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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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| Cash flows from operating activities: | ||
| Net earnings | $ 61,658us-gaap_ProfitLoss | $ 33,048us-gaap_ProfitLoss |
| Adjustments to reconcile net earnings to net cash used in operating activities: | ||
| Depreciation of property, plant and equipment | 13,298us-gaap_Depreciation | 11,288us-gaap_Depreciation |
| Amortization of deferred financing costs | 300us-gaap_AmortizationOfFinancingCosts | 300us-gaap_AmortizationOfFinancingCosts |
| Amortization of intangible assets | 9us-gaap_AmortizationOfIntangibleAssets | 234us-gaap_AmortizationOfIntangibleAssets |
| Provision for bad debts, returns and allowances | 4,057us-gaap_ProvisionForDoubtfulAccounts | 5,103us-gaap_ProvisionForDoubtfulAccounts |
| Tax benefit from share-based compensation | 8us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | |
| Non-cash share-based compensation | 4,400us-gaap_ShareBasedCompensation | 1,321us-gaap_ShareBasedCompensation |
| Loss on disposal of property, plant and equipment | 14us-gaap_GainLossOnDispositionOfAssets | 128us-gaap_GainLossOnDispositionOfAssets |
| Deferred income taxes | 209us-gaap_DeferredIncomeTaxExpenseBenefit | 8,458us-gaap_DeferredIncomeTaxExpenseBenefit |
| (Increase) decrease in assets: | ||
| Receivables | (175,488)us-gaap_IncreaseDecreaseInReceivables | (89,383)us-gaap_IncreaseDecreaseInReceivables |
| Inventories | 59,228us-gaap_IncreaseDecreaseInInventories | 45,518us-gaap_IncreaseDecreaseInInventories |
| Prepaid expenses and other current assets | 4,959us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | (1,381)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
| Other assets | (6,050)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (273)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
| Increase (decrease) in liabilities: | ||
| Accounts payable | (30,276)us-gaap_IncreaseDecreaseInAccountsPayable | (43,174)us-gaap_IncreaseDecreaseInAccountsPayable |
| Accrued expenses | 15,258us-gaap_IncreaseDecreaseInAccruedLiabilities | 2,225us-gaap_IncreaseDecreaseInAccruedLiabilities |
| Net cash used in operating activities | (48,424)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | (26,580)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
| Cash flows from investing activities: | ||
| Capital expenditures | (14,623)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment | (11,369)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
| Purchases of investments | (801)us-gaap_PaymentsToAcquireInvestments | |
| Sales of investments | 104us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments | |
| Net cash used in investing activities | (15,320)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (11,369)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
| Cash flows from financing activities: | ||
| Payments on long-term debt | (3,066)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities | (2,972)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities |
| Payments on short-term borrowings | (1,753)us-gaap_RepaymentsOfShortTermDebt | (1)us-gaap_RepaymentsOfShortTermDebt |
| Excess tax benefits from share-based compensation | 2,138us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities | |
| Distributions to noncontrolling interests | (1,150)us-gaap_PaymentsToMinorityShareholders | (1,325)us-gaap_PaymentsToMinorityShareholders |
| Net cash used in financing activities | (3,831)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | (4,298)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
| Net decrease in cash and cash equivalents | (67,575)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect | (42,247)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect |
| Effect of exchange rates on cash and cash equivalents | (2,400)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents | (316)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
| Cash and cash equivalents at beginning of the period | 466,685us-gaap_CashAndCashEquivalentsAtCarryingValue | 372,011us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash and cash equivalents at end of the period | 396,710us-gaap_CashAndCashEquivalentsAtCarryingValue | 329,448us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash paid during the period for: | ||
| Interest | 2,387us-gaap_InterestPaid | 2,491us-gaap_InterestPaid |
| Income taxes | $ 13,459us-gaap_IncomeTaxesPaidNet | $ 2,419us-gaap_IncomeTaxesPaidNet |
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Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash inflow associated with the sale, maturity and collection of all investments such as debt, security and so forth during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow associated with security instruments that either represent a creditor or an ownership relationship with the holder of the investment security with a maturity of beyond one year or normal operating cycle, if longer. Includes repayments of (a) debt, (b) capital lease obligations, (c) mandatory redeemable capital securities, and (d) any combination of (a), (b), or (c). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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