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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 87,954 $ 94,576
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of assets and other (50) (1,083)
Depreciation and amortization 17,746 10,795
Noncash lease expense 2,946 2,477
(Gain) Loss in equity method investment, before tax 136 (184)
Deferred income taxes 0 (1,810)
Noncash compensation related to stock plans 4,629 4,872
Provision for doubtful accounts 635 (211)
Deferred hedge gain (896) 0
Changes in operating assets and liabilities    
Trade accounts receivable (69,990) (89,799)
Inventories (16,931) (381)
Trade accounts payable (3,418) 17,929
Other current assets (3,137) (16,479)
Accrued liabilities and other current liabilities (13,238) 21,707
Other noncurrent assets and liabilities (3,428) 2,270
Net cash provided by operating activities 2,958 44,679
Cash flows from investing activities    
Capital expenditures (18,758) (17,823)
Acquisitions, net of cash (see Note 3) (8,329) (488)
Equity method investments 0 (600)
Proceeds from sale of property and equipment 44 1,830
Net cash used in investing activities (27,043) (17,081)
Cash flows from financing activities    
Repurchase of common stock 0 (21,281)
Proceeds from borrowing under lines of credit and term loan 271 700,038
Repayments of lines of credit and term loan (5,625) (1,024)
Debt issuance costs 0 (6,804)
Dividends paid (11,065) (10,806)
Cash paid on behalf of employees for shares withheld (7,398) (9,523)
Net cash provided by (used in) financing activities (23,817) 650,600
Effect of exchange rate changes on cash and cash equivalents (299) 5,019
Net increase (decrease) in cash and cash equivalents (48,201) 683,217
Cash and cash equivalents at beginning of period 300,742 301,155
Cash and cash equivalents at end of period 252,541 984,372
Noncash activity during the period    
Noncash capital expenditures 2,657 761
Dividends declared but not paid 10,991 10,847
Issuance of Company’s common stock for compensation $ 0 $ 960