Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 173,553
|
$ 121,887
|
$ 129,437
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
76,650
|
83,003
|
71,564
|
| Impairment of fixed assets |
0
|
48,551
|
0
|
| Equity method earnings |
0
|
(456)
|
(1,048)
|
| Gain on step acquisition |
0
|
(13,644)
|
0
|
| Loss on extinguishment of debt |
0
|
7,220
|
0
|
| Foreign currency (gains)/losses |
3,829
|
16,381
|
(3,014)
|
| Stock-based compensation |
9,909
|
26,609
|
19,314
|
| Deferred taxes |
1,965
|
(14,929)
|
39,213
|
| Non-cash lease expense |
44,460
|
0
|
0
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
2,746
|
(10,453)
|
(103)
|
| Inventories, net |
18,446
|
(33,371)
|
7,537
|
| Prepaid expenses and other |
(17,435)
|
(1,536)
|
14,250
|
| Other assets |
(67,109)
|
887
|
(11,658)
|
| Accounts payable |
(7,184)
|
(9,164)
|
6,834
|
| Accrued expenses |
(86,997)
|
(7,433)
|
22,490
|
| Other liabilities |
25,098
|
(10,814)
|
7,739
|
| Net cash provided by operating activities |
177,931
|
202,738
|
302,555
|
| Cash flows from investing activities: |
|
|
|
| Purchases of property and equipment |
(66,067)
|
(70,371)
|
(60,156)
|
| Proceeds on investment sales |
11,160
|
11,536
|
11,269
|
| Purchases of investments |
(8,432)
|
(11,420)
|
(11,332)
|
| Acquisitions (net of cash acquired) |
(8,073)
|
(38,506)
|
(31,745)
|
| Net cash used in investing activities |
(71,412)
|
(108,761)
|
(91,964)
|
| Cash flows from financing activities: |
|
|
|
| Payment of cash dividends |
(82,189)
|
(80,581)
|
(76,058)
|
| Repurchase of shares of common stock |
(825)
|
(69,565)
|
(71,731)
|
| Exercise of employee stock options and taxes paid related to the net shares settlement of stock awards |
(2,325)
|
10,777
|
24,443
|
| Payments on long-term debt |
(214,455)
|
(552,500)
|
(103,226)
|
| Payment of debt issuance costs |
0
|
(7,243)
|
0
|
| Proceeds from long-term debt |
145,000
|
582,398
|
67,000
|
| Net cash used in financing activities |
(154,794)
|
(116,714)
|
(159,572)
|
| Effect of exchange rate changes on cash |
(3,006)
|
(16,751)
|
18,134
|
| Net increase (decrease) in cash and cash equivalents |
(51,281)
|
(39,488)
|
69,153
|
| Cash and cash equivalents, beginning of period |
386,911
|
426,399
|
357,246
|
| Cash and cash equivalents, end of period |
$ 335,630
|
$ 386,911
|
$ 426,399
|