Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net earnings $ 427,252 $ 371,273 $ 235,104
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 111,515 109,680 96,510
Provision for bad debts and returns 52,456 35,730 18,398
Share based compensation 41,076 30,468 28,902
Deferred income taxes (7,568) (9,767) (3,947)
Other items, net 334 550 (2,187)
Net foreign currency adjustments 2,114 10,072 (7,749)
(Increase) decrease in assets:      
Receivables (118,390) (136,188) (102,222)
Inventories (171,903) (7,212) (158,628)
Other assets (69,234) (30,069) (18,061)
Increase (decrease) in liabilities:      
Accounts payable 154,464 174,352 (12,806)
Other liabilities 4,436 19,663 86,023
Net cash provided by operating activities 426,552 568,552 159,337
Cash flows from investing activities:      
Capital expenditures (236,111) (143,036) (135,976)
Acquisitions, net of cash acquired (100,658)    
Proceeds from sale of property, plant and equipment 5,547   (214)
Purchases of investments (189,624) (446,127) (2,344)
Proceeds from sales and maturities of investments 176,773 269,749 284
Net cash used in investing activities (344,073) (319,414) (138,250)
Cash flows from financing activities:      
Net proceeds from the issuances of common stock through employee stock purchase plan 6,173 5,297 5,479
Repayments on long-term debt (4,108) (1,683) (1,783)
Proceeds from long-term debt 33,296 18,626 5,745
Proceeds (payments) on short-term borrowings (1,433) (787) 1,925
Payments for taxes related to net share settlement of equity awards (14,313) (14,191)  
Cash used for purchase of India non-controlling interest (82,894)    
Distributions to non-controlling interests of consolidated entity (38,675) (27,000) (25,953)
Contribution from non-controlling interests of consolidated entity     46
Net cash used in financing activities (131,973) (119,715) (14,541)
Effect of exchange rates on cash and cash equivalents 2,133 6,383 11,349
Net change in cash and cash equivalents (47,361) 135,806 17,895
Cash and cash equivalents at beginning of the year 872,237 736,431 718,536
Cash and cash equivalents at end of the year 824,876 872,237 736,431
Cash paid during the year for:      
Interest 7,140 5,568 6,392
Income taxes, net 88,753 93,041 $ 56,633
Non-cash transactions:      
Land and other assets contribution from non-controlling interest 36,934    
Class A Common Stock [Member]      
Cash flows from financing activities:      
Repurchase of Class A Common Stock $ (30,019) $ (99,977)