XML 51 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 67,006 $ 52,469
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,082 8,965
Stock-based compensation 6,778 5,998
Provision for excess and obsolete inventory 6,335 5,532
Provision for bad debt (105) 329
Deferred income taxes 342 1,396
Excess tax benefits from stock-based compensation (869) (348)
Other 203 24
Changes in operating assets and liabilities:    
Trade accounts receivable (18,787) 15,842
Inventories (18,471) (11,804)
Income taxes 6,404 (18,235)
Other current assets (5,964) (3,749)
Accrued compensation (2,439) (19,662)
Other current and non-current liabilities 6,862 4,518
Accounts payable (26) (13,538)
Other assets (155) 77
Net cash provided by operating activities 58,196 27,814
Cash flows from investing activities:    
Acquisition of businesses, net of cash acquired (9,910) (86,950)
Purchases of investments (264,586) (231,293)
Maturities of investments 88,857 154,505
Sales of investments 28,229 154,992
Purchases of property, plant and equipment (5,334) (7,255)
Other 5 135
Net cash used in investing activities (162,739) (15,866)
Cash flows from financing activities:    
Proceeds from short-term borrowings 2,020  
Payments of short-term borrowings (2,020)  
Repurchase of common stock (4,341) (20,809)
Net payments related to employee stock awards (1,124) (11)
Dividend payments to common stockholders (17,868) (17,326)
Excess tax benefits from stock-based compensation 869 348
Net cash used in financing activities (22,464) (37,798)
Effect of exchange rate changes on cash and cash equivalents (111) (263)
Decrease in cash and cash equivalents (127,118) (26,113)
Cash and cash equivalents at beginning of period 305,437 288,902
Cash and cash equivalents at end of period $ 178,319 $ 262,789