Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

 v2.3.0.11
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 199,199 $ 134,046
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,657 34,403
Excess tax benefits from share-based payment arrangements (19,544) (4,463)
Share-based compensation expenses 11,103 10,820
Amortization of discount and deferred financing costs 435 248
Deferred income taxes 671 (15,053)
Unrealized foreign exchange transaction loss (gain) 5,452 (12,345)
Write-off of deferred financing costs 914  
Foreign exchange loss from adoption of highly inflationary accounting in Venezuela   15,131
Other 899 1,619
Changes in operating assets and liabilities:    
Receivables (26,966) (11,616)
Inventories (26,489) (12,172)
Prepaid expenses and other current assets (6,391) (15,099)
Other assets (4,977) (2,229)
Accounts payable 19,411 13,781
Royalty overrides 16,873 1,072
Accrued expenses and accrued compensation (2,995) 5,670
Advance sales deposits 26,323 30,937
Income taxes payable 16,427 (4,846)
Deferred compensation plan liability 3,645 729
NET CASH PROVIDED BY OPERATING ACTIVITIES 250,647 170,633
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property (44,428) (23,917)
Proceeds from sale of property 190 6
Deferred compensation plan assets (2,055) 686
NET CASH USED IN INVESTING ACTIVITIES (46,293) (23,225)
CASH FLOWS FROM FINANCING ACTIVITIES    
Dividends paid (38,689) (24,061)
Borrowings from Long-term Lines of Credit 390,700 229,000
Principal payments on long-term debt (408,329) (235,715)
Deferred financing costs (5,729)  
Share repurchases (115,287) (79,220)
Excess tax benefits from share-based payment arrangements 19,544 4,463
Proceeds from exercise of stock options and sale of stock under employee stock purchase plan 8,280 4,400
NET CASH USED IN FINANCING ACTIVITIES (149,510) (101,133)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 9,073 (26,858)
NET CHANGE IN CASH AND CASH EQUIVALENTS 63,917 19,417
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 190,550 150,801
CASH AND CASH EQUIVALENTS, END OF PERIOD 254,467 170,218
CASH PAID DURING THE PERIOD    
Interest paid 4,062 4,988
Income taxes paid $ 49,738 $ 58,718