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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Operating activities          
Net income $ 45,515 $ 157,637 $ 59,676 $ 274,533  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation     28,982 25,629  
Amortization of intangible assets 26,393 25,876 52,216 51,930  
Amortization of original issue discount and deferred financing costs     1,921 1,287  
Loss on extinguishment of debt [1] 0 3,743 0 3,743  
Deferred income taxes     (14,152) (61,625)  
Share-based compensation expense [2] 10,045 7,735 20,379 16,562  
Gain on disposal of assets     (532) (587)  
Other noncash (gains) charges     735 (2,037)  
Net changes in operating assets and liabilities, net of acquisitions:          
Accounts receivable     (15,535) (143,308)  
Inventories     (15,897) (158,232)  
Other assets     16,333 1,637  
Accounts payable     (2,449) (54,583)  
Accrued wages and employee benefits     6,694 (11,876)  
Other accrued liabilities     (72,743) 86,616  
Excess tax benefits from equity awards     (1,040) (15,996)  
Net cash provided by operating activities     64,588 13,693  
Investing activities          
Proceeds from sale of property and equipment     1,801 1,883  
Proceeds from sale of investment     0 1,308  
Proceeds from beneficial interests in securitization transactions     1,472 1,843  
Contribution to equity method investment     (6,627) (10,229)  
Purchase of long-term investment     (2,000) 0  
Expenditures for property and equipment     (53,900) (46,503)  
Acquisition of business, net of cash acquired     (16,188) (11,421)  
Net cash used in investing activities     (75,442) (63,119)  
Financing activities          
Proceeds from short-term borrowings     45,989 216,681  
Proceeds from long-term borrowings     317,975 935,000  
Repayments of short-term borrowings     (21,125) (208,244)  
Repayments of long-term borrowings and finance lease obligations     (160,557) (538,401)  
Payment of contingent acquisition consideration     (4,979) 0  
Payment of debt issuance costs     0 (10,330)  
Purchase of additional ownership interest     (104,844) (375)  
Taxes paid related to equity awards     (9,186) (38,347)  
Proceeds from exercise of stock options     6,223 10,383  
Net cash provided by financing activities     69,496 366,367  
Effect of exchange rate changes on cash and cash equivalents     1,403 2,860  
Net increase in cash and cash equivalents     60,045 319,801  
Cash and cash equivalents at beginning of period     132,723 147,339 $ 147,339
Cash and cash equivalents at end of period $ 192,768 $ 467,140 $ 192,768 $ 467,140 $ 132,723
[1] Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment.
[2] Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.