XML 25 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 498,735 $ 323,172 $ 295,775
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 28,127 25,908 24,512
Share-based compensation 25,365 22,129 17,032
Non-cash contribution to 401(k) plan 5,154 4,543 4,274
Provision for doubtful accounts 6,888 2,688 3,948
Loss (gain) on sale of property and equipment 350 17 (585)
Deferred income tax provision 5,939 40 1,278
Other income from investment in unconsolidated entity (19,299) (11,264) (10,256)
Changes in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable, net (130,414) (3,559) 8,457
Inventories, net (243,660) 139,929 (15,525)
Accounts payable and other liabilities 182,819 33,936 12,734
Other, net (10,438) (3,160) (5,873)
Net cash provided by operating activities 349,566 534,379 335,771
Cash flows from investing activities:      
Business acquisitions, net of cash acquired (129,462)   (59,672)
Capital expenditures (25,464) (16,436) (17,805)
Other investment (1,000)    
Investment in unconsolidated entity 0   (4,940)
Proceeds from sale of property and equipment 1,356 94 1,380
Proceeds from sale of equity securities 5,993    
Net cash used in investing activities (148,577) (16,342) (81,037)
Cash flows from financing activities:      
Dividends on Common and Class B common stock (294,522) (265,713) (241,412)
Distributions to non-controlling interest (61,980) (42,401) (39,272)
Net repayments of finance lease liabilities (2,040) (1,441) (1,240)
Repurchases of common stock to satisfy employee withholding tax obligations (1,092) (2,299) (1,528)
Payment of fees related to revolving credit agreement (22) (196)  
Purchase of additional ownership from non-controlling interest 0   (32,400)
Proceeds from non-controlling interest for investment in unconsolidated entity 0   988
Net proceeds from issuances of common stock 21,014 19,257 13,341
Net proceeds (repayments) under revolving credit agreement 89,000 (155,700) 20,500
Net cash used in financing activities (228,602) (448,493) (264,023)
Effect of foreign exchange rate changes on cash and cash equivalents (186) 2,069 849
Net (decrease) increase in cash and cash equivalents (27,799) 71,613 (8,440)
Cash and cash equivalents at beginning of year 146,067 74,454 82,894
Cash and cash equivalents at end of year 118,268 $ 146,067 74,454
Peirce-Phelps, Inc.      
Cash flows from financing activities:      
Proceeds from non-controlling interest for investments 0   $ 17,000
TEC Distribution LLC [Member]      
Cash flows from financing activities:      
Proceeds from non-controlling interest for investments $ 21,040