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, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income $ 350,687 $ 260,824 $ 203,347
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 94,205 88,329 81,111
Pension settlement loss     49,898
Stock-based compensation expense 14,865 20,850 14,158
Provision for expected credit losses 15,285 17,536 15,145
(Gain) loss on sale of assets, net (35,679) 1,598 (581)
Provision for deferred income taxes 1,652 (1,215) (7,228)
Changes in operating assets and liabilities      
Trade accounts receivables and other accounts receivables (22,439) (12,045) (20,151)
Financing receivables (14,473) (11,787) (9,080)
Materials and supplies 2,644 (10,706) (2,151)
Other current assets (11,159) 6,847 (13,147)
Accounts payable and accrued expenses 1,421 50,061 5,611
Unearned revenue 11,934 7,276 5,424
Other long-term assets and liabilities (7,138) 18,217 (2,783)
Net cash provided by operating activities 401,805 435,785 319,573
INVESTING ACTIVITIES      
Acquisitions, net of cash acquired (146,098) (147,613) (430,558)
Capital expenditures (27,194) (23,229) (27,146)
Proceeds from sale of assets 74,438 7,700 1,758
Other investing activities, net (111) 747 839
Net cash (used in) investing activities (98,965) (162,395) (455,107)
FINANCING ACTIVITIES      
Payment of contingent consideration (22,809) (24,011) (15,969)
Borrowings under term loan     250,000
Borrowings under revolving commitment 206,500 135,000 190,000
Repayments of term loan (88,000) (54,000) (60,000)
Repayments of revolving commitment (166,500) (169,500) (88,500)
Payment of dividends (208,656) (160,487) (153,836)
Cash paid for common stock purchased (10,694) (8,275) (10,009)
Net cash (used in) provided by financing activities (290,159) (281,273) 111,686
Effect of exchange rate changes on cash (5,857) 12,084 2,639
Net increase (decrease) in cash and cash equivalents 6,824 4,201 (21,209)
Cash and cash equivalents at beginning of period 98,477 94,276 115,485
Cash and cash equivalents at end of period 105,301 98,477 94,276
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,313 5,056 6,452
Cash paid for income taxes, net 119,762 81,184 75,812
Non-cash additions to operating lease right-of-use assets $ 116,594 $ 89,016 $ 75,782