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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 406,404 $ 434,325 $ 523,229
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 42,678 36,784 31,585
Amortization 8,927 8,697 8,555
Share-based compensation 22,733 19,248 19,582
(Benefit) provision for doubtful accounts receivable, net of write-offs (589) (3,122) 2,197
(Benefit) provision for inventory obsolescence, net of write-offs (2,756) 3,048 1,930
Provision for deferred income taxes 17,030 15,739 10,359
Gains on sales of property and equipment (611) (1,645) (317)
Equity in earnings of unconsolidated investments, net (102) (207) (177)
Net (gains) losses on foreign currency transactions (492) 218 (813)
Goodwill impairment 285 0 550
Other (271) (245) 200
Changes in operating assets and liabilities, net of effects of acquisitions:      
Receivables (27,324) 29,146 10,108
Product inventories (147,405) 66,201 231,240
Prepaid expenses and other assets 91,799 75,122 57,840
Accounts payable 119,358 14,429 96,128
Accrued expenses and other liabilities (163,814) (38,552) (103,967)
Net cash provided by operating activities 365,850 659,186 888,229
Investing activities      
Acquisition of businesses, net of cash acquired (10,831) (4,692) (11,533)
Purchases of property and equipment, net of sale proceeds (56,334) (59,476) (60,096)
Other investments, net (627) (2,001) 32
Net cash used in investing activities (67,792) (66,169) (71,597)
Financing activities      
Proceeds from revolving line of credit 1,929,200 1,517,800 1,548,618
Payments on revolving line of credit (1,698,700) (1,575,700) (1,815,829)
Proceeds from term loan under credit facility 50,000 0 0
Payments on term loan under credit facility (12,500) (25,000) (12,500)
Proceeds from asset-backed financing 473,500 727,000 552,500
Payments on asset-backed financing (473,100) (744,600) (560,300)
Payments on Term Facility (19,938) 0 (47,313)
Proceeds from short-term borrowings and current portion of long-term debt 17,700 8,873 19,998
Payments on short-term borrowings and current portion of long-term debt (16,644) (10,103) (19,338)
Payments of deferred financing costs (1,397) (2,077) (52)
Payments of deferred and contingent acquisition consideration 0 0 (551)
Proceeds from stock issued under share-based compensation plans 9,702 13,190 10,455
Payments of cash dividends (184,916) (179,633) (167,461)
Repurchases of common stock and payments of excise tax (346,286) (306,300) (306,359)
Net cash used in financing activities (273,379) (576,550) (798,132)
Effect of exchange rate changes on cash and cash equivalents 2,422 (5,145) 2,449
Change in cash and cash equivalents 27,101 11,322 20,949
Cash and cash equivalents at beginning of year 77,862 66,540 45,591
Cash and cash equivalents at end of year $ 104,963 $ 77,862 $ 66,540