)
Net cash used in investing activities (28,538) (25,198)
Financing activities    
Proceeds from revolving line of credit 545,834 554,536
Payments on revolving line of credit (657,180) (545,574)
Proceeds from asset-backed financing 176,100 177,500
Payments on asset-backed financing (54,200) (60,000)
Proceeds from short-term borrowings and current portion of long-term debt 22,687 13,957
Payments on short-term borrowings and current portion of long-term debt (7,881) (3,330)
Payments of deferred and contingent acquisition consideration (311) (265)
Payments of deferred financing costs 0 (8)
Proceeds from stock issued under share-based compensation plans 12,603 9,383
Payments of cash dividends (39,753) (33,194)
Purchases of treasury stock (23,097) (38,876)
Net cash (used in) provided by financing activities (25,198) 74,129
Effect of exchange rate changes on cash and cash equivalents 631 105
Change in cash and cash equivalents 44,336 12,227
Cash and cash equivalents at beginning of period 16,358 29,940
Cash and cash equivalents at end of period $ 60,694 $ 42,167