| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||
Net income | |||||||||||
295,775 | 296,529 | 257,290 | 235,983 | 226,524 | 208,702 | 187,719 | 157,601 | 137,742 | 111,722 | 51,573 | 60,369 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
24,512 | 22,095 | 22,033 | 20,066 | 19,117 | 17,927 | 17,706 | 15,911 | 11,725 | 10,771 | 8,533 | 7,071 |
Share-based compensation | |||||||||||
17,032 | 15,508 | 13,293 | 12,319 | 12,596 | 11,473 | 9,967 | 7,939 | 6,663 | 5,175 | 5,264 | 6,454 |
Non-cash contribution to 401(k) plan | |||||||||||
4,274 | 2,945 | 2,428 | 2,348 | 1,963 | 1,759 | 1,689 | 1,772 | 1,718 | 489 | 1,297 | 1,249 |
Provision for doubtful accounts | |||||||||||
3,948 | 2,619 | 1,991 | 3,487 | 2,688 | 2,609 | 961 | 1,826 | 2,374 | 3,016 | 5,934 | 3,816 |
Deferred income tax provision (benefit) | |||||||||||
1,278 | 8,290 | -10,735 | 2,720 | 4,687 | 289 | 8,589 | 6,724 | 8,310 | 12,725 | -1,972 | -447 |
(Gain) loss on sale of property and equipment | |||||||||||
585 | -27 | -115 | 189 | 487 | 1,292 | 156 | -103 | -171 | 432 | 47 | 170 |
Other income from investment in unconsolidated entity | |||||||||||
10,256 | 9,282 | 3,886 | - | - | - | - | - | - | - | - | - |
Excess tax benefits from share-based compensation | |||||||||||
- | - | - | - | 2,422 | 1,828 | 1,511 | 1,079 | 859 | 2,862 | 9,589 | 4,758 |
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
-8,457 | 28,831 | 1,676 | 26,941 | 26,121 | 41,068 | 25,846 | 5,752 | -11,987 | 41,250 | -67,243 | -23,416 |
Inventories | |||||||||||
15,525 | 78,954 | 73,403 | 9,729 | 3,652 | 98,741 | 40,575 | 26,652 | 22,489 | -21,447 | -1,204 | -37,153 |
Accounts payable and other liabilities | |||||||||||
12,734 | -57,398 | 99,956 | 43,734 | -11,760 | 45,242 | -7,256 | 11,873 | -98,611 | 28,088 | -46,386 | -23,020 |
Other, net | |||||||||||
5,873 | 2,991 | 886 | 2,067 | 285 | 92 | 1,018 | -3,077 | -2,721 | -3,910 | -1,289 | 1,446 |
Net cash provided by operating activities | |||||||||||
335,771 | 170,557 | 306,520 | 281,731 | 222,848 | 144,980 | 150,269 | 173,343 | 61,452 | 152,799 | 88,287 | 113,473 |
Cash flows from investing activities: | |||||||||||
Business acquisitions, net of cash acquired | |||||||||||
59,672 | 5,626 | - | - | - | - | - | 80,479 | 43,455 | 3,824 | 9,840 | -76 |
Capital expenditures | |||||||||||
17,805 | 17,153 | 17,876 | 43,577 | 23,698 | 21,512 | 14,580 | 12,317 | 13,925 | 8,421 | 5,912 | 3,973 |
Investment in unconsolidated entity | |||||||||||
4,940 | 3,760 | 63,600 | - | - | - | - | - | - | - | - | - |
Proceeds from sale of property and equipment | |||||||||||
1,380 | 228 | 168 | 744 | 760 | 2,388 | 323 | 504 | 737 | 2,111 | 249 | 226 |
Net cash used in investing activities | |||||||||||
-81,037 | -26,311 | -81,308 | -42,833 | -22,938 | -19,124 | -14,257 | -92,292 | -56,643 | -10,134 | -15,503 | -3,671 |
Cash flows from financing activities: | |||||||||||
Dividends on Common and Class B common stock | |||||||||||
241,412 | 209,218 | 164,147 | 127,604 | 98,532 | 69,870 | 39,836 | 256,219 | 73,276 | 66,028 | 57,085 | 49,351 |
Distributions to non-controlling interest | |||||||||||
39,272 | 46,825 | 42,831 | 38,900 | 39,754 | 43,258 | 69,494 | 16,003 | 26,469 | 13,644 | 4,808 | - |
Purchase of additional ownership from non-controlling interest | |||||||||||
32,400 | - | 42,688 | 42,909 | - | 87,735 | - | 51,881 | 32,000 | - | - | - |
Repurchases of common stock to satisfy employee withholding tax obligations | |||||||||||
1,528 | 3,782 | 4,674 | 3,975 | 1,465 | - | - | - | - | - | - | - |
Net repayments of long-term obligations | |||||||||||
-1,240 | 269 | -19 | -150 | -157 | 235 | 602 | -1 | -69 | -729 | 234 | 266 |
Payment of fees related to revolving credit agreement | |||||||||||
- | 790 | - | - | - | 381 | 458 | 2,116 | 38 | - | 6,695 | - |
Net proceeds from the sale of Common stock | |||||||||||
- | - | 247,744 | - | - | - | - | - | - | - | - | - |
Net proceeds under revolving credit agreement | |||||||||||
- | - | - | - | -56,256 | 74,729 | -83,559 | - | - | - | -7,237 | 34,000 |
Proceeds from non-controlling interest for investment in unconsolidated entity | |||||||||||
988 | 752 | 12,720 | - | - | - | - | - | - | - | - | - |
Purchase of treasury stock | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 4,820 |
Excess tax benefits from share-based compensation | |||||||||||
- | - | - | - | 2,422 | 1,828 | 1,511 | 1,079 | 859 | 2,862 | 9,589 | 4,758 |
Net proceeds from issuances of common stock | |||||||||||
13,341 | 6,591 | 5,244 | 5,653 | 5,957 | 4,245 | 2,185 | 5,312 | 5,359 | 6,042 | 10,335 | 5,916 |
Proceeds from non-controlling interest for investment in Peirce-Phelps, Inc. | |||||||||||
17,000 | - | - | - | - | - | - | - | - | - | - | - |
Net cash used in financing activities | |||||||||||
-264,023 | -139,603 | -202,145 | -217,891 | -187,785 | -120,207 | -189,049 | -23,081 | -115,634 | -74,260 | -56,135 | -77,763 |
Effect of foreign exchange rate changes on cash and cash equivalents | |||||||||||
849 | -2,245 | 1,419 | -226 | -1,343 | -680 | -1,255 | 127 | - | - | - | - |
Net decrease in cash and cash equivalents | |||||||||||
-8,440 | 2,398 | 24,486 | 20,781 | 10,782 | 4,969 | -54,292 | 58,097 | -110,825 | 68,405 | 16,649 | 32,039 |
Prior Revolving Credit Agreement [Member] | |||||||||||
Net repayments under revolving credit agreement | |||||||||||
- | -21,800 | -213,494 | -10,006 | - | - | - | - | - | - | - | - |
Revolving Credit Agreement [Member] | |||||||||||
Net repayments under revolving credit agreement | |||||||||||
20,500 | 135,200 | - | - | - | - | - | - | - | - | - | - |