|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 99,554 |
$ 77,345 |
| Items not involving cash: |
|
|
| Stock-based compensation |
8,789 |
6,828 |
| Depreciation of property and equipment |
16,789 |
13,359 |
| Amortization of intangible assets |
52,619 |
54,986 |
| Deferred lease inducements and rent |
(6,723) |
(77) |
| Deferred income taxes |
3,836 |
(12,334) |
| Tax benefit on option exercises |
(1,916) |
(2,692) |
| Deferred financing cost amortization |
2,469 |
2,188 |
| Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(82,210) |
(171,907) |
| Rebates receivable |
29,168 |
(362,352) |
| Other current assets |
22,114 |
26,310 |
| Accounts payable |
71,948 |
144,264 |
| Accrued expenses and other current liabilities |
(59,196) |
20,753 |
| Rebates payable |
(12,110) |
362,635 |
| Other long-term assets and liabilities |
1,551 |
(23,630) |
| Net cash provided by operating activities |
146,682 |
135,676 |
| Cash flows from investing activities: |
|
|
| Acquisition, net of cash acquired |
(261,668) |
(2,026) |
| Purchases of property and equipment |
(9,140) |
(12,782) |
| Net cash used by investing activities |
(270,808) |
(14,808) |
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of debt |
0 |
492,500 |
| Repayment of long-term debt |
(12,500) |
(306,250) |
| Payment of financing costs |
0 |
(955) |
| Proceeds from exercise of options |
28 |
3,567 |
| Tax benefit on option exercises |
1,916 |
2,692 |
| Distributions to non-controlling interest |
(12,087) |
(15,000) |
| Other |
(28) |
0 |
| Net cash (used) provided by financing activities |
(22,671) |
176,554 |
| Effect of foreign exchange on cash balances |
46 |
52 |
| Change in cash and cash equivalents |
(146,751) |
297,474 |
| Cash and cash equivalents, beginning of period |
1,011,952 |
387,241 |
| Cash and cash equivalents, end of period |
$ 865,201 |
$ 684,715 |