XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 93,619 $ 81,847
Adjustments to reconcile net income to cash flows used in operating activities    
Depreciation and amortization 12,631 10,367
Unrealized foreign exchange (gain) loss (2,768) 1,433
Amortization of debt issuance costs 165 203
Share-based compensation 7,283 5,353
Gain on disposals of property, plant and equipment (6) (1)
Deferred income taxes 14,278 4,341
Changes in operating assets and liabilities    
Accounts receivable (218,544) (206,468)
Inventories 35,126 (39,341)
Accounts payable (4,833) 30,079
Accrued taxes 31,468 17,464
Other assets and liabilities (54,837) (69,325)
Cash flows used in operating activities (86,418) (164,048)
Cash flows from investing activities    
Additions to property, plant and equipment (11,698) (11,686)
Additions to intangible assets (Note 16) (22,235) 0
Other, net (901) 0
Cash flows used in investing activities (34,834) (11,686)
Cash flows from financing activities    
(Repayments of) proceeds from short-term borrowings, net (Note 5) (3,796) 97,700
Proceeds from revolving credit facilities (Note 5) 539,783 0
Repayments of revolving credit facilities (Note 5) (275,873) 0
Repayments of term loan facility (Note 5) 0 (4,375)
Purchases of common stock (116,123) (59,108)
Dividends paid on common stock (14,304) (13,984)
Dividends paid to noncontrolling interests 0 (101)
Payment of employee restricted stock tax withholdings (11,455) (10,661)
Other, net 1,078 0
Cash flows provided by financing activities 119,310 9,471
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 322 (1,012)
Net decrease in cash, cash equivalents and restricted cash (1,620) (167,275)
Cash, cash equivalents and restricted cash, beginning of year 58,904 281,677
Cash, cash equivalents and restricted cash, end of period 57,284 114,402
Supplemental non-cash information    
Purchases of property, plant and equipment, accrued not paid 3,595 1,744
Additions to right-of-use assets obtained in exchange for operating lease obligations 41,894 8,065
Additions to right-of-use assets obtained in exchange for finance lease obligations 607 335
Dividend equivalents rights ("DERs") declared not paid 452 427
Contingent consideration (Note 16) $ 3,000 $ 0