|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Operating activities |
|
|
| Net income |
$ 89,969 |
$ 82,108 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
8,481 |
7,071 |
| Amortization |
962 |
1,243 |
| Share-based compensation |
6,236 |
6,143 |
| Excess tax benefits from share-based compensation |
(2,534) |
(2,229) |
| Equity earnings in unconsolidated investments |
(187) |
(185) |
| Goodwill impairment |
6,946 |
0 |
| Other |
278 |
(3,892) |
| Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
| Receivables |
(63,015) |
(55,941) |
| Product inventories |
39,644 |
10,999 |
| Prepaid expenses and other assets |
2,607 |
677 |
| Accounts payable |
(15,500) |
(49,542) |
| Accrued expenses and other current liabilities |
50,643 |
35,522 |
| Net cash provided by operating activities |
124,530 |
31,974 |
| Investing activities |
|
|
| Acquisition of businesses, net of cash acquired |
(4,580) |
(2,961) |
| Purchase of property and equipment, net of sale proceeds |
(13,717) |
(16,959) |
| Other investments, net |
(249) |
(177) |
| Net cash used in investing activities |
(18,546) |
(20,097) |
| Financing activities |
|
|
| Proceeds from revolving line of credit |
482,669 |
446,649 |
| Payments on revolving line of credit |
(415,641) |
(376,649) |
| Payments on long-term debt and other long-term liabilities |
(100,017) |
(145) |
| Payments of deferred acquisition consideration |
0 |
(500) |
| Excess tax benefits from share-based compensation |
2,534 |
2,229 |
| Proceeds from stock issued under share-based compensation plans |
13,180 |
9,506 |
| Payments of cash dividends |
(21,669) |
(19,798) |
| Purchases of treasury stock |
(55,088) |
(62,842) |
| Net cash used in financing activities |
(94,032) |
(1,550) |
| Effect of exchange rate changes on cash and cash equivalents |
(621) |
608 |
| Change in cash and cash equivalents |
11,331 |
10,935 |
| Cash and cash equivalents at beginning of period |
17,487 |
9,721 |
| Cash and cash equivalents at end of period |
$ 28,818 |
$ 20,656 |