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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 $ 748,462 $ 650,624 $ 366,738
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 30,381 28,287 27,967
Amortization 8,644 1,739 1,431
Share-based compensation 14,879 15,187 14,516
Provision (benefit) for doubtful accounts receivable, net of write-offs 3,580 1,134 (664)
Provision for inventory obsolescence, net of write-offs 5,869 3,798 2,362
(Benefit) provision for deferred income taxes 15,169 4,650 (2,542)
Losses (gains) on sales of property and equipment (527) (93) 38
Equity earnings in unconsolidated investments, net (353) (291) (295)
Net losses on foreign currency transactions 48 325 1,748
Goodwill, Impairment Loss 605 0  
Impairment of goodwill and other assets   0 6,944
Other 472 473 410
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables 19,685 (79,940) (38,688)
Product inventories (263,567) (525,207) (42,447)
Prepaid expenses and other assets (52,815) (51,199) (13,744)
Accounts payable 7,597 114,893 (9,212)
Accrued expenses and other current liabilities (53,275) 149,110 83,019
Net cash provided by operating activities 484,854 313,490 397,581
Investing activities      
Acquisition of businesses, net of cash acquired (9,264) (811,956) (124,587)
Purchases of property and equipment, net of sale proceeds (43,619) (37,658) (21,702)
Other investments, net 2,013 0 0
Net cash used in investing activities (50,870) (849,614) (146,289)
Financing activities      
Proceeds from revolving line of credit 1,917,173 1,438,408 1,053,968
Payments on revolving line of credit (1,970,388) (974,506) (1,145,616)
Proceeds from Long-term Lines of Credit 250,000 250,000 0
Proceeds from asset-backed financing 220,000 495,000 326,700
Payments on asset-backed financing (205,500) (430,000) (321,700)
Payments on Term Facility (9,250) (9,250) (9,250)
Proceeds from short-term borrowings and current portion of long-term debt 28,445 9,279 13,822
Payments on short-term borrowings and current portion of long-term debt (27,675) (9,377) (13,698)
Payments of deferred financing costs (170) (2,638) (12)
Payments of deferred and contingent acquisition consideration (1,374) (362) (281)
Proceeds from stock issued under share-based compensation plans 8,934 17,197 19,824
Payments of cash dividends (150,624) (119,581) (91,929)
Purchases of treasury stock (471,229) (138,039) (76,199)
Net cash provided by (used in) financing activities (411,658) 526,131 (244,371)
Effect of exchange rate changes on cash and cash equivalents (1,056) 186 (1,376)
Change in cash and cash equivalents 21,270 (9,807) 5,545
Cash and cash equivalents at beginning of year 24,321 34,128 28,583
Cash and cash equivalents at end of year $ 45,591 $ 24,321 $ 34,128