Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net income |
$ 146,031
|
$ 125,645
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
15,020
|
11,920
|
| Amortization |
1,288
|
771
|
| Share-based compensation |
7,373
|
7,112
|
| Excess tax benefits from share-based compensation |
(6,582)
|
(4,916)
|
| Equity earnings in unconsolidated investments, net |
(113)
|
(259)
|
| Other |
3,799
|
2,314
|
| Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
| Receivables |
(71,936)
|
(78,662)
|
| Product inventories |
23,624
|
52,463
|
| Prepaid expenses and other assets |
(1,094)
|
296
|
| Accounts payable |
(49,479)
|
(66,035)
|
| Accrued expenses and other current liabilities |
75,239
|
27,334
|
| Net cash provided by operating activities |
143,170
|
77,983
|
| Investing activities |
|
|
| Acquisition of businesses, net of cash acquired |
(19,314)
|
(602)
|
| Purchase of property and equipment, net of sale proceeds |
(30,388)
|
(21,299)
|
| Payments to fund credit agreement |
(3,852)
|
(6,300)
|
| Collections from credit agreement |
3,300
|
4,557
|
| Other investments, net |
21
|
75
|
| Net cash used in investing activities |
(50,233)
|
(23,569)
|
| Financing activities |
|
|
| Proceeds from revolving line of credit |
873,854
|
721,835
|
| Payments on revolving line of credit |
(866,801)
|
(690,677)
|
| Proceeds from asset-backed financing |
145,000
|
128,400
|
| Payments on asset-backed financing |
(90,000)
|
(85,800)
|
| Proceeds from short-term borrowings, long-term debt and other long-term liabilities |
15,705
|
4,948
|
| Payments on short-term borrowings, long-term debt and other long term liabilities |
(16,107)
|
(4,678)
|
| Excess tax benefits from share-based compensation |
6,582
|
4,916
|
| Proceeds from stock issued under share-based compensation plans |
10,978
|
10,906
|
| Payments of cash dividends |
(37,007)
|
(32,008)
|
| Purchases of treasury stock |
(117,901)
|
(90,306)
|
| Net cash used in financing activities |
(75,697)
|
(32,464)
|
| Effect of exchange rate changes on cash and cash equivalents |
(185)
|
(7,276)
|
| Change in cash and cash equivalents |
17,055
|
14,674
|
| Cash and cash equivalents at beginning of period |
13,237
|
14,830
|
| Cash and cash equivalents at end of period |
$ 30,292
|
$ 29,504
|