XML 90 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 295,775 $ 296,529 $ 257,290
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 24,512 22,095 22,033
Share-based compensation 17,032 15,508 13,293
Non-cash contribution to 401(k) plan 4,274 2,945 2,428
Provision for doubtful accounts 3,948 2,619 1,991
Deferred income tax provision (benefit) 1,278 8,290 (10,735)
(Gain) loss on sale of property and equipment (585) 27 115
Other income from investment in unconsolidated entity (10,256) (9,282) (3,886)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable 8,457 (28,831) (1,676)
Inventories (15,525) (78,954) (73,403)
Accounts payable and other liabilities 12,734 (57,398) 99,956
Other, net (5,873) (2,991) (886)
Net cash provided by operating activities 335,771 170,557 306,520
Cash flows from investing activities:      
Business acquisitions, net of cash acquired (59,672) (5,626)  
Capital expenditures (17,805) (17,153) (17,876)
Investment in unconsolidated entity (4,940) (3,760) (63,600)
Proceeds from sale of property and equipment 1,380 228 168
Net cash used in investing activities (81,037) (26,311) (81,308)
Cash flows from financing activities:      
Dividends on Common and Class B common stock (241,412) (209,218) (164,147)
Distributions to non-controlling interest (39,272) (46,825) (42,831)
Purchase of additional ownership from non-controlling interest (32,400)   (42,688)
Repurchases of common stock to satisfy employee withholding tax obligations (1,528) (3,782) (4,674)
Net (repayments) proceeds of other long-term obligations (1,240) 269 (19)
Payment of fees related to revolving credit agreement   (790)  
Net proceeds from the sale of Common stock     247,744
Proceeds from non-controlling interest for investment in unconsolidated entity 988 752 12,720
Net proceeds from issuances of common stock 13,341 6,591 5,244
Proceeds from non-controlling interest for investment in Peirce-Phelps, Inc. 17,000    
Net cash used in financing activities (264,023) (139,603) (202,145)
Effect of foreign exchange rate changes on cash and cash equivalents 849 (2,245) 1,419
Net (decrease) increase in cash and cash equivalents (8,440) 2,398 24,486
Cash and cash equivalents at beginning of year 82,894 80,496 56,010
Cash and cash equivalents at end of year 74,454 82,894 80,496
Prior Revolving Credit Agreement [Member]      
Cash flows from financing activities:      
Net repayments under revolving credit agreement   (21,800) $ (213,494)
Revolving Credit Agreement [Member]      
Cash flows from financing activities:      
Net repayments under revolving credit agreement $ 20,500 $ 135,200