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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net Income $ 78,885 $ 101,699
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]    
Depreciation 8,661 7,632
Amortization 2,088 2,135
Share-based compensation 5,328 4,923
Equity in earnings of unconsolidated investments, net (57) (36)
Other (853) 2,732
Changes in operating assets and liabilities, net of effects of acquisitions:    
Receivables (181,705) (211,015)
Product inventories (133,249) (96,011)
Prepaid expenses and other assets 15,741 (5,786)
Accounts payable 401,384 332,800
Accrued expenses and other liabilities (50,781) (35,870)
Net Cash Provided by operating activities 145,442 103,203
Investing activities    
Acquisition of businesses, net of cash acquired (1,348) (1,760)
Purchases of property and equipment, net of sale proceeds (17,038) (15,570)
Other Investments (566) (230)
Net cash used in investing activities (18,952) (17,560)
Financing activities    
Proceeds from revolving line of credit 228,400 256,079
Payments on revolving line of credit (365,500) (376,895)
Payments on term loan under credit facility (6,250) 0
Proceeds from asset-backed financing 208,600 151,200
Payments on asset-backed financing (138,000) (51,100)
Payments on term facility 0 (2,313)
Proceeds from short-term borrowings and current portion of long-term debt 14 3,011
Payments on short-term borrowings and current portion of long-term debt (1,561) (1,223)
Payments of deferred and contingent acquisition consideration 0 (551)
Proceeds from stock issued under share-based compensation plans 8,773 5,896
Payments of cash dividends (42,334) (39,073)
Repurchases of common stock (16,304) (50,549)
Net cash (used in) provided by financing activities (124,162) (105,518)
Effect of exchange rate changes on cash and cash equivalents (894) 754
Change in cash and cash equivalents 1,434 (19,121)
Cash and cash equivalents at beginning of period 66,540 45,591
Cash and cash equivalents at end of period $ 67,974 $ 26,470