Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2011
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 527,525 $ 463,962 $ 414,959
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 84,739 74,384 71,853
Excess tax benefits from share-based payment arrangements (15,566) (29,684) (26,241)
Share based compensation expenses 29,492 27,906 24,133
Amortization of discount and deferred financing costs 2,579 1,797 1,007
Deferred income taxes (24,910) (7,758) (21,271)
Unrealized foreign exchange transaction loss (gain) 5,757 2,121 9,403
Write-off of deferred financing costs     914
Foreign exchange loss from Venezuela currency devaluation 15,116    
Other 15,410 532 2,206
Changes in operating assets and liabilities:      
Receivables 9,224 (28,186) (9,687)
Inventories (39,878) (82,177) (84,880)
Prepaid expenses and other current assets (9,405) 249 3,229
Other assets (9,408) (5,288) (13,864)
Accounts payable 10,844 17,034 15,427
Royalty overrides 28,765 41,868 44,041
Accrued expenses and accrued compensation 86,039 39,440 28,749
Advance sales deposits 21,959 17,790 (1,538)
Income taxes 26,821 28,042 48,565
Deferred compensation plan liability 7,772 5,752 3,535
NET CASH PROVIDED BY OPERATING ACTIVITIES 772,875 567,784 510,540
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property, plant and equipment (146,958) (121,524) (90,408)
Proceeds from sale of property, plant and equipment 186 280 297
Investments in Venezuelan bonds (4,050)    
Deferred compensation plan assets   (3,756) (1,975)
NET CASH USED IN INVESTING ACTIVITIES (150,822) (125,000) (92,086)
CASH FLOWS FROM FINANCING ACTIVITIES      
Dividends paid (123,055) (135,091) (85,489)
Borrowings from long-term debt 763,180 1,430,560 914,200
Principal payments on long-term debt (319,483) (1,146,580) (888,865)
Deferred financing costs   (4,460) (5,718)
Share repurchases (306,441) (556,727) (321,639)
Excess tax benefits from share-based payment arrangements 15,566 29,684 26,241
Proceeds from exercise of stock options and sale of stock under employee stock purchase plan 975 11,373 22,262
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 30,742 (371,241) (339,008)
EFFECT OF EXCHANGE RATE CHANGES ON CASH (13,355) 3,216 (11,221)
NET CHANGE IN CASH AND CASH EQUIVALENTS 639,440 74,759 68,225
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 333,534 258,775 190,550
CASH AND CASH EQUIVALENTS, END OF YEAR 972,974 333,534 258,775
CASH PAID DURING THE YEAR      
Interest paid 23,046 14,268 8,800
Income taxes paid 197,078 169,725 118,906
NON CASH ACTIVITIES      
Accrued capital expenditures $ 29,625 $ 15,310 $ 9,054