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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Operating activities      
Net income $ 116,896 $ 149,945  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation 12,407 9,258  
Amortization of intangible assets 26,054 8,979  
Amortization of original issue discount and deferred financing costs 637 646  
Deferred income taxes (49,156) 1,702  
Share-based compensation expense [1] 8,827 5,448  
Gain on disposal of assets (571) (3,979)  
Other non-cash (gains) charges (6,446) 281  
Net changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (66,510) (56,710)  
Inventories (147,250) (45,833)  
Other assets 2,253 (1,773)  
Accounts payable 26,363 56,769  
Accrued wages and employee benefits (21,558) (15,812)  
Other accrued liabilities 102,015 63,014  
Excess tax benefits from equity awards (14,103) (19,392)  
Net cash provided by (used in) operating activities (10,142) 152,543  
Investing activities      
Proceeds from sale of property and equipment 1,864 5  
Proceeds from sale of investment 1,308 4,902  
Proceeds from beneficial interests in securitization transactions 1,573 712  
Contribution to equity method investment (2,921) 0  
Expenditures for property and equipment (28,200) (27,469)  
Acquisition of business, net of cash acquired (999) 0  
Net cash used in investing activities (27,375) (21,850)  
Financing activities      
Proceeds from short-term borrowings 136,664 32,215  
Proceeds from long-term borrowings 110,000 0  
Repayments of short-term borrowings (124,609) (43,979)  
Repayments of long-term borrowings and finance lease obligations (1,737) (1,604)  
Payment of contingent acquisition consideration 0 (3,750)  
Taxes paid related to equity awards (34,620) (35,901)  
Proceeds from exercise of stock options 9,903 13,011  
Net cash provided by (used in) financing activities 95,601 (40,008)  
Effect of exchange rate changes on cash and cash equivalents 600 (999)  
Net increase in cash and cash equivalents 58,684 89,686  
Cash and cash equivalents at beginning of period 147,339 655,128 $ 655,128
Cash and cash equivalents at end of period $ 206,023 $ 744,814 $ 147,339
[1] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.