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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities    
Net income $ 164,523 $ 77,334
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 18,332 17,137
Amortization of intangible assets 16,792 21,554
Amortization of original issue discount and deferred financing costs 3,554 2,400
Loss on extinguishment of debt [1] 1,332
Deferred income taxes 17,218 25,336
Share-based compensation expense [2] 9,910 8,402
Other 1,249 361
Net changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (55,649) (68,003)
Inventories (99,957) 9,379
Other assets (16,488) (3,852)
Accounts payable 47,559 (206)
Accrued wages and employee benefits 13,044 6,288
Other accrued liabilities 18,011 25,148
Excess tax benefits from equity awards (432) (661)
Net cash provided by operating activities 138,998 120,617
Investing activities    
Proceeds from sale of property and equipment 213 77
Proceeds from beneficial interests in securitization transactions 2,825 2,102
Expenditures for property and equipment (25,577) (16,658)
Acquisition of business, net of cash acquired (71,926) 1,257
Net cash used in investing activities (94,465) (13,222)
Financing activities    
Proceeds from short-term borrowings 28,332 74,443
Proceeds from long-term borrowings 51,425 3,069
Repayments of short-term borrowings (12,478) (80,952)
Repayments of long-term borrowings and capital lease obligations (51,164) (13,051)
Stock repurchases (25,656) (30,012)
Cash dividends paid to noncontrolling interest of subsidiary (314)
Payment of debt issuance costs (1,702) (1,517)
Taxes paid related to equity awards (2,777) (2,479)
Proceeds from exercise of stock options 5,191 1,717
Net cash used in financing activities (9,143) (48,782)
Effect of exchange rate changes on cash and cash equivalents 139 2,895
Net increase in cash and cash equivalents 35,529 61,508
Cash and cash equivalents at beginning of period 138,472 67,272
Cash and cash equivalents at end of period $ 174,001 $ 128,780
[1] Represents the non-cash write-off of original issue discount and deferred financing costs due to a voluntary prepayment of Term Loan debt.
[2] Represents share-based compensation expense to account for stock options, restricted stock and other stock awards over their respective vesting periods.