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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net earnings $ 235,104 $ 285,359 $ 261,047
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization of property, plant and equipment 82,764 66,083 52,433
Amortization of other assets 13,746 13,099 1,214
Provision for bad debts and returns 18,398 30,820 7,520
Non-cash share-based compensation 28,902 23,081 18,296
Deferred income taxes (3,947) (11,936) (4,844)
Gain (loss) on non-current assets (2,187) 413 656
Net foreign currency adjustments (7,749) (3,949)  
(Increase) decrease in assets:      
Receivables (102,222) (10,350) (100,032)
Inventories (158,628) (58,152) (176,062)
Prepaid expenses and other current assets (9,145) (15,343) (2,082)
Other assets (8,916) (5,056) (6,423)
Increase (decrease) in liabilities:      
Accounts payable (12,806) 38,247 130,075
Accrued expenses and other long-term liabilities 86,023 9,306 50,416
Net cash provided by operating activities 159,337 361,622 232,214
Cash flows from investing activities:      
Capital expenditures (135,976) (119,471) (118,144)
Intangible asset additions (214)   (55)
Purchases of investments (2,344) (3,810) (8,428)
Proceeds from sales of investments 284 170 144
Acquisition of South Korea distributor   (22,534)  
Net cash used in investing activities (138,250) (145,645) (126,483)
Cash flows from financing activities:      
Net proceeds from the issuances of common stock through employee stock purchase plan 5,479 5,120 4,318
Payments on long-term debt (1,783) (15,653) (32,656)
Proceeds from long-term debt 5,745   762
Proceeds (payments) on short-term borrowings 1,925 6,091 (1,733)
Excess tax benefits from share-based compensation   4,682 8,009
Contribution from non-controlling interests of consolidated entity 46 13,980 2,272
Distributions to non-controlling interests of consolidated entity (25,953) (17,744) (39,148)
Net cash used in financing activities (14,541) (3,524) (58,176)
Net increase in cash and cash equivalents 6,546 212,453 47,555
Effect of exchange rates on cash and cash equivalents 11,349 (1,908) (6,249)
Cash and cash equivalents at beginning of the year 718,536 507,991 466,685
Cash and cash equivalents at end of the year 736,431 718,536 507,991
Cash paid during the year for:      
Interest 6,392 5,724 9,891
Income taxes, net $ 56,633 $ 65,260 $ 63,479