Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net earnings $ 180,035 $ 193,648
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization of property, plant and equipment 38,693 30,555
Amortization of other assets 6,878 5,820
Provision for bad debts and returns 11,252 8,385
Non-cash share-based compensation 14,248 10,870
Deferred income taxes (7,498) 692
Loss on non-current assets 665 557
Net foreign currency adjustments (5,388) (441)
(Increase) decrease in assets:    
Receivables (178,308) (130,707)
Inventories 34,467 33,789
Prepaid expenses and other current assets 3,672 (4,142)
Other assets (5,986) (3,867)
Increase (decrease) in liabilities:    
Accounts payable 6,119 54,213
Accrued expenses and other long-term liabilities 10,302 (17,090)
Net cash provided by operating activities 109,151 182,282
Cash flows from investing activities:    
Capital expenditures (76,502) (55,034)
Purchases of investments (1,023) (2,194)
Proceeds from sales of investments 240 131
Net cash used in investing activities (77,285) (57,097)
Cash flows from financing activities:    
Net proceeds from the issuances of common stock through the employee stock purchase plan 3,011 2,928
Payments on long-term debt (944) (14,768)
Proceeds from long-term debt 2,065  
Net proceeds from (payments on) short-term borrowings (2,296) 3,232
Excess tax benefits from share-based compensation   4,469
Distributions to non-controlling interests of consolidated entity (6,753) (5,199)
Contributions from non-controlling interests of consolidated entity 46 2,905
Net cash used in financing activities (4,871) (6,433)
Net increase in cash and cash equivalents 26,995 118,752
Effect of exchange rates on cash and cash equivalents 6,050 2,084
Cash and cash equivalents at beginning of the period 718,536 507,991
Cash and cash equivalents at end of the period 751,581 628,827
Cash paid during the period for:    
Interest 3,250 3,041
Income taxes, net $ 36,334 $ 34,391