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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 542,372 $ 448,752 $ 715,501
Adjustments to reconcile net income from operations to net cash provided by operating activities:      
Depreciation 100,977 92,118 90,763
Stock-based compensation 60,122 57,682 48,228
Provision for excess and obsolete inventory 18,922 28,358 31,452
Amortization 18,764 18,768 19,912
Losses (gains) on investments 10,056 (14,915) 9,985
Equity in net earnings of affiliate 7,211 0 0
Gain on sale of business (57,119) 0 0
Deferred taxes (46,360) (37,642) (38,693)
Retirement plans actuarial (gains) losses (4,355) 2,703 (25,584)
Loss (gain) on sale of asset 0 0 (3,410)
Other (2,290) (955) 2,353
Changes in operating assets and liabilities, net of businesses acquired:      
Accounts receivable (52,659) 70,977 50,628
Inventories 8,707 5,327 (80,809)
Prepayments and other assets 119,454 (43,101) (140,713)
Accounts payable and other accrued expenses (54,386) 46,782 (60,507)
Deferred revenue and customer advances 12,176 (57,210) (6,233)
Retirement plan contributions (5,814) (5,492) (5,116)
Income taxes (3,602) (26,921) (29,834)
Net cash provided by operating activities 672,176 585,231 577,923
Cash flows from investing activities:      
Investments in businesses (532,060) 0 0
Purchases of property, plant and equipment (198,095) (159,642) (163,249)
Purchases of marketable securities (45,796) (161,906) (287,409)
Issuance of convertible loan 0 (5,000) 0
Proceeds from the sale of a business, net of cash and cash equivalents sold 90,348 0 0
Proceeds from maturities of marketable securities 38,353 85,042 222,941
Proceeds from sales of marketable securities 24,035 61,401 268,058
Proceeds from life insurance 873 460 0
Proceeds from sale of asset 0 0 3,410
Net cash (used for) provided by investing activities (622,342) (179,645) 43,751
Cash flows from financing activities:      
Repurchase of common stock (198,574) (397,241) (752,082)
Payments of borrowings on revolving credit facility (185,000) 0 0
Dividend payments (76,423) (67,878) (69,711)
Payments related to net settlement of employee stock compensation awards (14,100) (20,788) (33,170)
Payments of convertible debt principal 0 (50,264) (66,759)
Proceeds from borrowings on revolving credit facility 185,000 0 0
Issuance of common stock under stock purchase and stock option plans 37,330 34,259 28,733
Net cash used for financing activities (251,767) (501,912) (892,989)
Effects of exchange rate changes on cash and cash equivalents (2,284) (876) 3,889
(Decrease) Increase in cash and cash equivalents (204,217) (97,202) (267,426)
Cash and cash equivalents at beginning of year 757,571 854,773 1,122,199
Cash and cash equivalents at end of year 553,354 757,571 854,773
Cash paid for:      
Interest 767 296 1,498
Income taxes 121,428 140,239 193,246
Non-cash investing activities:      
Capital expenditures incurred but not yet paid: $ 3,893 $ 2,735 $ 1,826