| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||||
Net income | |||||||||||
261,575 | 234,461 | 191,339 | 148,603 | 128,224 | 111,030 | 97,330 | 81,972 | 71,993 | 57,638 | 19,202 | 56,956 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||||||||||
Depreciation | |||||||||||
27,885 | 26,122 | 24,157 | 20,338 | 16,373 | 14,495 | 13,359 | 11,592 | 9,746 | 8,980 | 9,091 | 9,732 |
Amortization | |||||||||||
1,389 | 1,793 | 1,568 | 1,639 | 1,015 | 1,387 | 1,237 | 1,284 | 1,559 | 2,348 | 2,454 | 3,722 |
Share-based compensation | |||||||||||
13,472 | 12,874 | 12,482 | 9,902 | 9,543 | 9,065 | 8,150 | 8,465 | 8,233 | 7,790 | 6,429 | 6,709 |
Excess tax benefits from share-based compensation | |||||||||||
- | - | - | 7,370 | 7,706 | 5,524 | 4,611 | 4,487 | 3,118 | 1,877 | 2,408 | -4,538 |
Provision (benefit) for doubtful accounts receivable, net of write-offs | |||||||||||
-710 | 2,286 | -154 | -155 | 197 | -539 | -930 | -422 | -1,202 | -4,324 | -2,762 | 4,619 |
Provision for inventory obsolescence, net of write-offs | |||||||||||
1,310 | 1,462 | -267 | -448 | 576 | -687 | -416 | 447 | -11 | -721 | -24 | 1,813 |
Provision for deferred income taxes | |||||||||||
-3,723 | -4,661 | 4,636 | -3,749 | -4,198 | -6,986 | -4,679 | -6,915 | -2,605 | -1,795 | 560 | - |
Change in deferred income taxes | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -2,198 |
Gains on sales of property and equipment | |||||||||||
85 | 289 | 285 | 320 | -230 | -179 | -97 | -44 | -263 | -324 | -362 | 333 |
Equity earnings in unconsolidated investments, net | |||||||||||
262 | 242 | 139 | 156 | 211 | 204 | 182 | 316 | 209 | 105 | -30,036 | 2,800 |
Net losses (gains) on foreign currency transactions | |||||||||||
-1,300 | -600 | 200 | -679 | -774 | -277 | -220 | 111 | -592 | 1,498 | 1,846 | 0 |
Impairment of goodwill and other assets | |||||||||||
0 | 0 | 1,200 | 4,113 | 500 | 0 | - | - | - | - | - | - |
Goodwill impairment | |||||||||||
- | - | - | - | - | - | - | 6,946 | 1,550 | 0 | 310 | 440 |
Other | |||||||||||
3,313 | 808 | 166 | 923 | -869 | 206 | 108 | 138 | 195 | 145 | -115 | -104 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
Receivables | |||||||||||
15,691 | 14,371 | 21,903 | 5,666 | 16,656 | 12,751 | 10,085 | 3,396 | 5,887 | -4,832 | -25,441 | 26,350 |
Product inventories | |||||||||||
14,165 | 142,170 | 35,783 | 8,050 | 10,848 | 30,409 | 27,291 | 9,232 | 35,339 | -15,951 | -56,676 | -11,098 |
Prepaid expenses and other assets | |||||||||||
4,218 | -1,018 | 4,096 | 3,077 | 434 | 2,265 | -504 | 1,159 | 2,951 | -4,694 | 6,178 | 25 |
Accounts payable | |||||||||||
16,860 | -6,567 | 5,077 | -17,896 | 9,956 | 20,090 | 14,007 | 20,253 | 6,402 | -14,417 | -1,815 | -24,916 |
Accrued expenses and other current liabilities | |||||||||||
3,033 | -3,750 | 6,756 | 18,570 | 11,188 | 10,479 | 8,912 | 145 | 20,682 | 12,404 | -21,273 | 22,637 |
Net Cash Provided by operating activities | |||||||||||
298,776 | 118,656 | 175,311 | 165,378 | 146,050 | 121,815 | 105,088 | 119,078 | 75,103 | 93,959 | 113,250 | 93,282 |
Investing activities | |||||||||||
Acquisition of businesses, net of cash acquired | |||||||||||
8,901 | 2,578 | 12,834 | 19,730 | 4,483 | 10,648 | 1,244 | 4,699 | 5,934 | 6,173 | 10,937 | 35,466 |
Divestiture of business | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 1,165 |
Purchases of property and equipment, net of sale proceeds | |||||||||||
33,362 | 31,580 | 39,390 | 34,352 | 29,095 | 17,328 | 18,742 | 16,271 | 19,454 | 8,078 | 7,168 | 7,003 |
Payments to fund credit agreement | |||||||||||
- | - | - | 5,322 | 8,860 | 0 | 0 | - | - | - | - | - |
Collections from credit agreement | |||||||||||
- | - | - | 3,737 | 4,557 | 0 | 0 | - | - | - | - | - |
Other investments, net | |||||||||||
0 | 0 | -4 | -24 | -88 | -165 | -125 | 238 | 190 | 0 | 0 | - |
Net cash used in investing activities | |||||||||||
-42,263 | -34,158 | -52,220 | -55,643 | -37,793 | -27,811 | -19,861 | -21,208 | -25,578 | -14,251 | -18,105 | -41,304 |
Financing activities | |||||||||||
Proceeds from revolving line of credit | |||||||||||
1,066,529 | 1,138,195 | 1,067,868 | 1,154,090 | 911,712 | 820,720 | 678,936 | 607,923 | 749,349 | 453,039 | 446,937 | 370,948 |
Payments on revolving line of credit | |||||||||||
1,415,988 | 998,503 | 1,011,977 | 1,072,557 | 890,406 | 763,429 | 715,400 | 524,341 | 700,749 | 457,568 | 499,237 | 343,473 |
Proceeds from asset-backed financing | |||||||||||
189,000 | 198,400 | 161,600 | 155,000 | 143,400 | 121,600 | 70,000 | 0 | 0 | - | 57,000 | 83,335 |
Payments on asset-backed financing | |||||||||||
182,500 | 189,900 | 145,100 | 126,500 | 156,000 | 106,000 | 18,000 | 0 | 0 | - | 77,792 | 130,870 |
Proceeds from Term Facility | |||||||||||
185,000 | - | - | - | - | - | - | - | - | - | - | - |
Proceeds from short-term borrowings and current portion of long-term debt | |||||||||||
30,863 | 17,127 | 27,333 | 18,442 | 8,119 | 3,607 | 0 | - | - | - | - | - |
Payments on short-term borrowings and current portion of long-term debt | |||||||||||
28,286 | 18,793 | 17,603 | 19,037 | 7,948 | 3,075 | 10 | - | - | - | - | - |
Purchase of redeemable non-controlling interest | |||||||||||
0 | 0 | 2,573 | 0 | 0 | - | - | - | - | - | - | - |
Payments of capital lease obligations | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 251 |
Payments of deferred and contingent acquisition consideration | |||||||||||
312 | 661 | 324 | 0 | 0 | - | - | - | -500 | -1,000 | 0 | 0 |
Payments of deferred financing costs | |||||||||||
406 | 106 | 1,104 | 69 | 320 | 394 | 1,044 | 0 | 1,674 | 145 | 305 | 56 |
Proceeds from long-term debt and other long-term liabilities | |||||||||||
- | - | - | - | - | - | - | 0 | - | - | - | - |
Payments on long-term debt and other long-term liabilities | |||||||||||
- | - | - | - | - | - | - | 100,022 | 149 | 48,225 | 6,157 | -3,171 |
Excess tax benefits from share-based compensation | |||||||||||
- | - | - | 7,370 | 7,706 | 5,524 | 4,611 | 4,487 | 3,118 | 1,877 | 2,408 | 4,538 |
Proceeds from stock issued under share-based compensation plans | |||||||||||
18,574 | 13,569 | 11,466 | 11,752 | 18,269 | 13,530 | 21,409 | 20,205 | 13,085 | 6,293 | 4,283 | 6,423 |
Payments of cash dividends | |||||||||||
83,772 | 69,430 | 58,029 | 49,749 | 43,117 | 37,600 | 33,808 | 29,135 | 26,470 | 25,746 | 25,310 | 24,431 |
Purchases of treasury stock | |||||||||||
23,188 | 187,469 | 146,006 | 178,414 | 99,219 | 136,466 | 96,179 | 81,761 | 76,564 | 13,683 | 1,171 | 7,718 |
Net cash used in financing activities | |||||||||||
-244,486 | -97,571 | -114,449 | -99,672 | -107,804 | -81,983 | -89,485 | -102,644 | -40,554 | -85,158 | -99,344 | -44,726 |
Effect of exchange rate changes on cash and cash equivalents | |||||||||||
198 | -509 | -658 | -1,344 | -2,046 | -5,197 | -199 | -250 | -1,205 | -672 | 4,280 | -7,315 |
Change in cash and cash equivalents | |||||||||||
12,225 | -13,582 | 7,984 | 8,719 | -1,593 | 6,824 | -4,457 | -5,024 | 7,766 | -6,122 | 81 | -63 |