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, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES      
Net income $ 260,824 $ 203,347 $ 231,663
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and other non-cash charges 89,444 79,544 64,675
Pension settlement loss 49,898
Provision for deferred income taxes (1,215) (7,228) 7,628
Stock based compensation expense 20,850 14,158 13,726
Provision for expected credit losses 17,536 15,145 13,606
Changes in assets and liabilities:      
Trade accounts receivables and other accounts receivables (12,045) (20,151) (12,549)
Financing receivables (11,787) (9,080) (10,784)
Materials and supplies (10,706) (2,151) (374)
Other current assets 6,102 (14,009) (7,121)
Other non-current assets 16,409 600 11,329
Accounts payable and accrued expenses 50,212 5,611 (10,691)
Unearned revenue 7,276 5,424 4,901
Accrued insurance 1,889 1,915 (686)
Pension funding (144)
Long-term accrued liabilities 996 (3,306) (5,922)
Net cash provided by operating activities 435,785 319,573 299,401
INVESTING ACTIVITIES      
Cash used for acquisitions of companies, net of cash acquired (147,613) (430,558) (76,769)
Capital expenditures (23,229) (27,146) (27,179)
Cash from sale of franchises 495 617 343
Derivative investments 216 104 297
Proceeds from sale of assets 7,700 1,758 1,840
Investment tax credits 36 118 93
Net cash used in investing activities (162,395) (455,107) (101,375)
FINANCING ACTIVITIES      
Payment of contingent consideration (24,011) (15,969) (13,129)
Borrowings under term loan 250,000
Borrowings under revolving commitment 135,000 190,000
Repayments on term loan (54,000) (60,000)
Repayments on revolving commitment (169,500) (88,500)
Payment of dividends (160,487) (153,836) (152,742)
Cash paid for common stock purchased (8,275) (10,009) (9,541)
Net cash (used in)/provided by financing activities (281,273) 111,686 (175,412)
Effect of exchange rate changes on cash 12,084 2,639 (14,179)
Net increase/(decrease) in cash and cash equivalents 4,201 (21,209) 8,435
Cash and cash equivalents at beginning of year 94,276 115,485 107,050
Cash and cash equivalents at end of year 98,477 94,276 115,485
Supplemental disclosure of cash flow information      
Cash paid for interest 5,056 6,452 25
Cash paid for income taxes, net 81,184 75,812 77,351
Non-cash additions to operating lease right-of-use assets $ 89,016 $ 75,782