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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Operating activities          
Net income $ 60,634 $ 60,446 $ 120,310 $ 334,979  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation     45,215 39,043  
Amortization of intangible assets 26,718 25,751 78,934 77,681  
Amortization of original issue discount and deferred financing costs     2,902 2,261  
Loss on extinguishment of debt [1] 0 0 0 3,743  
Deferred income taxes     (18,715) (83,272)  
Share-based compensation expense [2] 9,927 6,861 30,306 23,423  
Gain on disposal of assets     (538) (555)  
Other noncash charges     380 7,037  
Net changes in operating assets and liabilities, net of acquisitions:          
Accounts receivable     (68,975) (20,810)  
Inventories     101,894 (353,618)  
Other assets     32,175 (7,033)  
Accounts payable     (57,866) (136,289)  
Accrued wages and employee benefits     10,244 (17,418)  
Other accrued liabilities     (70,622) 105,544  
Excess tax benefits from equity awards     (920) (17,068)  
Net cash provided by (used in) operating activities     204,724 (42,352)  
Investing activities          
Proceeds from sale of property and equipment     1,933 2,049  
Proceeds from sale of investment     0 1,308  
Proceeds from beneficial interests in securitization transactions     2,533 2,745  
Contribution to equity method investment     (6,627) (14,930)  
Purchase of long-term investment     (2,592) 0  
Expenditures for property and equipment     (77,718) (64,833)  
Acquisition of business, net of cash acquired     (15,974) (11,421)  
Net cash used in investing activities     (98,445) (85,082)  
Financing activities          
Proceeds from short-term borrowings     49,078 237,182  
Proceeds from long-term borrowings     345,384 935,614  
Repayments of short-term borrowings     (25,910) (239,550)  
Repayments of long-term borrowings and finance lease obligations     (233,101) (540,481)  
Stock repurchases     (100,267) (123,900)  
Payment of contingent acquisition consideration     (4,979) (16,135)  
Payment of debt issuance costs     0 (10,330)  
Purchase of additional ownership interest     (104,844) (375)  
Cash dividends paid to noncontrolling interest of subsidiary     0 (309)  
Taxes paid related to equity awards     (10,068) (40,472)  
Proceeds from exercise of stock options     7,139 13,627  
Net cash (used in) provided by financing activities     (77,568) 214,871  
Effect of exchange rate changes on cash and cash equivalents     91 (4,865)  
Net increase in cash and cash equivalents     28,802 82,572  
Cash and cash equivalents at beginning of period     132,723 147,339 $ 147,339
Cash and cash equivalents at end of period $ 161,525 $ 229,911 $ 161,525 $ 229,911 $ 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.