XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 149,945 $ 43,411
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 9,258 8,335
Amortization of intangible assets 8,979 7,781
Amortization of original issue discount and deferred financing costs 646 642
Deferred income taxes 1,702 1,571
Share-based compensation expense [1] 5,448 4,574
Loss (gain) on disposal of assets (3,979) 0
Other non-cash charges 281 416
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (56,710) (5,687)
Inventories (45,833) (48,145)
Other assets (1,773) (6,017)
Accounts payable 56,769 12,817
Accrued wages and employee benefits (15,812) (18,125)
Other accrued liabilities 63,014 12,976
Excess tax benefits from equity awards (19,392) (3,203)
Net cash provided by operating activities 152,543 11,346
Investing activities    
Proceeds from sale of property and equipment 5 0
Proceeds from sale of investment 4,902 0
Proceeds from beneficial interests in securitization transactions 712 618
Expenditures for property and equipment (27,469) (12,894)
Net cash used in investing activities (21,850) (12,276)
Financing activities    
Proceeds from short-term borrowings 32,215 20,694
Repayments of short-term borrowings (43,979) (25,526)
Repayments of long-term borrowings and finance lease obligations (1,604) (1,176)
Payment of contingent acquisition consideration (3,750) (4,000)
Taxes paid related to equity awards (35,901) (7,666)
Proceeds from exercise of stock options 13,011 1,590
Net cash used in financing activities (40,008) (16,084)
Effect of exchange rate changes on cash and cash equivalents (999) 1,587
Net increase (decrease) in cash and cash equivalents 89,686 (15,427)
Cash and cash equivalents at beginning of period 655,128 322,883
Cash and cash equivalents at end of period $ 744,814 $ 307,456
[1] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.