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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 261,575 $ 234,461 $ 191,339
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 27,885 26,122 24,157
Amortization 1,389 1,793 1,568
Share-based compensation 13,472 12,874 12,482
Provision (benefit) for doubtful accounts receivable, net of write-offs (710) 2,286 (154)
Provision for inventory obsolescence, net of write-offs 1,310 1,462 (267)
Provision for deferred income taxes 3,723 4,661 (4,636)
Gains on sales of property and equipment (85) (289) (285)
Equity earnings in unconsolidated investments, net (262) (242) (139)
Net losses (gains) on foreign currency transactions 1,347 560 (171)
Impairment of other non-operating asset 0 0 1,200
Other 3,313 808 166
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables (15,691) (14,371) (21,903)
Product inventories (14,165) (142,170) (35,783)
Prepaid expenses and other assets (4,218) 1,018 (4,096)
Accounts payable 16,860 (6,567) 5,077
Accrued expenses and other current liabilities 3,033 (3,750) 6,756
Net cash provided by operating activities 298,776 118,656 175,311
Investing activities      
Acquisition of businesses, net of cash acquired (8,901) (2,578) (12,834)
Purchases of property and equipment, net of sale proceeds (33,362) (31,580) (39,390)
Other investments, net 0 0 4
Net cash used in investing activities (42,263) (34,158) (52,220)
Financing activities      
Proceeds from revolving line of credit 1,066,529 1,138,195 1,067,868
Payments on revolving line of credit (1,415,988) (998,503) (1,011,977)
Proceeds from asset-backed financing 189,000 198,400 161,600
Payments on asset-backed financing (182,500) (189,900) (145,100)
Proceeds from Term Facility 185,000    
Proceeds from short-term borrowings and current portion of long-term debt 30,863 17,127 27,333
Payments on short-term borrowings and current portion of long-term debt (28,286) (18,793) (17,603)
Payments on deferred and contingent acquisition consideration (312) (661) (324)
Purchase of redeemable non-controlling interest 0 0 (2,573)
Payments of deferred financing costs (406) (106) (1,104)
Proceeds from stock issued under share-based compensation plans 18,574 13,569 11,466
Payments of cash dividends (83,772) (69,430) (58,029)
Purchases of treasury stock (23,188) (187,469) (146,006)
Net cash used in financing activities (244,486) (97,571) (114,449)
Effect of exchange rate changes on cash and cash equivalents 198 (509) (658)
Change in cash and cash equivalents 12,225 (13,582) 7,984
Cash and cash equivalents at beginning of year 16,358 29,940 21,956
Cash and cash equivalents at end of year $ 28,583 $ 16,358 $ 29,940