| 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 (loss) | |||||||||||
326,500 | 291,700 | 262,300 | 313,404 | 398,628 | 351,680 | 292,235 | 251,732 | 170,149 | 123,099 | 115,055 | 130,551 |
Adjustments to reconcile net income to cash provided by operations: | |||||||||||
Depreciation and amortization | |||||||||||
401,400 | 109,300 | 103,200 | 69,795 | 64,734 | 61,261 | 51,193 | 44,136 | 44,849 | 38,586 | 35,519 | 29,826 |
Stock-based compensation expense | |||||||||||
50,000 | 25,300 | 21,300 | 20,813 | 26,019 | 26,134 | 24,107 | 19,848 | 18,646 | 11,765 | 3,620 | 10,475 |
Below market intangible amortization | |||||||||||
82,200 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Deferred income taxes | |||||||||||
-27,300 | -5,300 | -67,400 | -10,228 | 4,981 | -7,054 | 15,248 | 581 | -16,595 | 16,248 | 7,391 | 4,870 |
Loss on disposal of property, plant and equipment | |||||||||||
-15,900 | -900 | -1,900 | -232 | -587 | -812 | 15 | -1,112 | -1,191 | -777 | 2,913 | -2,647 |
Excess income tax benefits from exercise of stock options | |||||||||||
- | - | - | - | - | 3,020 | 4,266 | 3,125 | - | 2,570 | 1,906 | 1,922 |
Discontinued operations | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 38 |
Changes in operating assets and liabilities, net of acquisitions | |||||||||||
Accounts receivable and unbilled accounts receivable | |||||||||||
6,300 | 54,600 | 68,700 | -19,728 | -21,500 | 17,413 | 149,699 | 22,976 | 68,697 | 34,255 | -80,541 | 20,841 |
Inventories | |||||||||||
-255,900 | 108,900 | 9,000 | -45,340 | -20,147 | 64,089 | -26,060 | 32,491 | 79,537 | 1,650 | -33,360 | 42,726 |
Accounts payable | |||||||||||
-144,300 | 48,800 | -91,700 | -18,932 | -76,650 | 55,378 | 60,976 | -12,483 | 59,974 | 44,294 | -48,238 | 14,303 |
Accrued income taxes | |||||||||||
10,700 | 7,900 | 47,600 | -11,759 | 21,740 | 23,763 | -15,033 | -33,202 | 31,514 | -5,811 | 841 | -511 |
Accrued liabilities and customer deposits | |||||||||||
-11,900 | 31,700 | -18,900 | -11,338 | -14,837 | 68,729 | -48,831 | 13,323 | 43,201 | -10,181 | -56,203 | 31,512 |
Other assets and liabilities | |||||||||||
-227,100 | 32,100 | -8,200 | -33,475 | 16,005 | 23,796 | 16,322 | -10,983 | -48,346 | 4,166 | 4,767 | 2,346 |
Net cash (used for) provided by operating activities | |||||||||||
1,015,500 | 314,700 | 188,800 | 450,530 | 450,844 | 472,385 | 235,653 | 237,438 | 248,626 | 176,136 | 162,300 | 155,800 |
Investing Activities | |||||||||||
Purchase of property, plant and equipment | |||||||||||
185,300 | 93,300 | 89,500 | 50,216 | 49,428 | 47,662 | 41,238 | 36,001 | 37,971 | 20,843 | 18,288 | 19,715 |
Proceeds from disposal of property, plant and equipment | |||||||||||
3,900 | 11,300 | 1,300 | 363 | 1,784 | 421 | 6,000 | 971 | 663 | 418 | 4,091 | 447 |
Acquisitions of businesses, net of cash acquired | |||||||||||
2,996,400 | 51,200 | 945,300 | 183,113 | 129,550 | 300,437 | 223,454 | 149,914 | 108,874 | 135,830 | 96,283 | 398,132 |
Other | |||||||||||
0 | 14,100 | 0 | 0 | - | - | - | - | - | - | - | - |
Deposit in escrow | |||||||||||
- | - | - | - | 202,942 | 0 | 0 | - | - | - | - | - |
Acquisition purchase price adjustment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 4,741 | 41 |
Net cash used for investing activities | |||||||||||
-3,177,800 | -147,300 | -1,033,500 | -232,966 | -380,136 | -347,678 | -258,692 | -184,944 | -146,182 | -156,255 | -115,221 | -417,441 |
Financing Activities | |||||||||||
Proceeds from debt | |||||||||||
3,982,400 | 3,480,700 | 1,216,700 | 1,875,000 | 787,400 | 563,400 | 959,067 | 233,400 | 257,000 | 248,400 | 197,500 | 236,000 |
Payments of debt | |||||||||||
3,423,600 | 1,454,000 | 1,269,500 | 1,102,748 | 612,680 | 493,819 | 829,842 | 311,457 | 283,202 | 218,083 | 193,324 | 385 |
Repurchase of stock | |||||||||||
- | - | - | 212,176 | 387,787 | 26,757 | 32,998 | 46,556 | 26,022 | 8,381 | 19,654 | 45,796 |
Proceeds from exercise of stock options and other benefit plans | |||||||||||
800 | 10,000 | 4,400 | 1,983 | 3,097 | 3,337 | 5,165 | 4,431 | 4,899 | 3,256 | 2,532 | 2,768 |
Payment of income tax withholding on share-based compensation | |||||||||||
6,300 | 12,300 | 6,800 | 6,658 | 14,565 | 0 | 0 | - | - | - | - | - |
Payment of contingent consideration on acquisitions | |||||||||||
10,100 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Debt financing costs | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 2,858 |
Excess income tax benefits from exercise of equity options | |||||||||||
- | - | - | - | - | 3,020 | 4,266 | 3,125 | 4,415 | 2,570 | 1,906 | 1,922 |
Earn-out settlement | |||||||||||
- | - | - | - | - | 4,429 | 0 | - | - | - | - | - |
Cash dividends | |||||||||||
81,700 | 46,300 | 42,200 | 32,430 | 26,963 | 19,246 | 12,644 | 7,666 | 3,849 | 1,914 | 1,917 | 1,940 |
Net cash provided by financing activities | |||||||||||
461,500 | 1,978,100 | -97,400 | 522,971 | -251,498 | 25,506 | 93,014 | -124,723 | -46,759 | 25,848 | -12,957 | 189,711 |
Effect of changes in currency exchange rates | |||||||||||
-37,300 | -36,600 | 32,300 | -26,436 | -18,868 | -10,124 | 19 | 2,380 | -7,011 | 2,553 | 12,732 | -20,954 |
Increase (decrease) in cash | |||||||||||
-1,738,100 | 2,108,900 | -909,800 | 714,099 | -199,658 | 140,089 | 69,994 | -69,849 | 48,674 | 48,282 | 46,854 | -92,884 |