Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings $ 146,227 $ 427,252 $ 371,273
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 142,810 111,515 109,680
Provision for bad debts and returns 50,696 52,456 35,730
Stock compensation 65,240 41,076 30,468
Deferred income taxes (19,568) (7,568) (9,767)
Net settlement gain (13,877)    
Other items, net   334 550
Net foreign currency adjustments (13,854) 2,114 10,072
Changes in operating assets and liabilities:      
Receivables 13,259 (118,390) (136,188)
Inventory 78,632 (171,903) (7,212)
Other assets (153,092) (69,234) (30,069)
Accounts payable (37,714) 154,464 174,352
Other liabilities 72,694 4,436 19,663
Net cash provided by operating activities 331,453 426,552 568,552
Cash flows from investing activities:      
Capital expenditures (309,916) (236,111) (143,036)
Acquisitions, net of cash acquired   (100,658)  
Proceeds from sale of property, plant and equipment   5,547  
Purchases of investments (166,614) (189,624) (446,127)
Proceeds from sales and maturities of investments 164,062 176,773 269,749
Net cash used in investing activities (312,468) (344,073) (319,414)
Cash flows from financing activities:      
Net proceeds from the employee stock purchase plan 5,916 6,173 5,297
Repayments on long-term borrowings (86,357) (4,108) (1,683)
Proceeds from long-term borrowings 702,998 33,296 18,626
Repayments on short-term borrowings, net (2,492) (1,433) (787)
Payments for employee taxes related to stock compensation (5,658) (14,313) (14,191)
Repurchases of common stock   (30,019) (99,977)
Purchase of noncontrolling interest   (82,894)  
Distributions to noncontrolling interests (81,105) (38,675) (27,000)
Net cash provided by (used in) financing activities 533,302 (131,973) (119,715)
Effect of exchange rates on cash and cash equivalents (6,337) 2,133 6,383
Net change in cash and cash equivalents 545,950 (47,361) 135,806
Cash and cash equivalents at beginning of the period 824,876 872,237 736,431
Cash and cash equivalents at end of the period 1,370,826 824,876 872,237
Cash paid during the period for:      
Interest 15,987 7,140 5,568
Income taxes, net 55,825 88,753 $ 93,041
Non-cash transactions:      
Land and other assets contribution from noncontrolling interests   36,934  
Note payable contribution from noncontrolling interest   $ 2,150  
Purchase price adjustment for Skechers Mexico $ 49,045