XML 17 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net income $ 57,167 $ 68,565
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 15,818 12,300
Amortization of intangible assets 25,525 17,460
Amortization of original issue discount and deferred financing costs 3,229 4,368
Loss on extinguishment of debt [1] 4,795
Loss on change in contractual interest rate [2] 2,957 2,381
Deferred income taxes 22,909 27,319
Share-based compensation expense [3] 7,805 6,889
Other (45) 377
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (11,642) (14,838)
Inventories 6,177 (28,319)
Other assets 2,663 572
Accounts payable (2,618) (12,226)
Accrued wages and employee benefits 4,981 (1,167)
Other accrued liabilities 1,341 (2,644)
Excess tax benefits from equity awards (6,754) (8,973)
Net cash provided by operating activities 129,513 76,859
Investing activities    
Proceeds from sale of property and equipment 1,349 105
Expenditures for property and equipment (20,847) (20,108)
Acquisition of business, net of cash acquired (61,386) (74,477)
Net cash used in investing activities (80,884) (94,480)
Financing activities    
Proceeds from short-term borrowings 14,117 14,320
Proceeds from long-term borrowings 100,000
Repayments of short-term borrowings (8,244) (15,198)
Repayments of long-term borrowings and capital lease obligations (10,976) (150,595)
Stock repurchases (99,934) (64,378)
Payment of debt issuance costs (2,067)
Cash dividends paid (76) (1,429)
Taxes paid related to the net share settlement of equity awards (12,308) (12,380)
Excess tax benefits from equity awards 6,754 8,973
Net cash used in financing activities (110,667) (122,754)
Effect of exchange rate changes on cash and cash equivalents 344 (2,932)
Net decrease in cash and cash equivalents (61,694) (143,307)
Cash and cash equivalents at beginning of period 115,857 189,761
Cash and cash equivalents at end of period $ 54,163 $ 46,454
[1] Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayments.
[2] For the three and nine months ended September 30, 2016, represents a non-cash loss relating to the continued 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio remaining above 3.0 times based on current projections. For the three and nine months ended September 30, 2015, represents a non-cash loss relating to a 25 basis point increase in borrowing costs as a result of the credit agreement leverage ratio rising above 3.0 effective third quarter 2015 and remaining above 3.0 times based on projections at the time.
[3] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.