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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 434,325 $ 523,229 $ 748,462
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 36,784 31,585 30,381
Amortization 8,697 8,555 8,644
Share-based compensation 19,248 19,582 14,879
Provisionfor doubtful accounts receivable, net of write-offs (3,122) 2,197 3,580
Provision for inventory obsolescence, net of write-offs 3,048 1,930 5,869
Provision for deferred income taxes 15,739 10,359 15,169
Gains on sales of property and equipment (1,645) (317) (527)
Equity in earnings of unconsolidated investments, net (207) (177) (353)
Net gains (losses) on foreign currency transactions 218 (813) 48
Goodwill impairment 0 550 605
Other (245) 200 472
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables 29,146 10,108 19,685
Product inventories 66,201 231,240 (263,567)
Prepaid expenses and other assets 75,122 57,840 (52,815)
Accounts payable 14,429 96,128 7,597
Accrued expenses and other current liabilities (38,552) (103,967) (53,275)
Net cash provided by operating activities 659,186 888,229 484,854
Investing activities      
Acquisition of businesses, net of cash acquired (4,692) (11,533) (9,264)
Purchases of property and equipment, net of sale proceeds (59,476) (60,096) (43,619)
Other investments, net (2,001) 32 2,013
Net cash used in investing activities (66,169) (71,597) (50,870)
Financing activities      
Proceeds from revolving line of credit 1,517,800 1,548,618 1,917,173
Payments on revolving line of credit (1,575,700) (1,815,829) (1,970,388)
Proceeds from term loan under credit facility 0 0 250,000
Payments on term loan under credit facility (25,000) (12,500) 0
Proceeds from asset-backed financing 727,000 552,500 220,000
Payments on asset-backed financing (744,600) (560,300) (205,500)
Payments on Term Facility 0 (47,313) (9,250)
Proceeds from Short-Term Debt 8,873 19,998 28,445
Repayments of Short-Term Debt 10,103 19,338 27,675
Payments of deferred financing costs (2,077) (52) (170)
Payments of deferred and contingent acquisition consideration 0 (551) (1,374)
Proceeds from stock issued under share-based compensation plans 13,190 10,455 8,934
Payments of cash dividends (179,633) (167,461) (150,624)
Repurchase of common stock (306,300) (306,359) (471,229)
Net cash provided by (used in) financing activities (576,550) (798,132) (411,658)
Effect of exchange rate changes on cash and cash equivalents (5,145) 2,449 (1,056)
Change in cash and cash equivalents 11,322 20,949 21,270
Cash and cash equivalents at beginning of year 66,540 45,591 24,321
Cash and cash equivalents at end of year $ 77,862 $ 66,540 $ 45,591